Black Money in India

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138 comments Page 1 of 14.

Rajdeep kumar said:   2 years ago
Hello everyone.

My name is Rajdeep Kumar.

Today the given topic is black money.

I want to tell you what is black money. black money means that people earn money which comes from illegal work and hide from the government and don't pay taxes, is called black money.

This is a big problem for our country.

That's why India is not a developed country, if you don't pay taxes it will destroy our GDP growth.

There are so many people in India who have black money that's a big reason why richer became richer and poorer became poorer. The government took a good decision Notebandi in India it reduces black money.

Conclusion: In my opinion, black money is a big problem in our country, because of black money our GDP growth is decreased, a cashless economy is a good initiative to decrease black money because of cashless economy and last I would like to say that government should take a strict decision against black money.

Thank you, everyone.

Jai Hind.

Rajat Jain said:   4 years ago
Hi Everyone,

1. First, we need to understand what exactly the Black Money is: Black Money is neither of the black colour nor the money generated through illegal means nor the money over which the tax hasn't been paid rather black money is that money of which information hasn't been given in ITR during filing.

2. What is the root of generating black money: Well only corruption is the main root of generating black money, where there is corruption, definitely there will be the Black money.

3. Sources of generating black money: There're various means to accumulate black money like smuggling, crimes, hoardings, hawala, bribes, politician, tax evasion, real estate and so on.

4. What measures have been taken by the government to reduce or to rein over the black money: Connecting bank accounts of the individuals with their ADHAR CARD (UID), Initiating the Digital India campaign in 2015 to control over the transaction and bringing the transparency and for the other reasons too, Demonetisation of 500 & 1000 Rs. Notes to control over the terrorism funding, hawala transactions, accumulated black money; opening up the 'Jan Dhan account" to create transparency and many more.

5. Why govt failed: As per the writ petition in the Supreme Court estimated to be at 300lac Crores Rupees is the black money in India and deposited in a Swiss bank (Switzerland) but Government courageous step towards Demonetisation got failed due to lack of planning of the RBI and other banks, around 99. 3 % currency notes returned to Bank which was expected to be at 70%. So there can be two cases either there was no black money flowing in the market or people found the loopholes to convert black money into white money. After the Demonetisation, 2000 Rs. Fake currency notes were found in an ample quantity. Even after Demonetisation, terrorists activities and attacks continued.

6. How to rein over the black money: Making the harsh law and execution of the same to punish such black money offender and forming an SIT and providing them a free hand and enough powers & authorities to rein over the black money; Proper planning and strategies; exposing the swiss bank account holder's name, controlling over the hawala transactions and terrorists funding, encouraging Digital India campaign and cashless economy; keeping an eye on real estate transactions and so on.

Thank you.

Shivam Singh said:   5 years ago
Black money in India is a serious problem. Corruption occurs at all levels of government and organization structure in the country which affects our country's economy badly. A few years ago, Modi Government launched "Demonetization" that was a noble move to curb corruption but it did not make a meaningful impact and now we need better methods to reduce the use of black money in the country.

We have find ways that do not negatively impact the economy of our country. A beneficial move would be to transition into digital currency which is more traceable and safe too and also environmental friendly. It would not affect the country's economy instead do more good.

Other options could be to increase the satisfaction and incentives of all levels of workers because people usually tend to black money because of financial problems. If they are happier psychologically they would opt for less bad measures. Nabbing criminals like mafias and underworld dons can also reduce black money consumption as they are the major perpetrators of corruption.

To sum it up, if we gradually adopt digital currency and more meaningful changes and take small measures in our systems, the consumption of black money can vanish from the country.

Manoj said:   4 years ago
Black money is one of the major issue which is going without a problem. As earlier everyone spoke about it we as an individual must take a step forward for ending this everlasting problem. I could like to finish my discussion by highlighting a sentence "GOVERNMENT DOES NOT CORRUPT PEOPLE, ITS PEOPLE THAT CORRUPTS GOVERNMENT".

Vishnu said:   5 years ago
Whatever all people said was right.

Even though our prime minister Narendra Modi introduced the scheme banning of 500 and 1000 notes but still the malpractices have occurred during this scheme by many ministers and all.

Most of the middle-class families faced a lot of problems.

I hope in the coming years, the government will take a good step towards eradicating black money in India.

SASWATA DUTTA said:   4 years ago
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.

Moh arif said:   5 years ago
Black money is basically the money which is unaccounted for and is kept illegally. There is a huge amount of black money which is present in India, which causes a lot of issues.

Shivam singh Rajput said:   4 years ago
Hello everyone.

Today we are going to discuss the black money. Black money means people who have gathered their money without pay taxes. For this reason, we are still developing country not developed country. Our country has approx 6% original taxpayers. For this reason, the government is not capable to make more plane to reduce the poverty and also our GDP going reduce day by day. We should be an honest taxpayer to develop our country otherwise richer will be richer and poor will be poorer.

Thank you.

Pravin Gandhi said:   6 years ago
Black money makes the richer men richer and poor people as the poorest.

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

Akash thapa said:   6 years ago
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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