Demonetisation: Finance ministry clueless about exact amount of black money

The Finance Ministry on Friday admitted that there is no official estimate of the amount of black money stashed in the country and abroad.

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New Delhi, Nov 19: At a time when Prime Minister Narendra Modi-led NDA government is fighting a war against black money, the Finance Ministry on Friday admitted that there is no official estimate of the amount of black money stashed in the country and abroad.

In fact, earlier also on July 22 and May 3, this year, the ministry said that it had no clue about the exact amount of black money in circulation.

Currency

The ministry added that it was examining reports submitted by the National Institute of Public Finance and Policy, the National Council of Applied Economic Research and the National Institute of Financial Management to find out the figures.

[Also Read: Demonetisation: A large shock to the economy, says NIPFP]

On November 8, Prime Minister Modi announced scrapping of Rs 500 and Rs 1,000 currency notes to fight against black money, counterfeit currencies and terror funding.

[Also Read: Did RBI directors know about enormity of demonetisation asks P Chidambaram]

Since the announcement was made, most of the people are struggling to get hold of valid currency notes by queuing up in front of banks and ATMs.

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