JOIN USThere may be further delay in getting the official estimate of black money in India and stashed away in tax havens abroad as the government-commissioned study, expected to give its report in this regard, has failed to meet its September deadline.
“The study is likely to be completed by December 2012,” Minister of State for Finance S S Palanimanickam said in a written reply in the Rajya Sabha on Thursday. The government has maintained that there is no reliable information on the money stashed away by Indians in undisclosed bank accounts outside the jurisdiction of the country. However, based on the recommendations of the Standing Committee on the Finance, it had commissioned a study by three national-level institutes.
The National Institute of Public Finance and Policy, National Institute of Financial Management, National Council for Applied Economic Research — had been asked to estimate the quantum of unaccounted income or wealth inside and outside the country.