THE Ministry of Finance has commissioned an in-depth and fresh study,
engaging three top national level institutions for estimation of unaccounted
income and wealth held within and outside India. This study will bring out the
nature of activities that encourage money laundering and its ramifications on
national security. The study has already commenced in March, 2011 and is
expected to be completed within a period of 18 months.
The
study is being undertaken by the following national institutes:-
a)
National Institute of Public Finance and Policy (NIPFP);
b)
National Institute of Financial Management (NIFM); and
c)
National Council of Applied Economic Research (NCAER).
The
terms of reference of the study are as follows:-
(i)
To assess/survey unaccounted income and wealth both inside and outside the
country.
(ii)
To profile the nature of activities engendering money laundering both inside and
outside the country with its ramifications on national security.
(iii)
To identify important sectors of economy in which unaccounted money is generated
and examine causes and conditions that result in generation of unaccounted
money.
(iv)
To examine the methods employed in generation of unaccounted money and
conversion of the same into accounted money.
(v)
To suggest ways and means for detection and prevention of unaccounted money and
bringing the same into the mainstream of economy.
(vi)
To suggest methods to be employed for bringing to tax unaccounted money kept
outside India.
(vii) To
estimate the quantum of non-payment of tax due to evasion by registered
corporate bodies.
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