Black Money in India

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?

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.

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.

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.

Black money is an act which indirectly put our nation downward. Also, degradation ourself for being a part of our country.

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.

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.

In my point of view, Black money is the danger for our country it reduces economic growth.

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.

Black money is very dangerous poison for economics. So we will support and destroy the black money.