A article in 120 words on war on black money in india
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Black Money has severe effects on a country’s economy. It can be reduced in several ways, but very few of them are long-lasting. For example, demonetization in India under the current government was a step to reduce black money. 500 and 1000 rupee notes were demonetized, and thus, it was expected that black money would be flushed out of the system. However, the policy was a 96% failure, and all learned economists criticized such a decision.
It is tough to free the country of black money because of the multiple ways present to launder black money. The most common is the Hawala System by which dealers transact cash without any paperwork or written records, across the world. Individual countries also allow anonymous depositions, which are again illegal and harmful.
Over the years, a lot of measures were suggested to reduce black money. Even in Colonial India, certain committees like the 1936 Ayers Committee was set up to deal with black money and increase tax collection for the government. The committee sought to help honest workers who paid their taxes regularly and punish frauds and questionable ones.
In the present scenario, every citizen must reduce the flow of back money—such amounts fund terror-provoking activities. The entire prostitution circle runs on black money, thereby destroying thousands of young girls every year. One should neither deal in black money nor allow such injustice to go unchecked. An effective way to ensure that black money is reduced in the country is by providing that you collect the bill from the shopkeepers every time you buy something. This will prevent sales from going unrecorded, and thus he would have to pay his taxes.
Black Money is a severe problem in our society and must be eradicated with the utmost urgency.
Black Money has severe effects on a country’s economy. It can be reduced in several ways, but very few of them are long-lasting. For example, demonetization in India under the current government was a step to reduce black money. 500 and 1000 rupee notes were demonetized, and thus, it was expected that black money would be flushed out of the system. However, the policy was a 96% failure, and all learned economists criticized such a decision.
It is tough to free the country of black money because of the multiple ways present to launder black money. The most common is the Hawala System by which dealers transact cash without any paperwork or written records, across the world. Individual countries also allow anonymous depositions, which are again illegal and harmful.
Over the years, a lot of measures were suggested to reduce black money. Even in Colonial India, certain committees like the 1936 Ayers Committee was set up to deal with black money and increase tax collection for the government. The committee sought to help honest workers who paid their taxes regularly and punish frauds and questionable ones.
In the present scenario, every citizen must reduce the flow of back money—such amounts fund terror-provoking activities. The entire prostitution circle runs on black money, thereby destroying thousands of young girls every year. One should neither deal in black money nor allow such injustice to go unchecked. An effective way to ensure that black money is reduced in the country is by providing that you collect the bill from the shopkeepers every time you buy something. This will prevent sales from going unrecorded, and thus he would have to pay his taxes.
Black Money is a severe problem in our society and must be eradicated with the utmost urgency.
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