The study, engaging three top national level institutions began in March this year would be completed within a period of 18 months.
According to a finance ministry sources the study will bring out the nature of activities that encourage money laundering and its ramifications on national security.
The study is being undertaken by National Institute of Public Finance and Policy, National Institute of Financial Management and National Council of Applied Economic Research would also suggest ways and means for detection and prevention of unaccounted money and bringing the same into the mainstream of economy besides identifying important sectors of economy in which unaccounted money is generated.
The study would assess/survey unaccounted income and wealth both inside and outside the country, it would profile the nature of activities engendering money laundering both inside and outside the country with its ramifications on national security.
It would identify important sectors of economy in which unaccounted money is generated and examine causes and conditions that result in generation of unaccounted money.
It would examine the methods employed in generation of unaccounted money and conversion of the same into accounted money.
The issue of black money has attracted a lot of public and media attention in the recent past. So far there are no reliable estimates of black money generated and held within and outside the country. The different estimates on quantum of black money range between USD 500 billion to USD 1,400 billion. A recent study by Global Financial Integrity has estimated the illicit money outflow to be USD 462 billion. These estimates are based on various unverifiable assumptions and approximations.
