Government reports have indicated that the black money of Indians stashed outside the country is worth around Rs 9.41 lakh crore, reported The Print.

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As per the report, a study commissioned by the authorities came to the conclusion that the amount that was stashed outside between 1990 and 2008 could account to a tenth of total illegal wealth.

“Illicit outflows from the country are estimated on average to 10 percent of the estimated unaccounted income,” National Institute of Financial Management (NIFM), one of three institutes that were tasked with calculating estimated black money inside and outside the country by the UPA government was quoted as saying in the report.

The NIFM, which submitted its study to the NDA government in 2014, calculated the amount by estimating the ‘current value’ based on 2014. However, it was not only NIFM that submitted similar reports. According to the report, National Council of Applied Economic Research (NCAER), estimated the value of total black money abroad between 1980 and 2010 to be between $384 billion and $490 billion, the report said.