Essay Writing – Black Money and Its Impacts

Jose John August 9, 2012 1 Comment
Black money is unaccounted money, illegally acquired wealth or other assets made through accepting bribery or other morally deprived acts. It may be in the forms of real estate, gold, jewellery, shares, bonds, securities, vehicles etc. Black money in India is estimated to be 200 million crores. It is also believes that black money to the tune of several crores is created every year. This reflects the magnitude of black money market in India. The creation of black money is mostly through the avoidance of income and sales taxes. Lack of proper maintenance of accounts on the part of the businessman leads to the accumulating large amount of unaccounted wealth. Black money is also created through illegal trades. Income obtained through smuggling of gold, brown sugar, narcotics and other goods which cannot be sold in black money. Despite a tight vigil by the Board Security force, goods worth crores of rupees are smuggled from and into India every day. In this way the smuggles secure millions of rupees as black money. At least certain political in India hold a large amount of black money. They have assets north over several crores of rupees. People in power collect money, mainly from big businessmen for allotment of petrol pumps, plots of...
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