Don’t know quantum of black money: Govt

The government said on Tuesday that it has not information about the quantum of black money that has been sent to foreign countries by Indians.

“Determination of black money sent to foreign countries by Indian persons is subject matter of investigation and other follow-up actions by relevant law enforcement agencies, including Income Tax Department, Enforcement Directorate, CBI etc, which is on-going. However, details regarding the amount of money involved in such cases are not maintained centrally,” Minister of State for Finance Jayant Sinha said in a written reply in the Rajya Sabha.

On the question whether the amount of black money stashed in tax havens by Indians is in the $152 -181 billion, as per the recent estimate by the economists from Bank of Italy, the Minister said there seems to be no empirical evidence to arrive at this figure in a definitive manner.

Sinha also said the economists “have reportedly put the caveat that these estimations have to be considered with great care and in no way can represent firm data.”