Black Money in India

Yes, black money is a most vital danger for Indian economy.

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.

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.

Was a nice expectations from the government point of view but it failed on the large basis and the timing was incorrect too. It shows the worst face of the economic failure of the current government. In the time when farmers if our country had no rains and had less money in the pocket because of draught in the country, our government had to increase the MSP of the country but instead of doing that they banned the 500 and 1000 notes and our economy apparently collapsed due to that and our GDP is no longer stays at the international forum.

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.

In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society. 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. Thus, they are rarely punished by the judge. The criminals who conceal their accounts from the government authorities include big politicians, film stars, cricketers, and businessmen. Some Indian corporations practice transfer mispricing, by under-invoicing their exports and over-invoicing their imports from tax haven countries such as Singapore, UAE, and Hong Kong.

Hello Everyone,

In my opinion, people are avoiding to pay the tax and deposit their money in another country means the money deposit by the people without paying the tax called black money. According to me, demonetisation is good to think for reducing the rate of black money and the new currency has come in the market. Thus the whole people deposit their money in the bank and those people don't pay their taxes, the government can taking legal action for criminals. Black money also reduces our Economy, GDP and inflammation is much higher.

Thank you all.

Hi good morning to everyone.

Our topic is black money. Black money is money on which tax is not going to pay the government. There are 120 lack crore rupees of India is deposited in a swiss bank which is black money and from all over the world it is 5 trillion rupees in the swiss bank which is black money and there are many sources of income on which public is not paying tax to the government. GST implication is a step towards collecting taxes. All the rupees comes from corruption is also black money.

It will effect Indian economy in relating to growth. Rich people will become rich and poor people will become poor.

Very good morning friends.

Let us start with the discussion and topic is black money. We should remove corruption around us. First of all, it is our responsibility that we give our tax to help the government for developing country.

Thanks.