BLACK MONEY REPORT 69 < Madras. The justification presented for doing so is that 'the sample information from the market sources was grossly inadequate' (p. 239). The question to be asked is that if for Delhi, out of a total of 5,000 annual transactions, information could be obtained only for 20, then for Bombay, whether information on 5 to 10 properties out of an average annual number of 500 can be considered to be inadequate. The market information also indicates that in ~ the case of Bombay because of the highpugrees involved and in the case of Madras due to the existence of the State advised guideline values for land, the black percentages are very high in the sale of immovable properties. The calculation of the total amount of value of real estate annually being transacted in the country also suffers from a number of methodological errors. For instance, the Report estimates the value of property transacted in each State, using the data on Stamp duty and registration fees. (p. 716). It is intriguing that for important states like Maharashtra, West Bengal and Bihar, the value of transactions was significantly lower in 1980/81 compared to 1975/76. It is also unclear how the equation used for estimation (p. 417) can be relied upon when the average rate of tax may vary across states and across years (as the weight of various components changes). Other related methodological problems are discussed in Kumar (1985c). In conclusion, one is forced to say that in spite of the many new contributions of the Report, it has to be characterised by its political bias in favour of the private sector. Unfortunately, even this is not adequately argued out and causes contradictions do emerge in the Report Thus, a Report commissioned by the Government to give a new direction to thinking on the subject confuses issues further and instead of becoming a national document remains someone's judgements and prejudices. 1. Kumar, A. 1985a. The Chequered Economy in Black and White (Review of The Black Economy in India* by K.N. Kabra). Economic and Political Weekly March 30. 2. —————— 1985b. Budget 1985-86 : Haves Have While Have Nots Nought. Economic and Political Weekly. April 20 3^ —————— 1985c. Sizing up the Black Economy Estimate—Some Issues Raised by the NIPFP Methodology, Mimeo. 4. National Institute of Public Finance and Policy (NIPFP), 1985. Some Aspects ofthe Black Economy in India. New Delhi.