The three think tanks entrusted with the job of estimating black money have given their reports.
The ministry is studying the reports of of the National Institute of Public Finance and Policy, the National Council of Applied Economic Research and the National Institute of Financial Management.
An official said a critical finding in the study was that large chunk of the parallel economy in India was black but it might not be evading taxes.
"They are just out of the tax net," he said, adding the latter needed to be widened and deepening it through steps like taxing the rich might not help in garnering any significant additional revenue.
The official said various estimates of black money had been projected by the think tanks, taking into consideration different parameters.
NIPFP has given its report to the ministry and is waiting for its comments.
The institute will study the comments and if there was any requirement for modification, it will be done but the basic recommendations of the report would remain the same, said a source.
An expert associated with the process said the estimate of black money didn't matter much and what
Car sales: Siam paints a gloomy picture
Tax-free bonds may get the axe
Making sense of nuisance along the LoC
Food chains face heat as consumers cut back on spends
Mining ban: IT dept takes Rs 3,000 cr hit