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How much black money held by Indians? Govt declines to share assessment reports

The government has declined to shares reports reports submitted to it nearly three years ago on the quantum of black money held by Indians inside the country and abroad.

India TV Business Desk, New Delhi [ Published on: October 23, 2016 14:46 IST ]
black money, Finance Ministry, RTI
An RTI had asked the quantum of black money held by IndiansPhoto:REPRESENTATIONAL IMAGE

The government has declined to shares reports reports submitted to it nearly three years ago on the quantum of black money held by Indians inside the country and abroad, saying it will cause breach of privilege of Parliament.

The previous UPA government had commissioned studies to assess the quantum of black money held by Indians five years ago. 

These were conducted by Delhi-based National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM), Faridabad. 

Replying to an RTI query, the Finance Ministry said study reports of NIPFP, NCAER and NIFM were received by the government on December 30, 2013, July 18, 2014 and August 21, 2014 respectively. 

When asked about the copies of the reports and action taken on them, it said they are under examination by the government. 

"Information is exempt from disclosure under Section 8 (1) (c) of the RTI Act, 2005, as the study reports received from the three institutes are under examination of the government and the same along with the government's response on these reports are yet to be taken to the Parliament through the Standing Committee on Finance," the Ministry said in reply to the RTI query filed by PTI. 

The Section bars disclosure of information "which would cause a breach of privilege of Parliament or the state Legislature". 

There is at present no official assessment on the quantum of black money within the country and abroad. 

The NDA government at the Centre has been taking steps to unearth black money. About Rs 65,250 crore of undeclared income has been declared under the recently concluded income Declaration Scheme-- which provided an opportunity to people, who had not paid full taxes in the past, to come forward and declare their domestic undisclosed income and assets.

A huge sum of Rs 65,250 crore in black money was declared through the one-time domestic black money declaration window also known as IDS, marking the biggest-ever disclosure of hidden wealth that will rake in about Rs 30,000 crore in taxes to the exchequer. 

Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes. 

The government had earlier made it clear that those who hide their black wealth after the closure of these two opportunities will have to face legal consequences emerging out from the action of tax and financial enforcement agencies.

(With PTI inputs) 

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