Study on black money to take 18 months: Govt

The three institutes selected by the govt to conduct study on black money stashed by Indians within and outside the country, will be given a time frame of 18 months.

Updated: Mar 01, 2011, 15:40 PM IST

New Delhi: The three institutes selected by
the government to conduct study on black money stashed by
Indians within and outside the country, will be given a time
frame of 18 months, Parliament was informed on Tuesday.

"The study will be conducted by three national institutes
with inputs from various ministries and departments...The
institutes will be given a time frame of 18 months to complete
the study", Minister of State for Finance SS Palanimanickam
said in a written reply to Rajya Sabha.

The government has decided to get a fresh study conducted
on unaccounted income and wealth, both inside and outside the
country, unravelling the nature of activities engendering
money laundering and its ramifications on national security,
he added.

"The proposal was approved by the Government in January,
2011...the study will be assigned to them after making
necessary provisions", Palanimanickam added.

Finance Minister Pranab Mukherjee while
presenting the Budget on Monday, had expressed "serious concern" over
the generation and circulation of black money and said that
the Government has adopted a five-fold strategy to deal with
the menace.

PTI