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MAINSTREAM ECONOMY
The black market supplies the demands for weaponry that can not
be obtained legally, or may only be obtained legally after
obtaining permits and paying fees. This may be by smuggling the
arms from countries where they were bought legally or stolen, or
by stealing from arms manufacturers within the country itself,
using insiders. Those who may buy this way include criminals,
those who wish to use them for illegal activities.
Illicit arms trafficking fuels civil wars, contributes to skyrocketing crime rates and feeds the arsenals of the world's worst
terrorists.
SA/LW account for an estimated 60-90% of the 100,000+
conflict deaths each year (Small Arms Survey 2005) and tens of
thousands of additional deaths outside of war zones. They are
also the weapons of choice for many terrorists.
Money itself is traded on the black market. This may happen for
one or more of several reasons:
difficult or illegal for the citizens to own much or any foreign
currency.
taxes levied on exchanging the local currency with other
currencies, either in one direction or both (e.g. foreigners are
taxed to buy local currency, or residents are taxed to buy foreign
currency)
currency is counterfeit.
currency has been acquired illegally and need to be laundered
before the money can be used.
Cost effectiveness
Efficiency
Reliability
Lack of bureaucracy
Lack of proper trail
Tax evasion
Narcotics Trafficking
Terrorism
Smuggling
Welfare Fraud
Insider Trading
Customs & Tax Violations
Gambling & Betting
Is INDIA Poor???
India's parallel economy has risen from a mere 3% of the GDP in the
mid 50s to around 50% today. The annual rate of growth of black
money is higher than the annual growth-rate of GDP.
Indias black money economy is ranked fifth highest at $22bn$27bn a year, coming in behind Russia ($32bn- $38bn), Mexico
($41bn-$46bn), Saudi Arabia ($54bn-$55bn) and China ($233bn$289bn).
There are only 27 million taxpayers in the country. Black money
possession and use is only concentrated in a thin slab of 3% of the
Indian public.
The country has lost $150 billion in gold imports and another $100
billion in capital flight since Independence.
Pilferage of electricity in Delhi has resulted in a booming Rs. 1,250
crore industry.
Chai Paani
Property for Sale
Tax Evasion
Vote Bank Politics
So, how does this black money affect you and me?
Voluntary Disclosure
(VDIS)
Decrease tax evasion
of
Income
Scheme