Blackmoney study commissioned by UPA govt, yet to be completed

It has been over three years since the study was commissioned to assess the quantum of blackmoney

A study to assess the quantum of blackmoney stashed in India and abroad is yet to be completed, over three years after it was commissioned by the previous UPA government.

The last government had on March 21, 2011 commissioned the study on estimation of unaccounted income or wealth both inside and outside the country. These studies were expected to be completed within 18 months time, which expired on September 21, 2012.

The study 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), Faridabad, Haryana.

"The studies are yet to be completed," the Finance Ministry said in reply to an RTI query filed by PTI.

Further details cannot be made available at this point of time as sthe information is exempt under Section 8 (1) (c) of the RTI Act, 2005, since the report and action taken thereof is yet to be submitted to Parliament, it said.

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

The issue of blackmoney has been in focus and the governments have been trying to check the menace.

Prime Minister Narendra Modi had on May 27 ordered constitution of a Special Investigation Team (SIT) on blackmoney. The 11-member SIT, which has justice M B Shah, former judge of the Supreme Court as chairman and justice Arijit Pasayat, former judge as vice chairman, has held one sitting.

Addressing the joint sitting of Parliament, President Pranab Mukherjee has recently said that the government was determined to remove corruption and the menace of black money from the country.