Panel Set Up to Quantify Black Money: Pranab

 New Delhi, March 11 (IANS) India has appointed an official committee to quantify black money stashed in foreign banks, Finance Minister Pranab Mukherjee said Friday.

Stating that the quantum of black money had not been specified by anybody, the minister said: "Various figures are being floated -- the first thing I have decided to do is to appoint a group to quantify the black money."

Replying to a debate on the budget for fiscal 2011-12 in the Lok Sabha, he said varying estimates put the quantum as ranging between $462 billion to $1.4 trillion but the figures were not reliable.

Mukherjee said the government has two figures on black money -- one by a BJP taskforce that has put the amount of black money between $500 billion to $1.4 trillion and the other by the US-based Global Financial Integrity that estimated that Indians had stashed $462 billion in foreign banks between 1948-2008.


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Title: Panel Set Up to Quantify Black Money: Pranab

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