Black Money in India

Hello everyone.

My name is Abhishek Sen.

Today, I am discussing 'black money in India '. Nowadays black money is increasing very fast in India. If govt will not prompt action on the black money India never develops like another country. And as we know India is a developing country and moreover. Approximately eighty percent of people in India will fall under the category of the middle class and poor class so they are mostly dependent on the government for getting the benefits of government services. Mostly they won't wait for that. They have to use it quickly. So that they will give some amount to the officers which lead to corruption. And also this forms a way to black money. Simply black money is the money for which the tax yet paid. If the people in India is honest in their work half of The black money can be abolished.

Good morning, afternoon, evening, friends,

Today, I want to come in light the major problem that has been faced by many countries all over the world "Black Money''.

Black money is the part of the personal assets of a person for which no taxes is paid. It is start with a single person and flourish worldwide. Its main cause is corruption. If corruption nipped in bud, black money reduced a lot.

I suggest many measures to abolish black money.

(1) By starting digital India campaign.
(2) A secure planning must have taken before demonetisation.
(3) A citizen of a country must have a single personal account in his own national and state banks.
(4) Transparency in a transaction.
(5) By bringing mutual agreement among different on account of citizen accounts in different countries state banks.

Thank you.

Black money reduces our economy rate and that's why until this is a developing country.

From many years, we face the problem of black money in our country. This black money increases in anywhere due to the greed of the peoples to don't giving tax. The Indian government also has taken some important step to resist it which examples we see as "Notebandi", GST etc.

I think that this problem cannot be solved only by Government restriction for clearing black money from society, but it can be solved by cleaning our black Mind.

Thank you.

Hello, everyone.

I am going to tell something about black money, that money which is without paying taxes is called black money. We should help our nation with pay taxes. I end my discussion with saying some harsh truth GOVERNMENT IS CORRUPT THE PEOPLE, IT IS PEOPLE THAT CORRUPT THE GOVERNMENT.

India is a developing country and moreover, approximately 80% of people in India will fall under the category of middle class and poor class so they are mostly dependent on the government for getting the benefit of government services. But mostly they won't wait for tat, they have to use it quickly so that they will give some amount to the officers which lead to corruption. And also this forms a way to black money. Simply, black money is the money for which the taxes yet paid. If the people in India is honest in their work half of the black money can be abolished. Then eventually if the corruption is abolished the politicians and rich peoples who hide their money will be noticed and most of the black money could me abolish.

Hi Everyone,

1. First, we need to understand what exactly the Black Money is: Black Money is neither of the black 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 the 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 the 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" to 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, terrorists 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.

Good evening/morning/afternoon to all.

Let me put some light on black money. When you earn money from a legal source but don't pay the tax on that money and try to hide and keep the whole of it then that kind of money is called black money. Also, when money is earned from an illegal source then it is called as illegal money and also falls in the category of black money.

Black money is the bitter and naked truth that the whole world is facing. Especially India. Money in the number of billions is sent outside or has been hidden by our own people to save the tax. Our own people have become greedy and selfish and that is why our country in not progressing as faster as it is expected. However, our government has taken some serious steps towards the black money issue by demonetisation and by linking every bank account to the Aadhar number. But I think our citizens must also understand their responsibilities and should pay the taxes honestly.

Thank you!

Hii everyone!

Today our topic is Black money in India.

I consider that black money is an illegal asset and black money is increasing especially in our country day-by-day. Our prime minister, Narendra Modi take the very good decision of 'demonetisation' in our country to decrease black money from India. And after it, black money is increasing again and again. I think the best way to let it down is the digital transaction and this is the best way to decrease the increasing black money. By online transaction of everything. By which there are very fewer possibilities of black money because there is are not able to store it and peoples who collecting black money they also not paying tax of that black money.

Finally, our government wants to take better steps towards these problems.

Thank you.

According to me, black money is the illegal assets. Illegal asset means which do not pay the any taxes for them or they may be got through the currupted way.

Corruption in India is the most menance threat to our economy. India has been battling with ever, since the independence.

The main reason for corruption or black money is lack of transparency in bureaucracy and lack of implementation in rules and laws. By this black money the poverty is increasing in India. Unfortunately most of the black money is in the hands of politicians who are ruling us. Unless the general people became vigilant, the black money cannot unplugged from our nation.