Abstract: A major issue that the Indian economic system has been facing since independence is the question of ‘unaccounted’ or ‘black’ money Acharya and Madhur. The dimension of this problem has been so substantial that the term ‘Parallel Economy’ Contini is being used to draw attention to the fact that the amount of unaccounted money generated in the economy is estimated to be almost equal to and sometimes more than the accounted or formal economy !Several expert committees have been formed from time to time to examine this issue and to recommend suitable policy measures to unearth this huge sum so as to channel the same for development purposes and to get a better macro picture of the economy. The present study is a modest attempt at analysing the several policy measures initiated by the previous lame duck government and the present political dispensation which came into power in 2014. The recent amnesty scheme which ended on 30th Sept 2015 has not been much of a success. Attempted in this study are the following: the various schemes/measures initiated earlier reasons for such failures; salient features of the present amnesty measures initiated in 2015. A brief analysis of the same and drawing appropariate conclusions from earlier experiences and suggest a new/modified course of action to unearth the same.