The report is a conclusion drawn from three studies commissioned by the UPA government
A report on the government's efforts to curb black money - prepared by a parliamentary committee chaired by Congress's Veerappa Moily - skips any mention of a specific amount of black money. A copy of the report that's with NDTV, says the methodologies being followed to curb black money are inconsistent and the results are contrasting.
The government is expected to challenge certain sections of this black money report soon after it is tabled in both houses of parliament late today. It is expected to defend the action taken to control and arrest the flow of black money. The report is also expected to lead to a BJP-Congress fight, as Mr Moily has been quoted as saying that the government's efforts in bringing back black money are inconsistent.
The report is a conclusion drawn from three studies commissioned by the UPA government led by Manmohan Singh to establish the quantum of black money in the country and abroad. The studies were by National Institute of Public Finance and Policy, the National Council of Applied Economic Research, and the National Institute of Finance Management.
The report by the standing committee on finance provides no specifics on the volume of black money inside India or abroad.
"There are no reliable estimates of black money generation or accumulation neither is there an accurate well-accepted methodology for making such estimation," the report says.
"All estimates depend upon the underlying assumptions made and the sophistication of adjustments incorporated. Among the estimates made so far, there is no uniformity, or consensus about the best methodology or approach to be used for this purpose," it adds.
The BJP had captured power at the centre in 2014 on its promises to clean up corruption and get rid of black money. It was also promised that black money stashed abroad would be brought back to the country. In 2016, while announcing the notes ban, Prime Minister Narendra Modi had said the one of the key objectives was to flush out black money.
The Congress has repeatedly targeted the government over the issue, accusing it of failing to meet its promises.
The report said the draft report on demonetisation could not be adopted by the committee due to the lack of consensus among the members.