Govt plans study on size of black money in country

After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject.

Finance Minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the quantum and nature of unaccounted money in the country.

The National Institute of Public Finance and Policy (NIPFP), the Indian Statistical Institute (ISI), the National Council for Applied Economic Research (NCAER) and the National Institute of Financial Management (NIFM) were told to submit their proposals by the end of this month, a key Finance Ministry official said.