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Indian Government Assesses Undeclared Wealth

by Mary Swire, Tax-News.com, Hong Kong

01 June 2011


The Indian Ministry of Finance has commissioned a new and in-depth study, using the services of three of the country’s top institutions (the National Institute of Public Finance and Policy, the National Institute of Financial Management and the National Council of Applied Economic Research), to estimate unaccounted income and wealth held within and outside India.

It is hoped that the study will reveal the nature of activities that encourage money laundering and its ramifications on national security. The study is expected to be completed by the end of next year.

The terms of reference of the study are as follows:

  • To assess/survey unaccounted income and wealth both inside and outside the country.
  • To profile the nature of activities engendering money laundering both inside and outside the country with its ramifications on national security.
  • To identify important sectors of economy in which unaccounted money is generated, and examine causes and conditions that result in generation of unaccounted money.
  • To examine the methods employed in the generation of unaccounted money and conversion of the same into accounted money.
  • To suggest ways and means for detection and prevention of unaccounted money and bringing the same into the mainstream of economy.
  • To suggest methods to be employed for bringing to tax unaccounted money kept outside India.
  • To estimate the quantum of non-payment of tax due to evasion by registered corporate bodies.

The issue of black money in India has attracted considerable public and media attention recently. The government says that to date there are no reliable estimates of black money generated and held, although figures range between USD500bn and USD1.4 trillion.

TAGS: compliance | tax | tax compliance | India

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