Black Money in India

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.

1. First, we need to understand what exactly Black Money is: Black Money is neither of the
lack 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 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 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" 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, terrorist 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.

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.

* 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.

Hello everyone.

My name is Sarath Kumar.

Today, the given topic is black money.

I want to tell you what black money is. Black money means that people earn money which comes from illegal work, hide from the government and don't pay taxes, which 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 it is a big reason why the rich became richer and the poor became poorer. The government made a good decision. The note ban in India reduced the black money.

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

Black money is illegal to work and it's very harmful for own country, so the Government should improve this problem also.

In my opinion, corruption is day-to-day, so the Government is strictly working on this corruption.

Thank you.

Thank you, everyone.

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.

Hello everyone.

My name is Nidhi Sahu.

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 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 made a good decision Notebandi in India it reduced black money.

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

Black money is illegal to work and it's very harmful for own country so the Government improve this problem also.

In my opinion, corruption is day-to-day, so the Government is strictly working on this corruption.

Thank you.

Thank you, everyone.

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.

Hello everyone,

In India, a lot of black money is there but Indians deposit their black money in Swiss Bank about $1 trillion of black money is deposited by Indians there.

Many politicians and businessmen possess black money. Mostly black money taken by cash due to digitalization it's not possible to hide money from the government as the government keeps its eyes on everyone's account.

Black money is that money for which tax to the government is not paid and it is earned by illegal means.

Black money comes from corruption also.

Due to the increase in black money in our country gap is increasing between rich and poor day by day. Rich people become richer and the poor become poorer due to this.

Tax to the government is not paid for black money that's why India's GDP decreases due to an increase in black money.

Black money sometimes provided to illegal businesses and to some terrorist organizations.

After demonetization government thought that it will destroy black money but totally it's not successful somewhat black money is reduced in India.

Thanks!

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.