Govt to quantify black money

Amid mounting pressure to unearth black money,the government announced it has commissioned an in-depth study to quantify unaccounted income and wealth stashed within and outside the country in 16 months.

The study has been undertaken by the country’s three top level institutions,which would also profile the activities used for money-laundering and identify the causes of black money and the sectors in which it is generated.

“So far,there are no reliable estimates of black money generated and held within and outside the country,” the Finance Ministry,which commissioned the study,said.

The study will also suggest ways to detect and prevent unaccounted money,bringing it into the tax net.