Black money-my estimate
My own estimates are based on presence of black or undeclared assets. Per estimates, India has close to 26000-28000 tonnes of gold, nearly 1,25 lakh tonnes of silver. Besides the quantity of diamonds and investments in land. All put together the amount of converted cash is close to 28-30 lakh crores. That is close to 4.5-5 trillion Dollars.
The estimates of gold are based on the presumption that 25-30% gold ever mined in the world had found its way to India. The total gold mined is believed to be 171000 Tonnes. This translates to 45000-50000 tonnes having come to India since the time gold has been mined in the world. However considering the pillaging of gold by invaders and then the East India company, the actual amount may have diminished to present estimation above.
Silver mining was never known in India, but fondness of the metal for utensils, Jewellery etc, meant huge imports over the years.
There is no way the value of diamonds can ever be discovered and guesstimates may peril any adventurer in this direction.
Black money has always been and still is an important component of land and property dealings. The cash component ranged from 30% to 75%. The component of cash to cheque has narrowed substantially over the years, but old cash already assimilated in the economy has nevertheless to be computed.
Ajay Agnihotri
The estimates of gold are based on the presumption that 25-30% gold ever mined in the world had found its way to India. The total gold mined is believed to be 171000 Tonnes. This translates to 45000-50000 tonnes having come to India since the time gold has been mined in the world. However considering the pillaging of gold by invaders and then the East India company, the actual amount may have diminished to present estimation above.
Silver mining was never known in India, but fondness of the metal for utensils, Jewellery etc, meant huge imports over the years.
There is no way the value of diamonds can ever be discovered and guesstimates may peril any adventurer in this direction.
Black money has always been and still is an important component of land and property dealings. The cash component ranged from 30% to 75%. The component of cash to cheque has narrowed substantially over the years, but old cash already assimilated in the economy has nevertheless to be computed.
Ajay Agnihotri