Press Information Bureau

Government of India

Ministry of Finance

06-September-2012 17:44 IST

Assessment of Black Money Parked Abroad by Indian

In order to find out the quantum of black money parked by Indians in the country and abroad and to recommend ways to deal with the problem of black money Government had entrusted this work to three institutions in March, 2011.

The names of the institutes are, National Institute of Public Finance and Policy, National Institute of Financial Management and the National Council for Applied Economic Research. They were to submit their reports by September 2012. The study is likely to be completed by December 2012.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya Sabha today.

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DSM/RS/bs

Black money assessment to quantify offshore holdings and recommend policy measures following an interagency study. Three central economic and finance research institutions were mandated to quantify offshore holdings of Indian residents and to recommend legal, administrative and fiscal measures to detect, deter and repatriate undisclosed foreign assets, with specified report submission schedules and an expected completion timeline confirmed by ministerial statement.