NEW DELHI: The Finance Ministry has declined to share reports submitted to it nearly three years ago on the quantum of black money held by Indians inside the country and abroad, saying it will cause breach of privilege of Parliament The reports are related to studies commissioned by the previous UPA government five years ago. "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 Finance Ministry had said while ordering the studies in 2011.The different estimates on quantum of black money range between USD 500 billion to USD 1,400 billion. A study by Global Financial Integrity estimated the illicit money outflow at USD 462 billion. "These estimates are based on various unverifiable assumptions and approximations.

Source: Economic Times October 23, 2016 06:45 UTC