Black Money snippets

Finance minister P Chidambaram is likely to reveal a new estimate of India’s unaccounted “black money” — most of it stashed abroad — in the budget session and follow it up with a plan to hold it to account.
The new estimates, the first since 1985, have been compiled at the government’s behest by three think-tanks, the National Council for Applied Economic Research (NCAER), National Institute of Public Finance and Policy (NIPFP), and National Institute of Financial Management (NIFM).
This report, submitted to the government in December, is speculated to have pegged the size of black economy at about 30% of India’s gross domestic product (GDP) or about Rs.25 lakh crore.
About a third of India’s black money transactions are believed to be in real estate, followed by manufacturing and shopping for gold and consumer goods.
The Centre has tracked Rs.50,000 crore in undisclosed incomes over three years, while tax evasion worth more than Rs.1,000 crore has been detected from inputs from foreign countries. The revenue department is pursuing 50,000 pieces of information on suspicious transactions received from overseas and domestic agencies.