Explainer: Parliamentary panel’s black money report points to need for direct tax reform

Unaccounted wealth stashed abroad by Indians is estimated to be in the range of $216.48 billion to $490 billion between 1980 and 2010, the Standing Committee on Finance said in a report on black money of India tabled in 17th Lok Sabha Budget session on Monday.

The 73rd such report was prepared on the basis of a preliminary report previously presented to former Lok Sabha speaker Sumitra Mahajan on March 28, a copy of which has been uploaded on the Lok Sabha website on the directions of the committee.

It was, in turn, derived from three separate studies conducted by reputed bodies such as National Institute of Public Finance and Policy, the National Council of Applied Economic Research, and the National Institute of Financial Management.

The earlier report titled ‘Status of Unaccounted Income/Wealth Both Inside and Outside the Country–A Critical Analysis

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