Indian govt. tables White Paper on black money in Parliament

Monday, May 21, 2012

New Delhi: The Indian government today tabled the much-awaited White Paper on black money in Parliament. According to the study which runs into 100 pages, around $104 billion is stashed away in tax heavens by Indians. The exhaustive report, however, does not contain any names.

The White Paper presents the different facets of black money and its complex relationship with policy and administrative regime in the country.

"I would have been happy if I could have included the conclusions of reports of three premier institutions that have been tasked to quantify the magnitude of black money. These reports are likely to be received by the end of this year. However I have chosen to present this document now in response to an assurance given to the Parliament. Hopefully, it would contribute to an informed debate on the subject and a more effective policy response as we move forward,” said Finance Minister Pranab Mukherjee in the foreword.

The report also reflects upon the policy options and strategies that government has been pursuing in the context of recent initiatives, or need to take up in the near future, to address the issue of black money and corruption in public life.

Notably, India ranks 15 in the list of illicit outflow of the money.

Click here to download the entire report.
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