Govt proposes study on black money

The Government has decided to get a fresh study conducted on unaccounted income/ wealth both inside and outside the country brining out the nature of activities engendering money laundering and its ramifications on national security.

The proposal was approved by the Government in January, 2011, Minister of State for Finance, S.S. Palanimanickam informed Parliament on Tuesay.

The study will be conducted by three national institutes with inputs from various ministries/ departments.

The institutes have been finalized and the study will be assigned to them after making necessary provisions. The institutes will be given a time frame of eighteen months to complete the study.

This information was given by S.S. Palanimanickam in written reply to a question raised in Rajya Sabha Tuesday.

The government has been facing criticism after the Supreme Court gave stricture that the government had no information about black money sent abroad by the Indians.

The opposition BJP claims that some Rs. 20 lakh crore are stashed away in banks abroad.