Fin Min study to assess quantum of black money complete

The much-touted study to assess quantum of black money stashed in India and abroad has been completed by one of the three institutes engaged by the Finance Ministry about three years back.
Replying to an RTI query, the Ministry, however, declined to share a copy of the study saying it would "cause a breach of privilege of Parliament".
Three institutes-- 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--were roped in by the Finance Ministry to complete their task within 18 months time.

"Report from one institute has been received and reports from the remaining two institutes are awaited," the Finance Ministry said in reply to the RTI query.
Further details cannot be made available at this point of time as the information is exempted under Section 8 (1) (c) and Section 8 (1) (e) of the RTI Act, 2005.
"The report is yet to be examined by the government and action thereof is yet to be laid before the Parliament," it said.

The Sections bar disclosure of informations which would cause a breach of privilege of Parliament and those 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 was ordered in March 2011 when the nation was debating on the amount of unaccounted income with figures projected by politicians and civil society in crores of rupees.
"At present, there is no exact estimate of the amount of black money stashed abroad by Indians available with the Government of India," the Ministry said.