ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Rakesh Jhunjhunwala portfolio's net worth drops by 25% or Rs 8300 cr in 3 months owing to weak market
  • Zomato-Blinkit Deal: Food aggregator accused of not sharing information about deal on time; Investors file complaint with SEBI
  • Delhi government monsoon session commences today; salary hike of ministers, MLAs on the cards
  • National Pharmaceutical Pricing Authority fixes retail prices of 84 drug formulations
  • Twitter Blue users on Android can now customise navigation bar
Read in App
Business News » India News

Where is Black Money? Report reveals this location, two years after demonetisation

Contrary to the popular belief, reports of three studies commissioned by the government say that 90-97.2% of the black money is inside the country while only 2.8-19% has been taken out of the country.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Where is Black Money? Report reveals this location, two years after demonetisation
A study by US-based think-tank Global Financial Integrity (GFI) has estimated that $770 billion in black money had entered India during 2005-2014. Representational Image/PTI

Think all the black money are stashed abroad? Think again. Contrary to the popular belief, reports of three studies commissioned by the government say that 90-97.2% of the black money is inside the country while only 2.8-19% has been taken out of the country, DNA reported today.  The reports are still not in the public domain. The studies have estimated the total outflow of black money at Rs 9.4-22 lakh crore during 1980-2010. The reports were prepared by National Council of Applied Economic Research (NCAER), National Institute of Public Finance and Policy (NIPFP) and National Institute of Financial Management (NIFM). These were submitted to the Parliamentary Standing Committee on Finance, reports DNA. The studies were commissioned by the then finance minister in 2011 to assess the unaccounted income and wealth both inside and outside the country. 

India is fighting against black money menace for the last few years. The Demonetisation decision of 2016 by the Union government was also projected as a step to take on the black money issue head-on. Earlier, this month the Finance Ministry had declined to share copies of the three reports on the quantum of black money held by Indians inside the country and abroad. The ministry had said the reports were being examined by a Parliamentary panel and disclosing details would cause a breach of privilege of the House. 

News agency PTI reported on February 4 that these reports were submitted to the government more than four years ago. 

“The reports and government’s response to it have been forwarded to Lok Sabha secretariat for placing them before the Standing Committee on Finance,” the ministry had said in response to an RTI query.

While ordering the studies in 2011, the Finance Ministry had then said, "The issue of black money has attracted a lot of public and media attention in the recent past. So far, there are no reliable estimates of black money generated and held within and outside the country,” the Finance Ministry had said while ordering the studies in 2011."

Watch this Zee Business news

रजत देवगन के साथ जानिए वो कौन से शेयर हैं जो आपको बना सकते हैं #TotalMalamaal | @devganrajat9 @AnilSinghviZEE https://t.co/38N1azKAcZ

— Zee Business (@ZeeBusiness) February 22, 2019

A study by US-based think-tank Global Financial Integrity (GFI) has estimated that $770 billion in black money had entered India during 2005-2014. Out of this, around $165 billion in black money moved out of the country during the same period. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Black MoneyMinistry of FinanceRight To InformationDemonetisation
Written By: ZeeBiz WebTeam
Updated: Fri, Feb 22, 2019
10:41 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Tax treaties showing results; ITAT order passed on shared strong documents - Loud and clear message to tax evaders Tax treaties showing results; ITAT order passed on shared strong documents - Loud and clear message to tax evaders
'Black money' held by Indians in Swiss Banks reports: This is what Finance Ministry said; cites possible reasons for increase in DEPOSITS  'Black money' held by Indians in Swiss Banks reports: This is what Finance Ministry said; cites possible reasons for increase in DEPOSITS
Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized
Now, those hiding black money in foreign lands will find it difficult to escape Now, those hiding black money in foreign lands will find it difficult to escape
Big action by Modi government! Income Tax Dept raids share brokers, traders in Mumbai, Delhi, Noida, Hyderabad and other locations - This is the reason Big action by Modi government! Income Tax Dept raids share brokers, traders in Mumbai, Delhi, Noida, Hyderabad and other locations - This is the reason

LATEST NEWS

Suzuki Motorcycle launches 'Katana' in India today; Check price, features and more

Apple AirPods Pro 2 likely to come with USB Type-C charging case - Check details

Akasa Air showcases crew uniform; conducts proving flight test

Air India alerts people about hoax communication; link offering Rs 6000, fake, says company

Financial, IT contribute 93% of FPI selling in 12 months; FIIs on longest selling spree since CY08 global financial crisis

Global View: L&T, JSW Steel, Hindalco, and IndusInd Bank shares can give 30-61% return – Here is why

Corporate Watch: JSW Steel, Titan, Torrent Pharma, Mindtree, Mphasis among 20 stocks that will remain in focus on dividend, bonus announcements this week

Closing Bell: Markets snap 3-day losing streak; Sensex up over 300 points, Nifty above 15800 – FMCG, banking and financials surge most

Now hide WhatsApp DP from specific contacts - Check step-by-step guide here

Stocks to buy: Sanjiv Bhasin picks SBI, IDFC First Bank, Eicher Motors for gains today; check why

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV