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- The parliamentary panel on finance of the 16th Lok Sabha has submitted its report to the Lok Sabha,
- The panel has said it is difficult to provide a credible estimate of the black money stashed away overseas by Indians.The panel suggested that black money could be anywhere ranging from 7-120% of the GDP.
- This massive range in the panel’s report is because of three studies by the (a)National Institute of Public Finance and Policy(NIPFP) (b)National Council for Applied Economic Research(NCAER) and the (c)National Institute of Financial Management(NIFM) who have provided widely varying results.
- The report has also said that the black money estimates could well be the tip of the proverbial iceberg because the larger part of the unaccounted wealth is held within the country.
- All three studies concluded that the maximum amount of black money was generated in realty, mining, pharmaceuticals, pan masala, gutka and tobacco industries.
- Besides bullion and commodity markets, the film industry, educational institutes, securities market and manufacturing too contributed to unaccounted wealth.
- Further,the committee has called for finalisation of the long-delayed Direct Taxes Code at the earliest to curb black money by simplifying and rationalising the direct tax laws in the country.
- Black money is the money on which appropriate taxes have not been paid to the government.It is generally obtained illegally and thus kept away from declaration.
