The Indian govt has no official estimate of black money

The Indian government said today it has no official estimate as to the amount of black money that has been sent to foreign countries.

"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 to Rajya Sabha.

When asked what India’s share in black money in tax havens across the world is, he said there is no evidence whether the recent estimate of $152-181 billion by economists from Bank of Italy necessarily represents India's share in black money stashed abroad.

Image Credit: Indiatimes