The Measures taken by the Government to Curb Black Money in the Country
Ministry of Finance
Press Release dated 27/04/2016
Whenever the cases involving remittance of black money abroad or illegal remittance of money abroad are detected, appropriate action is taken by relevant law enforcement agencies such as Income Tax Department, Enforcement Directorate (ED), Central Bureau of Investigation (CBI) etc. Such action includes action against banks and financial institutions if their involvement is found. However, data regarding all such cases and the amount of money sent abroad in each such case is not maintained centrally.
There is no official estimation of the amount of black money present in the country and taken outside the country. However, the Government had commissioned a study, inter alia, on estimation of unaccounted income and wealth inside and outside the country, through National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM). Reports received from these Institutes are under examination of the Government.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha yesterday
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