Black Money in India

Black money is money earned through illegal or legal source and not paying tax for that. So that revenue of the govt is decreasing as of that inflation occurs so that lower and middle class people suffers a lot. Because of black money rich becomes richer and poor becomes poorer, if every working individual pays tax India would be a leading country in the world where free and sophisticated education is given to everyone and poverty can be decreased to some extent.

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.

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. People should realise that thing that it's our moral duty to pay the tax and not hide our actual income then the change will come.

The money which comes from illegal action is called black money. It makes rich person richer and poor person as poorer. India is 7th largest country of the world. i.e. a huge country.

So it is not possible to completely wash out black money by any minister or president.

Now a days black money is increasing very fast in India. If Government will not take action on black money, India never develops like other country. So, it is important to take serious on black money.

Good morning everyone.

Today our topic for discussion is black money in India. The black money is the money that is earning from illegal action. The reacher person cannot pay tax to the government of India. For the development of a country required some source of earning which comes from tax from reacher person and foreigners company that is established in India and taking the tax on foreigners item. In India, the Real situation is that the most of the reach person store their money in the house to avoid the tax, due to such kind of nature the reach person becomes reacher and poor people becomes poorer day by day. Result decreasing India's economy day by day.

If rich persons pay tax to the government that amount is used for other any reservation policies which is useful to all kind of person this is the best way but when government do the such policies and release amount that amount is not reach fully to the user's because the mediator (maybe government employees or politician or any other persons) take the maximum percentage of total amount indirectly and minimum amount will reach to user after spending time and money to take any kind of reserved policies of government. So, instead of paying taxes if the rich people are kind hearted my wish is they have to do the help to needy persons may be poor or any other direction and he has maintained a document for this type of work to show to the government if they ask tax.

Hi every one.

In my point of view this is one of the reason for India to be still devolping nation. By doing illegal activites and earning black money rich people are becoming more rich poor people very very poor. There must be a change. Even after banning of 500, 1000 there is no change. Political leaders must change and even every individual must change to make India as a black money free nation.

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.

Hi, everyone.

Today India is a developing country. But due to black money, India is a corrupt nation in the world. After stopping the 500 and 1000 note to come positive results in India but due to political reason does not have any big effect. I think if we want to stop the black money fastly in India then we have to need to stop the printing of big currency in India.