Indians outside the country possess black money worth over thirty-three trillion: Report

A shocking revelation made by a study conducted by three premier studies has compelled Indian to think that Indians are not lagging behind when it comes to possessing whopping wealth. This has been held by a NIPFP, NCAER and NIFM conducted a study that Indian residing outside the country possesses a total wealth that accounts more than 3,39,93,99,50,00,000.00 Indian Rupee. This is really unbelievable that such a huge wealth worth a whopping amount which is even impossible to count at times are possessed by Indians outside the country and that too, till 2010. This adds more chances of the wealth to grow with 9 more years passing since then.

The standing committee of finance report tabled in Lok Sabha on Monday contains this bit of data for the government to have a look at and take necessary actions. Notably, this is the first acknowledgment to the study reports prepared by the three government-sponsored studies that were initiated in 2011. The purpose of the study was to speculate the black money kept hidden by Indians outside the country.

The results of the reports are not published for public yet. As estimated by the National Institute of Public Policy and Finance (NIPFP), there was an illicit financial flow out of the country during 1997-2009 that ranges from 0.2% to 7.4% of GDP.

As per the National Council of Applied Economic Research (NCAER), estimated unaccounted wealth accumulated by Indians outside the country ranges between 2,66,43,84,00,00,000 Indian Rupee and 3,39,98,65,00,00,000.00 Indian Rupee during 1980-2010. The National Institute of Financial Management (NIFM) reports that the total illicit outflow from India (1990-2008 ) at Rs 9,41,837 crore.

The standing committee on finance said, “There are no reliable estimates of black money generation or accumulation, neither is there an accurate well-accepted methodology for making such estimation.”

The report further says that these estimates were made based on assumptions and there was no uniformity on the use of the methodology for this purpose.

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