By APD writer Rishika Chauhan

NEW DELHI, Feb. 23(APD) -- According to three government reports black money stashed abroad is between 3.6 billion to $490 billion.

The range is wide as the agencies are finding it hard to measure the exact amount.

According to a Hindustan Times report, “The black money estimates could well be the tip of the proverbial iceberg because the larger part of the unaccounted wealth is held within the country.”

“The reports, submitted to the Union finance ministry in July and August 2014, are the latest estimates of black money and are believed to have provided critical inputs to the Narendra Modi government before it took the decision to invalidate all old high value currency notes on November 8, 2016” the report further said.

A government note on the topic has explained, “It does not appear feasible to compare the estimates of unaccounted income and wealth outside the country, arrived at by these institutes through different methods, and different time periods taken by them leading to estimates at considerable variance.”

(ASIA PACIFIC DAILY)