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BLACK MONEY

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Objective Of The Study

1) 2) 3)

To know the nature of Black Money

To show the impact of Black Money on Indian economy To suggest some measure for curbing the generation and spread of parallel economy of Black money.

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Definition Of Black money

Black

money can be defined as assets or resources that have neither been reported to the public authorities at the time of their generation nor disclosed at any point of time during their possession. in addition to wealth earned through illegal means, the term black money would also include legal income that is concealed from public

Thus,

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Sources Of Black Money

Drug

trafficking, and,

weapons trading, counterfeit or stolen goods and

Terrorism, selling selling

pirated versions of copyrighted items such as software and musical recordings. Money is also the name of the secret world of bribery in international

Black

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Corruption While

is the major source of black money in India. corruption maybe in any form viz. properties, assets, costly gifts (mostly linked with high ranked officials and provided by the business class personalities for keeping the noose around their heads loose). All these forms are directly or indirectly responsible for increasing the black

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Impact Of Black money

The

total amount of black money deposited in foreign banks by Indians is unknown reports claim a total exceedingUS$1.4trillion are stashed in Switzerland. Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated, and the total

Some

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Measures taken to tackle black money

India

has following institutions already preventing, finding and investigating underground economy and black money Board of Direct Taxes Directorate Intelligence Unit

Central

Enforcement Financial Central

Board of Excise and Customs and Directorate of Revenue Intelligence

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Central MC Tax

Economic Intelligence Bureau

Joshi committee on black money Information Exchange Agreements

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Current proposals
Reducing

disincentives against voluntary compliance liberalization in vulnerable sectors of the economy effective credible deterrence measures enforcement

Economic Reforms

Creating

Supportive Amnesty

International

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Conclusion
Creating

black money is the worst

practice.
This

black money broke the backbone of Indian economy and common people are fighting for their bread and butter need of the hour is to track the roots of the Black money plant and cut them. Take into account the various sources of money and make these vanish and surely the countrys money

The

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Thank you