Black money generators: Jewelry, IPO, realty & bullion
May, 21st 2012
The Finance Minister Pranab Mukherjee has tabled white paper on black money in Parliament today. The 100-page report is quite detailed and exhaustive but does not contain any names. According to the report, black money generating sectors are jewelry, IPO, land, real estatea and bullion. It also states that black money in Swiss accounts has reduced from Rs 23, 373 crore in 2006 to Rs 9295 crore in 2010 after there were protests
The White Paper is likely to contain the report of an official committee, set up in May 2011, under the chairmanship of Central Board of Direct Taxes (CBDT).
This was in addition to the independent studies being carried out by National Council of Applied Economic Research (NCAER), National Institute of Public Finance and Policy (NIPFP) and National Institute of Financial Management (NIFM).