Finance Ministry Study to Assess Quantum of Black Money Complete
"So far there are no reliable estimates of black money generated and held within and outside the country," it had said.
The issue of black money has attracted a lot of public and media attention and is a key election issue.
As per the Terms of Reference of the study, it was to assess or survey unaccounted income and wealth and profile the nature of activities engendering money laundering both inside and outside the country.
The study was to identify important sectors of economy in which unaccounted money is generated and examine causes and conditions that result in generation of unaccounted money.
It was to examine the methods employed in generation of unaccounted money and conversion of the same into accounted money and suggest ways and means for detection and prevention of unaccounted money and bringing the same into the mainstream of economy, according to the Ministry's statement.
The study was also mandated to suggest methods to be employed for bringing to tax unaccounted money kept outside India and to estimate the quantum of non-payment of tax due to evasion by registered corporate bodies.
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