NEW DELHI: Three years after they were commissioned, the much-awaited reports of studies to assess the quantum of black money in the economic channels of the country have been finally submitted to the government.

The finance ministry has now begun high-level consultations to study these reports, which are aimed at furthering the efforts to dismantle the generation of illegal funds within the country and abroad. The studies were commissioned in March, 2011, by the previous UPA government.

Top sources in finance ministry said that the studies have been “very recently” submitted to the government, along with a set of recommendations, by all the three national-level financial institutes which were asked to analyse the extent of the black money menace.

Sources privy to the contents of the three reports said there is a “major deviation” in the estimated quantum of the black economy in India and that it would not be easy to bring out a “common denominator” on the conclusions of the three reports. “A team experts will soon prepare a gist of the three studies to be submitted to the government and finance minister. The larger deliberations will take place afterwards,” sources said.

“The exact figures and quantification of the black money in India and abroad cannot be made public as this is a privileged document which has to be placed before Parliament. The government is preparing to put these reports on the floor of the Parliament during the next session,” the sources said.