Black Money in India

Black money is a serious problem with us it was the money of unpaid taxes that corrupted all the roots of the country slowly which resultant a very big drop-down in the economy.

Hello there.

I'm Heeramani.

Today we all have gathered here to discuss as I have seen you all are right.

Black money in India it means the money which is consumed or collected by doing illegal activities. As well as they hide their bank balance.

And In my opinion, it can be prevented by taking action against them.

And all the people of our country should aware of this kind of problem.

Thank you.

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!

Black money is a main cause of Corruption. Corruption starts from black money. Black money is illegal money. It affects especially poor and middle class family because they have to pay bribes for every small work. They give bribes because they have a fear to pending theri work.

So I think, we and only we are responsible for black Money. Today it is a serious problem for our nation. It is a curse for our society.

I think, there is only one reason of black money that every one wants to become more and more wealthy. They consider money as the most important thing in life.

It can be reduced only the better afforts by the government as well as every person.

Thank you.

Black money transactions are a kind of harm to the whole nation. The main criterion of danger that lies with black money is funding to terrorist activities.

Other than this politicians and businesses are part of the circle, as that's the main cause of gaining momentum of black money.

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.

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.

Hello everybody,

Black money is the main component of corruption. It is created or produced by every black business. It creates poverty in the country. It also causes poor people to become more poor and rich people gets richer.

It's a too terrible thing for individuals who work with their honesty.

A few years back after demonetization there lots of black money was caught through various ways. This will be one of the ways to reduce black money collection.

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.

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.