Black Money in India

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!

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.

Not Only the Politicians are responsible for the widespread of black money in India but also the businessmen and citizens who are not paying income tax are too responsible for the same. Corruption is the main basis of black money in India. The reason why India is still counted in a Developing nation is that its some citizens are not responsible and unfaithful to its motherland.

Now, what can be the solution to curtail this so-called Black money?

Well, corruption can't be curtailed completely, because it's just like a diabetic, you will be able to control in by taking insulin but not possible to get over it.

Stop giving and stop taking bribes and by staying faithful to your motherland by paying the income tax annually.

Earning money by the illegal way is back money.

Black money in India is a serious problem. Corruption is happening 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" which 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 found 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 environmentally friendly. It would not affect the country's economy instead do more good.

Hello everyone.

Today I am discussing the topic of black money.

- It is money that illegally save in accounts.
- It is very sensitive problem in India who nobody care it.
- Due to black money rich people is reach and poor people is poor then how can India improve.
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.

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 apply. All big business icons have black money. And the middle class & lower class people suffer because of this.

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.

Hello everyone.

The topic given us is black money in India.

It is a very important topic for India.

First, we should know what is black money?

Black money is money that has no records to the government. And the black money holders do not pay tax to the government. They do not pay tax to the government so the economy of the country does not increase as it should increase. Black money also supports corruption and terrorism.

Hello everyone.

Black money is that type of money that is hidden by big politicians, businessmen, and others who are corrupt!

They hide this money by not paying proper taxes.

There are various sources of black money but I feel digitalising the currency is a good way to stop this kind of thing!

Our prime minister has started demonetisation, but it is not that helpful, only near 1trillion$ is seized!

So, we should step towards it & should've to stop this.

Thank you.