Pranab to table white paper on black money today

As he had promised during the debate on the finance bill, finance minister Pranab Mukherjee will table a white paper on illicit or 'black' money in Parliament today.

The paper is likely to outline a comprehensive strategy for bringing back black money stashed abroad. It will also focus on bullion, gold jewellery and the real estate sector and is likely to recommend more transparency in land dealings and regularisation of land registration.

However, Mukherjee had made it clear earlier that the paper is unlikely to provide estimates of the black money stashed overseas, as the expert committees appointed by the government to assess the amount of unaccounted money are yet to submit their reports.

"In respect of estimates of black money, three institutions are studying it independently and they will give their reports at the end of 18 months, and that period is coming to a close around July or August. I will share that information with you as soon as I get the reports from those three independent study groups. But the White Paper containing other relevant information will be made available to the members," the minister had told the house on 8 May.

The institutes he was referring to are National Institute of Public Finance and Policy, the National Institute of Finance and Management, and the National Council for Applied Economic Research.

The paper is likely to focus on illegal holding and trading in bullion, gold jewellery and real estate. The paper is also likely to recommend more transparency in land dealings and regularisation of land registration.

Along with black money, the issue of the lokpal bill is likely to make the last two days of the Budget session a stormy affair.