Article by Sandeep A. In alone, there were Now, after liberalization inthe black money issue has compounded. We blame the government for all the problems, we as citizens of this country should take initiative and start solving problems on our own.
Steps to curb black money: Different reports suggests different estimates.
Black money is a curse. But only those people will be able to meet their consumer demand whose income is higher due to black income.
This was one of the most important and critical decisions made by Narendra Modi to curb corruption and the black money from India.
In very simple terms we can say any money which is not accounted as one or another form of black money. It becomes black because no taxes are paid on it.
There are two different approaches which are mostly followed in the estimation of black money. In India, the enforcement of tax laws in respect of income tax, sales tax, excise duty, stamp duty etc. Government introduced special bearer bond scheme in in order to canalize unreported money.
Till recently bitcoins were also considered to be a source of funding of black money as it provides a safe platform for investors with handsome returns from its value appreciation. The smugglers have millions of rupees as black money.
The division of resources, as well as wealth, is very uneven in India, and this discrepancy creates poverty. Lowering of tax rates so that tax evasion becomes unnecessary.
The black money is illegally acquired money. The Commissions and Committees pointed out various loopholes and weaknesses in tax laws and suggested various measures to check evasion of taxes.
Do you ever wonder why these people stash black money? It is the result of hoarding, smuggling, tax evasion and dealing in immovable property for which the consideration is paid in black.
The institute pointed out that for its very nature, the unaccounted income could not be precisely quantified.
India is today "the highest taxed nation", one eminent authority put it, "in so far as the rates of taxes are concerned, because no country in the world penalizes honest work and endeavour as ruthlessly as India does. Our executives and bureaucrats are also having hundreds of crores of rupees as black money.
They bribe Government officers and lead them to corruption and dishonesty. At different times, the government has brought forward several schemes and asked the people to declare their wealth. We never realise its consequences. Wanchoo Committee again estimated the amount of black money at Rs crore inwhich was about 4.
The persistent level of high inflation is detrimental to the economy as it will erode the value of money and eats up investments and savings.
People like me and you get used to it and unknowingly we also become part of the problem. Black income encourages increase in the volume of investment in precious stones, jewellery, bullion etc.
Can black money be made white money? Indian Black Money — Abroad or in India itself? An ordinance for this purpose was issued by the President.We hear news about Black Money in Indian economy very often these days.
But what exactly is Black money? What makes money black or white? This short analysis is a humble attempt to cover essentials one should know about the black money issue in India.
Some people believe that the black money in India is a parallel economy worth thousands of millions of rupees. It is also performing an important economic function. This money creates demand for goods and services helping the industry and producers of services.
Black-money results in the functioning of a parallel economy in the country. The problem, therefore, needs immediate attention. Black money in economic terms means 'unrecorded gains'.
In other words, it is income which has escaped taxation. Black money becomes white through capital flight. A large part of money is sent to abroad and brought back into the coming through Hawla market channel. In, the black money generation mechanism there is a nexus and liason among bureaucrats, political and business leaders.
India’s black money economy is estimated to be as high as 30% of its GDP.
Black money enters India at a rate of five times more than it leaves. Black money in. Feb 20, · Impact of Black Money on Indian Society and Economy. Unemployment in India Short Speech, Essay, Paragraph & Article ~ Déjàvuh ~ Indian Teenager & College LifeStyle Companion says: He is also CEO and Co-Founder of TeenAtHeart.
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