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The Government had commissioned a study inter alia on estimation of unaccounted income and wealth inside and outside the country which was conducted by National Institute of Public Finance and Policy (NIPFP) National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM)

Dated:- 5-5-2015 - . One of the terms of reference of 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 . Reports received from these Institutes are under examination of the Government. There is no official estimation regarding the amount of black money generated in the country. Varying estimations of the amount of black money have been reported by different persons/ins .....

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menace of black money. Such measures include (i) introduction of a comprehensive new law in the ongoing Budget Session 2015, specifically to deal with black money stashed abroad - The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 - inter alia, providing for stringent penalties (equal to three times the amount of tax payable) and prosecutions (rigorous imprisonment upto ten years with fine) in this regard; (ii) constitution of a Special Investigation Team (SIT) in May 2014 .....

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