Various studies and estimates have pegged black money circulation in India anywhere between 7 per cent and 120 per cent of the country’s gross domestic product (GDP) in 2009-10 and 2010-11.
This was revealed by the standing committee on finance, quoting various studies and estimates. It highlighted the lack of a reliable estimation of unaccounted income and wealth.
Given that the GDP stood at Rs 64.5 trillion in FY10 and Rs 76.7 trillion in FY11 (in old series), black money could amount to Rs 4.5-77.4 trillion in FY10 and Rs 5.3-92.08 trillion in the following year.