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 country8217;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.

8220;So far,there are no reliable estimates of black money generated and held within and outside the country,8221; 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.