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Black money is a term used in common parlance to refer to money that is not fully legitimate in the hands of the owner. This could be for two possible reasons. First is that the money may have been generated through illegitimate activities not permissible under the law, like crime, drug trade, terrorism, and corruption, all of which are punishable under the legal framework of the state. Second and perhaps more likely reason is that the wealth may have been generated and accumulated by failing to comply with the tax requirements.
There have been several estimates regarding the extent of black money economy also called as parallel economy. Some of the estimates suggest it to be as high as up to fifty to hundred percent. Although black money in India is decades old problem, it has become real threat post liberalization. Illegal activities such as crime and corruption, noncompliance with taxation requirements, complex procedural regulations, cultural and social practices, globalization along with weak institutional, policy, legal and implementation structures have further augmented the black money economy.
Tax Reforms
Voluntary Disclosure Schemes:
The government allows reporting black money generated through tax evasion in a given time frame, as government has given in the Black Money Bill passed this year.
Legislative Framework:
International Cooperation:
Black money is a menace to the society and in addition to government efforts, needs public awareness. This will lead to realisation of the Directive principles of equality in the society being realized.
By: Priyank Kishore ProfileResourcesReport error
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