Black Money in India


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Anuj said: (Apr 11, 2019)  
Very good morning friends.

Let us start with the discussion and topic is black money. We should remove corruption around us. First of all, it is our responsibility that we give our tax to help the government for developing country.

Thanks.

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Anjali Mathe said: (Mar 25, 2019)  
Illegal Income earned from black market is called black money. Such income is concealed from taxation. Since 2011 Indian media reported Rs 90 lac corer, also mentioned in the writ to the Supreme Court, is deposited as black money in tax haven countries like SW, UAE, Hong Kong.

Some of the main sources of black money are gold, land, and heavy money deposit aboard.

In the 2011 election, many political parties including BJP has written in its manifesto to bring back the Black Money in India.

As per the India media report, Indians hold the biggest share in Swiss banks however Swiss bank officials denied the Indian media reports.

Since 2016 after the Panama leak, many names have surfaced and the Indian government assured to take action against them.

However, to date, we have not seen any arrest in this connection. Neither any official data is released for the amount of black money. But as an Indian citizen, looking to the development of our country, and disproportionate income we can say yes Indian politicians, sportsperson, Bollywood stars, the business person do have black money.

We at our level can report the bribery cases and the slow working rate in official work.

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Alveera Ansari said: (Mar 21, 2019)  
We all know that in India all rich people becomes richer day by day because they do not pay taxes and they do illegal works to earn more money. They want more money and to become more richer then they do illegal works.

When rich person will pay taxes on correct time then he will also help poor person. The reason is that the extra money of rich people will be use by poor people then poor people becomes financially good and also all taxes will pay by rich people.

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Sanjay said: (Mar 20, 2019)  
Black money is one who did not pay the tax correctly. Black money plays a major role to decrease the country development. Farmer is backbone of our country. But youth are the future of our nation. Every person should feel India is not ourcountry and it's a home and we are the family members. So, we have to develop our country to reduce these black money and corruption.

Develop some of the schemes to reduce the black money. Day by day poor man becomes very poor but rich man becomes richer because of incorrect tax payments.

In India, most of the persons are lower middle class. They paid the taxes correctly. Most of the persons in higher positions didn't pay their taxes, because they are richest and no one can handle them. So please find such people. Even we find 10percent people and to paid taxes correctly, then we will be in a higher position. On that time we proudly say India is a developed country.

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Priyanka said: (Mar 19, 2019)  
* Earning money by the illegal way that is back money. Black money is example of corruption.

* Black money is a kind of illegal activities done by a corrupted person and is the way to gain money in unwanted works.

* The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society.

* Black money is the main problem of India. Which makes weak of the India.

* In my opinion, black money is basically rich people don't pay taxes on time and also hides a huge amount in their houses and also some people hide their money in foreign countries. The government don't get taxes on time so it increases the cost of needy things and poor people have to suffer.

* The root cause for the increasing rate of black money in the country is the lack of strict punishments for the offenders. The criminals pay bribes to the tax authorities to hide their corrupt activities.

* In my point of view, the main reason for black money is only a middle-class people paying tax properly but some rich people do not pay tax correctly that mean they keep money in their home or invest in out side country.

* So people have to submit their taxes on time so that no can suffer.

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Haindhavi said: (Mar 17, 2019)  
Black money is a kind of illegal activities done by corrupted person and is the way to gain money in unwanted works.

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Amit Yadav said: (Mar 16, 2019)  
Yes, Of course, this black money should be banned and if anyone sees the exchange of money they have to immediately respond to government officers. Making one rule the black cooprated persons have to get serious or strict punishment. Because they are a victim of an increase in taxes.

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Shalabh Saxena said: (Mar 7, 2019)  
The portion of a country's income that is tied to its black economy affects the economic growth of the country. Black economy constitutes a financial leakage since tax income from unreported earnings is not received by the government, thereby, serving as a loss of revenue to the government. In addition, since these funds rarely enter the banking system, economies are stifled, as money remains hidden that otherwise could be used by banks to stimulate the economy by funding small business owners and entrepreneurs. In addition, black money causes the financial health of a nation to be underestimated.

Thanks.

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A.K.S. said: (Feb 22, 2019)  
Black money is the main problem of India. Which makes weak of the India. It makes weak of India because many peoples of India keeled the illegal money so India is not repaying loan of other country.

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Sourabh said: (Feb 10, 2019)  
In my opinion, black money is basically rich people don't pay taxes on time and also hides a huge amount in their houses and also some people hide their money in foreign countries. The government don't get taxes on time so it increases the cost of needy things and poor people have to suffer. The government need taxes for the repair of roads and streets and for development of India. So people have to submit their taxes on time so that no can suffer.

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Sanjeev Singh said: (Jan 22, 2019)  
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, tax-evaders and other anti-social elements of the society. The root cause for the increasing rate of black money in the country is the lack of strict punishments for the offenders. The criminals pay bribes to the tax authorities to hide their corrupt activities. Thus, they are rarely punished by the judge. The criminals who conceal their accounts from the government authorities include big politicians, film stars, cricketers, and businessmen. Some Indian corporations practice transfer mispricing, by under-invoicing their exports and over-invoicing their imports from tax haven countries such as Singapore, UAE, and Hong Kong.

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A.Deepika said: (Jan 22, 2019)  
Hai everyone I am Deepika,

Black money is one who did not pay the tax properly to the government. Most of the richest persons have much black money other than the white money. It is a illegal one. Such persons are respond to severe punishment. Then the government can't able to provide any suffecient offers for people. These will affect only the middle class and poverty peoples. Black money develop the richest persons going to rich and down the poor peoples going to down. So, avoid using Black money and paid the tax regularly. This will make our country to good and also we should provide the sufficent process to the poor peoples. It will make the poor people to get good development in our country.

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Veeramani said: (Jan 19, 2019)  
Hi everyone my name is Veeramani.

Black money is one of the main issues faced by India. Black money also destroy the development of the country. In my point of view, main reason for black money is only a middle class people paying tax properly but some rich people do not pay tax correctly that mean they keep money in their home or invest in out side country. So, we for getting about past, we are the future of India, so do our work properly and don't expect extra money for work and follow the rules and regulation of govt.

Thank you.

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Gaurav Shukla said: (Jan 10, 2019)  
Hi, everyone.

Today India is a developing country. But due to black money, India is a corrupt nation in the world. After stopping the 500 and 1000 note to come positive results in India but due to political reason does not have any big effect. I think if we want to stop the black money fastly in India then we have to need to stop the printing of big currency in India.

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Akash Thapa said: (Dec 20, 2018)  
Black money is like the insect for our country who continue to destroy our country growth. The rich people do not submitted taxes in time and keep huge amount of money in their house. When govt not get tax amount they have rise the price of needy item and poor people have suffer. Rich people keep their money also in foreign countries. If every people of India submitted their money in time India become one of the developed country very soon. But no one do their duty. Shame on them. The road, Light and other needy fields still need money but govt haven't money to fix them. Because of people irresponsibility.

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Madhu said: (Dec 14, 2018)  
Hi every one.

In my point of view this is one of the reason for India to be still devolping nation. By doing illegal activites and earning black money rich people are becoming more rich poor people very very poor. There must be a change. Even after banning of 500, 1000 there is no change. Political leaders must change and even every individual must change to make India as a black money free nation.

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Rekha said: (Dec 14, 2018)  
If rich persons pay tax to the government that amount is used for other any reservation policies which is useful to all kind of person this is the best way but when government do the such policies and release amount that amount is not reach fully to the user's because the mediator (maybe government employees or politician or any other persons) take the maximum percentage of total amount indirectly and minimum amount will reach to user after spending time and money to take any kind of reserved policies of government. So, instead of paying taxes if the rich people are kind hearted my wish is they have to do the help to needy persons may be poor or any other direction and he has maintained a document for this type of work to show to the government if they ask tax.

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Akram said: (Dec 9, 2018)  
Good morning everyone.

Today our topic for discussion is black money in India. The black money is the money that is earning from illegal action. The reacher person cannot pay tax to the government of India. For the development of a country required some source of earning which comes from tax from reacher person and foreigners company that is established in India and taking the tax on foreigners item. In India, the Real situation is that the most of the reach person store their money in the house to avoid the tax, due to such kind of nature the reach person becomes reacher and poor people becomes poorer day by day. Result decreasing India's economy day by day.

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Rohit Sharma said: (Dec 1, 2018)  
Now a days black money is increasing very fast in India. If Government will not take action on black money, India never develops like other country. So, it is important to take serious on black money.

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Bireswar Adhikary said: (Nov 24, 2018)  
The money which comes from illegal action is called black money. It makes rich person richer and poor person as poorer. India is 7th largest country of the world. i.e. a huge country.

So it is not possible to completely wash out black money by any minister or president.

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Abhishek Rautela said: (Nov 19, 2018)  
Many people in our country find different types of tactics to save income tax. It's our moral duty to pay the taxes because we are citizen of this country. Without having money govt are unable to do the development work. Due the black money, govt have to rise the prices of the necessary good. Rising prices of essential goods, it effects the pocket of the middle class and lower class family. Due to rising prices, they are unable to full fill their basic needs. People should realise that thing that it's our moral duty to pay the tax and not hide our actual income then the change will come.

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Rohit said: (Nov 5, 2018)  
It's well known that earning money through illegal ways will be termed as "Black Money".

It important to understand that why people prefer the illegal channels to earn or make deals, its because the tax and financial laws prevailing in the country are too stringent, complex and public doesn't want to pay to government as they lack trust in its working and expect no proper returns, like no proper police reforms, bad roads and drainage system, poor infrastructure, lack of employment, poor healthcare etc.

The other reasons might also be over taxation which is quite evident from the prevailing petrol prices in the country. Over taxation will always lead inflation and hence less revenue generation as it reduces the consumption of products and services.

Further to add on these complex laws are creating an illegal parallel economy in the country which will only affect negatively on the treasury of the government.

It's time for governments to realize this and implement a transparent, balanced, simplistic, financial and tax laws in India.

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Himaja said: (Nov 3, 2018)  
Black money is money earned through illegal or legal source and not paying tax for that. So that revenue of the govt is decreasing as of that inflation occurs so that lower and middle class people suffers a lot. Because of black money rich becomes richer and poor becomes poorer, if every working individual pays tax India would be a leading country in the world where free and sophisticated education is given to everyone and poverty can be decreased to some extent.

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Santosh said: (Oct 28, 2018)  
According to me, first, we should honest after blame to other we are not seeing ourself maximum people educated yet they do not pay tax.

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Golla Ajay Krishna said: (Oct 24, 2018)  
It will effect Indian economy in relating to growth. Rich people will become rich and poor people will become poor.

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Charu said: (Oct 18, 2018)  
Earning money by the illegal way that is back money.

There is a two type of money Frist is black money and the second is white money.

White money is earned by the legal way. White money is to pay the tax of government all type of tax. Government use the tax for developing the country.

Black money is earned by the illegal way like most of the people are not paying the tax. The black money is earned by in the form of land, bike, house and etc.

In the research, the government find many people's are saved there black money they opened their account in foreign banks and lots of India currency is deposited in the foreign bank. That is not good for our country.

The prime minister Modi Ji take action against black money they changed the note of 500 hundred or 1000 in 2016. This action is very good for retrieve black money.

Black money is earned in many ways this is not good for our country and also not good for poor people they face many struggles every time anywhere. They are not good enough for paying black money.

The government has tack more action against for black money.

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Chitra said: (Oct 7, 2018)  
Hi friends,

Avoid black money in India we are using digital currency. Because businessman correctly pays for tax in government. So stop the black money, We use the white money. We are creating great & wonderful India.

Thank you.

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Umesh Shinde said: (Sep 29, 2018)  
Hello everyone.

Black money is a collection of money which comes from the bad jobs. Nowadays corruption is increasing day by day. Specially.

It occur in the politics and also other field like sports. It can be reduced by creating a law.

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Pravin Gandhi said: (Sep 29, 2018)  
Black money makes the richer men richer and poor people as the poorest.

So black money should not be reduced it should be avoided.

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S.Singh said: (Sep 29, 2018)  
Good morning friends,

I am discuss about 'Black money in India'. I start this topic. People are seen that every department is hungry for money which corruption increases. Black money is example of corruption. That is increasing day by day. Black money is that money which government is not got form tax by people. In India 80% people belong to middle families and poor families, these people do give the tax the government and 20% people these people do not pay the tax that is poison for economic of our country. It is the reason that economic growth is not increasing.

Thank you.

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Vipin Malakar said: (Sep 25, 2018)  
Hello everyone.

Black money is unaccounted money many people of India don't pay Tax and dial each other without pay tax and also the helped government employee, politic leaders and also police to behave of some bribe because of this govt is not able to implement of the country and poor people are not able to get benefits.

Demonetization is good action agents the corruption.

So, we have to stand agents the corruption.

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Hanuman said: (Sep 25, 2018)  
Black money is a great problem in India. It is increasing day by day in India. It's main cause is corruption, bad politics. Human thinks that if he gets more and more money than he will become happy in his life and he will not sad in his life. The human becomes greedy day by day. So we should control this problem, choose a right government, thinks about our poor people.

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Dhiraj said: (Sep 23, 2018)  
Hello everyone.

What is mean by black money?

Black money is the part of person who don't pay the taxes from earned income. In society as many of peoples including politician, industrialista and business are doing this same because they want to be save from the pay taxes. Because of this our country growth is going decreases. In many of gov sector still they are sought of money from people to terminating their deed and work. So it's not fault of government its fault of every single person who gives the money to corrupt officer to terminating their work. Black money still exsit in country.

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Ajithkumar said: (Sep 19, 2018)  
Black money is very dangerous poison for economics. So we will support and destroy the black money.

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Rin R said: (Sep 17, 2018)  
Black money is something that can't be obliterated till transparency comes into existence in every part of governance. We just can't put all the blame to our politicians. We do have some responsibility in reducing black money. Not only the government but also we people have to be transparent about our property. We must pay the taxes properly before blaming the government. The root cause of black money is corruption. So to eradicate black money and its effects on the country's economy we have to first counter the deep spread corruption. If every citizen of India first sincerely protest corruption then there is a hope. That means we will neither go in the path of corruption nor allow anyone to do corruption. To realise this a effective literate and participative society is required.

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Mohit Ram Satnami said: (Sep 15, 2018)  
In my point of view, Black money is the danger for our country it reduces economic growth.

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Shivani Khandelwal said: (Sep 9, 2018)  
In my view, according to Reserve bank of India statistics, 99.3% of 500 & 1000 rs notes have collected intended the results that the aim of demonetization have not completed, still, there is an existence of black money in India and the reason behind that is an unpaid tax, money laundering act guidelines etc.

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Monisha said: (Sep 7, 2018)  
I want to add on this, as we see there is corruption everywhere. Black money is all about this. All leaders, politicians and all big people have black money.

As, jio is being a trap of removing the black money when demonetisation was being about to applied. All big business icons have black money. And the middle class n lower class people suffers because of this.

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Hari Krishna said: (Sep 4, 2018)  
Black money is an act which indirectly put our nation downward. Also, degradation ourself for being a part of our country.

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Ranjeet Rana said: (Sep 3, 2018)  
There are large sources of black money the major source is corruption in everywhere. This can be regulated to transparency in every government projects and need to check the bank account and the properties of politicians, officers. So, we can say the overall conclusion is that stop the corruption and welcome the transparency at work.

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Shubham Sahu said: (Sep 2, 2018)  
According to me, the Indian economy grows faster because it gives transparency in the system. As the customer will know how much tax they are given in government of India but when the black money concpet come all the meaning of giving taxex is reduced.

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Payal said: (Aug 31, 2018)  
Black money is that part of a person's income which he/she earns by not paying tax to the government. So, the black money is earned from legal sources but people don't want to part it as it is their hard earned money. Before demonetisation, in India there was another economy called parallel economy. People evaded taxes as much as possible and t was possible for them to do so because there were multiple taxes imposed. But after demonetization, a large amount of black money has come back to the government as people tried to get rid of the cash they holded by depositing it in bank. GST has made India one tax nation and all the procedures of filing IT return to paying taxes has become transparent. So, people cannot evade taxes. Thus, it can be said the quantum of black money has reduced but not completely cleaned.

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Md Azim said: (Aug 30, 2018)  
There are a lot of black money in our country. But I want to ask some questions with government. Whose is black money. Are this poor man, farmers, employees and students. Everyone want to know about it. I would like to say that every leader and officer has black money. We are laborious Indian man. We don't have black money. And we don't know about black money, What is black money?

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Asha Devisetty said: (Aug 28, 2018)  
Due to our support only politicans are becoming illegal in our country. If politicians are corrupting our country, we simply watching. Not even any person ready to take stand because we only electing the person for every 5 years. How many passed India became only developing country. Without food so many people are servering but our Indian politicians are not ready to support our society they just need money not humanity. So, India has black money.

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Sonu said: (Aug 21, 2018)  
I agree, for the existence of black money there is a major contribution of politicians and big industrialists.

The central government gives money to them for development of undeveloped areas or areas which need to develop but this middle person i.e. politicians and their contractors grab a large amount of money for their sake. Remaining little bit is given to work to display the place like developed.

Later their grabbed money becomes their black money.

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Raj said: (Aug 20, 2018)  
Black money reduce our economy rate and that's why until this is developing country.

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Sanu Raj said: (Aug 18, 2018)  
Black money, a huge restrictor in the development of any country. It is the property which is earned by unfair means or illegal in the eyes of the government.

Black money has different faces, either in the form of gold, currency, foreign deposits, market shares or land. Some criteria are fixed for paying taxes inside the country but people do not follow it. Many businessmen hide their actual income in order to escape from taxes any keep their income as black money.

Corruption is also a big factor behind it. Recently, Panama papers leaked the big name whose black money is deposited in the Swiss bank.

In past years, the government has imposed GST and bring demonetization to take out black money and restrict it in India.

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Snehalata Behera said: (Aug 13, 2018)  
In our country the many political people also many industrialists have plenty of black money. The middle class and poor people were facing so many problems for this. Due to this black money, no development occurs in our country. Price of every product increased gradually cause they should not deposit their income tax at the proper time. So poor people's became poor and reach became get reach.

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Badshah Ibrahim said: (Aug 10, 2018)  
First of all, l would like to say that there were many people in India. 80% of people in the medium of the middle class and lowest class. So many reach people captured the money of the lowest class people and as well as they don't pay the income tax to the government.

Thank you.

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Yogesh said: (Aug 10, 2018)  
Yes, black money is a most vital danger for Indian economy.

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Arun said: (Aug 9, 2018)  
India is a developing country and moreover, approximately 80% of people in India will fall under the category of middle class and poor class so they are mostly dependent on the government for getting the benefit of government services. But mostly they won't wait for tat, they have to use it quickly so that they will give some amount to the officers which lead to corruption. And also this forms a way to black money. Simply black money is the money for which the taxes yet paid. If the people in India is honest in their work half of the black money can be abolished. Then eventually if the corruption is abolished the politicians and rich peoples who hide their money will be noticed and most of the black money could me abolish.

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Neerja said: (Aug 1, 2018)  
Unpaid tax money is called black money. Or you may say the money that earned by illegal means is called black money eg bribe is also a kind of black money. I think that there are no. Of professions are in India where people can easily earn black money. Such as in govt offices, police, central govt etc.

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Manoj said: (Jul 31, 2018)  
The money earned from the black market it means earning money illegally.

1) unaccounted money.
2) unpaid tax, Etc.

These activities are illegal. The present black money reached up to 7k cores.

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