Examining reports on black money commissioned by UPA: Fin Min


New Delhi, Sep 20 (PTI): The Finance Ministry says it is examining three reports on the quantum of black money held by Indians inside the country and abroad that were commissioned by the previous UPA regime and submitted more than three years ago.

Responding to an RTI query filed by a PTI correspondent, the ministry said information on the findings of the reports was "exempt from disclosure" under the RTI Act as they were under examination and were yet to be "taken to" Parliament.

The studies were conducted by the Delhi-based National Institute of Public Finance and Policy (NIPFP) and National Council of Applied Economic Research (NCAER) as well as the National Institute of Financial Management (NIFM) in Faridabad.

The NIPFP, NCAER and NIFM reports were received by the government on December 30, 2013, July 18, 2014, and August 21, 2014, respectively.

The present Narendra Modi-led BJP government came to power in May 2014."Information is exempt from disclosure under Section 8 (1) (c) of the RTI Act, 2005, as the study reports received from the three institutes are under examination of the government and the same alongwith the government's response on these reports are yet to
be taken to the Parliament through the Standing Committee on Finance," the finance ministry said in its reply.The Section bars "information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature".

These reports have already been submitted to the Standing Committee on Finance.

There is at present no official assessment on the quantum of black money in India and abroad.

A recent study by the US-based think tank Global Financial Integrity (GFI) said an estimated USD 770 billion in black money entered India during 2005-2014.

Nearly USD 165 billion in illicit money exited the country during the same period, the global financial watchdog had 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.

These estimates were based on various unverifiable assumptions and approximations, it had said.

"Government has been seized of the matter and has, therefore, commissioned these institutions to get an estimation and sense of the quantum of illicit fund generated and held within and outside the country," the ministry had said.

The Terms of Reference (ToR) for the studies included assessment or survey of unaccounted income and wealth and profiling the nature of activities engendering money laundering both within and outside the country.

While NIPFP and NIFM are autonomous institutes of the Finance Ministry, NCAER is India's oldest and largest independent, non-profit, economic policy research institute.

  

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Comment on this article

  • SMR, Karkala

    Thu, Sep 21 2017

    Finance Ministry Arun Jaitley defended the Dow Chemical Company responsible for the Bhopal gas tragedy considered the world's worst industrial disaster.
    Union Carbide India Limited (UCIL) pesticide plant in Bhopal, Madhya Pradesh. Over 500,000 people were exposed to methyl isocyanate (MIC) gas and other chemicals. government affidavit in 2006 stated that the leak caused 558,125 injuries, including 38,478 temporary partial injuries and approximately 3,900 severely and permanently disabling injuries. Others estimate that 8,000 died within two weeks, and another 8,000 or more have since died from gas-related diseases.

    It occurred on the night of 2–3 December 1984 like demonetisation announced by the Prime Minister Modi. Like gas tragedy, demonetisation also took its initial toll and still has the aftermath affect.
    For death of Indians is least matter for Jaitley and BJP. Indian economy is not like law which he practice to make every lie as truth and vice versa.

    Other than BJP's political funds there is no hopes for Indian economy to recover any time soon.
    The nation is heading for another man made disaster. Indians may not have anything to eat in the future but they can wait for sip of 'Chai' on Modi's birthday each year.

    Jai Hind

    DisAgree [1] Agree [2] Reply Report Abuse

  • MILAN, LUCERNE

    Wed, Sep 20 2017

    WHO IS THE TEACHER OF JAITLEY.

    DisAgree Agree [18] Reply Report Abuse

  • Langoolacharya., Belman/Wash DC.

    Wed, Sep 20 2017

    'Silence is Golden...Speech is Silver'....

    ...JH...

    DisAgree Agree [12] Reply Report Abuse

  • JK, Udupi

    Wed, Sep 20 2017

    Manmohan Singh should comment on this now, not on GST or demonetization. If you google the word UPA, it might ask , do you mean black money, corruption.

    DisAgree [19] Agree [2] Reply Report Abuse

  • Bollu, Mangalore

    Wed, Sep 20 2017

    This guys ruined Indian economy following his FEKU leader.Mr Jootley please worship Chidambaram and MM Singh every day when you wake up and go back to your Lawyer profession. India can be ruled and efficiently manged only by Congress and nothing but Congress.

    DisAgree [7] Agree [36] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Sep 20 2017

    UPA is our only Hope ...

    DisAgree [4] Agree [37] Reply Report Abuse

  • Dinesh, Dubai

    Wed, Sep 20 2017

    People dont like Black money UPA.

    DisAgree [30] Agree [3] Reply Report Abuse

  • Swamy, Mangalore

    Wed, Sep 20 2017

    By Demonitisation type Surgical Strike all these ailments and chronic diseases should have been cured as claimed by BJP itself and now they are coming up with excuses as GDP is on a slippery slope and the economic situation is out of BJP control. BJP, even for loot there is limit. You are an inspiration for corruption and scams. It has worked for sometime in the beginning but now it's pay back time. You cannot carry on like this forever, if you do, it will end in a big disaster for you and already there are signs big time. BJP Fall is Eminent and its Natural.

    DisAgree [3] Agree [38] Reply Report Abuse

  • MILAN, Mangalore

    Wed, Sep 20 2017

    NOW PEOPLE WILL NOT SEND THEIR KIDS TO SCHOOL WHERE MODI AND JAITLEY STUDIED

    DisAgree [4] Agree [43] Reply Report Abuse

  • Shantharam shetty, Dubai

    Wed, Sep 20 2017

    Jhakaas comment

    DisAgree [3] Agree [31] Reply Report Abuse

  • prem, mlre

    Wed, Sep 20 2017

    fake degree.

    DisAgree [3] Agree [31] Reply Report Abuse

  • prem, moodbidri

    Wed, Sep 20 2017

    @ prem, mlre
    Now jootley will tell... "The problem is I got degree from university established by Congress Govt"!

    DisAgree [2] Agree [26] Reply Report Abuse

  • Swamy, Mangalore

    Wed, Sep 20 2017

    This is as a result of going to elementary school after going to the university!?!?!?!?..... BJP education system.

    DisAgree [3] Agree [34] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Wed, Sep 20 2017

    Who will give 15 lacks to each and every Indian then?

    DisAgree [1] Agree [32] Reply Report Abuse

  • Deva, Pilar

    Wed, Sep 20 2017

    15 lakhs only if vote BJP in next general election, in only 5 years not possible...........

    DisAgree [3] Agree [16] Reply Report Abuse

  • Jenifer, Mangalore

    Wed, Sep 20 2017

    Indians will happily give up dreaming about 15 lakhs but will think twice before voting BJP again to power.

    DisAgree Agree [21] Reply Report Abuse

  • Jeevan, Mangalore

    Wed, Sep 20 2017

    Before independence people faced lots of problems. This is nothing. Dont forget our soldiers are dying in borders.

    DisAgree [39] Agree [3] Reply Report Abuse

  • Jenifer, Mangalore

    Wed, Sep 20 2017

    Did all those problems not come to your mind earlier while questioning 'what did we get since 70 years of independence' ?? If BJP could deteriorate the economy to this level in just 3 years, imagine how low India could have been if it wasn't for able Congress leaders ? Now you show the progress promised by Modi ??? So, was the black money actually there, or BJP imagined it to being ? Did Congress loot the nation 50 years, or its BJP did so in three years to crumble the nation's economy ??

    No need to admit but the nation knows the humiliation Modi caused to Congress - people will give him back during next elections !

    DisAgree [1] Agree [15] Reply Report Abuse

  • Af,,, Mangalore

    Wed, Sep 20 2017

    Iam failed bcos of colllege,

    Mr.jatly now people of india not believing you people, you have already messed up india's economy better to some repair work or quit.

    DisAgree [2] Agree [32] Reply Report Abuse

  • Nithya, Mangalore

    Wed, Sep 20 2017

    Nothing will work without stopping corruption at politicians level. I bet ..!

    DisAgree Agree [28] Reply Report Abuse

  • Rajesh, Udupi

    Wed, Sep 20 2017

    Trust me, writing is on the wall - for this government, the condition of the country is so pathetic in every front, unless EVM's does some trick, they will not come into power.

    DisAgree [2] Agree [41] Reply Report Abuse

  • mohan sr., Mangalore

    Wed, Sep 20 2017

    Again fooling people for their failure ...

    DisAgree [2] Agree [37] Reply Report Abuse

  • Surendra Poojari, Mangalore

    Wed, Sep 20 2017

    BJP is fit to blame only others. Own failures also they want to blame others. Can't get better than this. Best thing for BJP is to resign and don't ever try to form the government. They are fit to rule small states that also not all states.

    DisAgree [2] Agree [38] Reply Report Abuse

  • jeevan, mangalore

    Wed, Sep 20 2017

    Contact Dr. Manmohan and get some tips. After 2019 UPA will handle. Fekus can go home.

    DisAgree [7] Agree [43] Reply Report Abuse

  • Peter, Udupi

    Wed, Sep 20 2017

    jeevan changed ur party?

    DisAgree [1] Agree [24] Reply Report Abuse

  • Swamy, Mangalore

    Wed, Sep 20 2017

    You are preparing a safe position after 2019.

    DisAgree Agree [20] Reply Report Abuse

  • Ozy, Surathkal

    Wed, Sep 20 2017

    Diversionary tactics for his blunder committed of demonetization and GST

    DisAgree [5] Agree [40] Reply Report Abuse

  • prem, moodbidri

    Wed, Sep 20 2017

    FM is completely lost after debacle of demonetization... now just digging UPA records and scratching his head !

    DisAgree [7] Agree [49] Reply Report Abuse


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