Indians Have ₹36 Lakh Crore Black Money Outside India: Report
Unaccounted wealth in abroad by Indians estimated to $490 billion or ₹34 lakh crore, according to report by the Standing Committee on Finance tabled in 17th Lok Sabha Budget session on Monday. Three premier financial institutes have conducted the study – National Institute of Public Finance and Policy (NIPFP), the National Institute of Financial Management (NIFM) and the National Council of Applied Economic Research (NCAER). The figure does not include black money stocked abroad or within the country in sectors like real estate, mining, education, etc. The then-UPA government in 2011 asked three institutes to give an estimate on the amount of black money within or outside the country. These agencies however, started the process together but their estimates are marginally different. NCAER claimed that unaccounted wealth outside India from 1980 to 2000 amounts between $384 billion and $490 billion, whereas the NIFM found that approximately ₹9,41,837 crore as total flow of unaccounted wealth. Lastly, the NIPFP found that 0.2% to 7.4% of the total Gross Domestic Product (GDP) is included in illicit financial flow. All three financial institutes gave varied results between 7% and 120% of the total GDP. The preliminary report was first presented to the panel headed by M Veerappa Moily to the Lok Sabha speaker Sumitra Mahajan on March 28.