Black money stashed abroad could be 490 billion USD hints panel
Daily Hunt
June 25, 2019
Black money stashed abroad
could be 490 billion USD hints panel
New Delhi, June 25: The
parliamentary panel on finance in its report submitted to the Lok Sabha said
that it is difficult to provide a credible estimate of the black money stashed
away overseas by Indians.
The money stashed overseas
could be anywhere between 3.6 billion USD to 490 billionUSD between 1980 and
2010. The panel headed by Congress leader M Veerappa Moily also states that the
government's efforts in bringing back black money is insufficient.
Three separate studies were
conducted by institutes such as the National Institute of Public Policy and
Finance, National Council of Applied Economic Research and National Institute
of Financial Management. In March 2011, the three institutes were asked to
conduct studies to assess and survey unaccounted income and wealth both within
and outside the country.
The report said that
unaccounted income is discovered to be the highest in industries like real
estate, mining, pharmaceuticals, pan masala, gutkha, tobacco, bullion,
commodity, film and education.
"It appears that the
reliable estimation of unaccounted income and wealth inside and outside the
country is a difficult task, this inference is validated by the widely varying
estimates of the unaccounted income arrived at by these three institutes. The
chief economic ddviser has opined that there is no scope for arriving at a
common estimate of unaccounted income by combining estimates from the three
reports," the panel also said in its report.
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