What is Black Money

What is Black Money

In simple words, black money means money that has not been paid to the government. It is not necessary that such a black money has been created just to steal tax, it can also be any illegal money, which is not considered necessary to declare. It is also not necessary that only cash can be black money. The unaccounted money deposited in the bank which is hidden from the government is also black money.

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2016 Notables

Notbandi, which took place in 2016, was also the reason, so that all the big people who have illegally earned black money can come forward and open their pole. This notebandy took place during the rule of our honorable Prime Minister Shri Narendra Modi ji, it proved to be a very good decision of Modi ji, the honest people got a lot of trouble and the money they had deposited more illegally than that was due to the notebandi The government came in front and the same money came for our country.

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Simple Example

Let's try to know from a simple example, suppose a person has received a commission of 10 lakh rupees in his business, and that person keeps the amount secret by not declaring that commission to the government.

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What can be the Reason for Depositing Black Money?

* Very high tax rates.
* Demand funding for elections.
* Use to save stamp duty in real estate transactions.
* Amounts to be collected from illegal works.
* Due to the fact that income from farming is tax-free, other income is earned from farming.
* Black market situation arising due to the small quantity of any essential items.
* With the effect of increasing taxes with the rate of inflation rising continuously.
* Due to corruption due to bribery etc.

Banks of many countries allow such black money to be opened and deposited in their own accounts, and black money is transferred to those countries by means of hawala. But now all countries are starting to make such an agreement (Tax Information Exchange Agreement, "TIEA") that the information about the money lying in the bank of countries outside their citizens is being shared with them.

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What can be done to Stop Black Money?

* Corrected the rules of the tax, so that the tax on any one class does not increase and all the classes can fill the tax according to their capacity.
* The harshest law for corruption and the creation of a very precise system to catch such people.
* Changes in the rate of stamp duty.
* To curb illegal acts.
* Make mandatory reporting of income of more than 2 lakhs per annum in farming and cross linking of it to other departments connected with the land.

Black Money
What is Black Money

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