 In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, hoarders, taxivators and other anti-social elements of the society. 22,000 crores of rupees are supposed citation needed to have been accumulated by the criminals for vested interests, though repetitions in the Supreme Court estimate this to be even larger than ours. 90 lock crores. The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim the total of $106 trillion is held illegally in Switzerland. Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about $2 billion. In February 2012, the Director of India's Central Bureau of Investigation said that Indians have $500 billion of illegal funds in foreign tax havens, more than any other country. In March 2012, the Government of India clarified in its parliament that the CBI Director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011. In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ours. 90 lock crores or $1,500 billion.