Govt study to assess quantum of black money yet to complete

Posted By: Staff
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Govt study to assess quantum of black money yet to complete
The much-touted study to assess the estimate of black money stashed in the country and abroad is yet to be completed despite an assurance given by Government in 2011 to finish the task within 18 months.

The study was constituted in March 2011 when the nation was debating on the amount of black money stashed within as well as outside the country with figures being projected by politicians and civil society to lakh of crores. When approached with an RTI plea in July this year, the application after doing rounds in various departments of the Finance Ministry, was finally answered in the last week of August stating that "the studies are yet to be completed by the institutes."

"Further details cannot be made available at this point of time as the information is exempt under sections 8 (1)(c) (breach of privilege of Parliament) and 8 (1)(e) of the Right to Information Act, 2005 since the report is yet to be submitted to the Government or action taken thereof to Parliament," the reply said. The other section prohibits making public information which is available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information.

The study, ordered on March 21, 2011 by Finance Ministry, is being conducted by Delhi-based National Institute of Public Finance and Policy (NIPFP) and National Council of Applied Economic Research (NCAER), and National Institute of Financial Management (NIFM) in Faridabad, Haryana. "This study will bring out the nature of activities that encourage money laundering and its ramifications on national security," the Ministry had said.


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