Question

article on war on black money in India​

Answer 1

Answer:

In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society. Around 22,000 crores of rupees are supposed[citation needed] to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹300 lakh crores.[1]

Answer 2

Answer:

‘More smoke than light’ has been generated by the current outcry on black money. People think that there is a lot of money out there in Swiss banks. Black money does not remain black money forever. A lot of foreign funds and investments come back to India as white money. Income generated through illegal activities is the basis for generating black money. Global terror business, drugs, arms dealing, real estate, hawala transactions, to name just a few, create `black money’.

Fortunately, the global crackdown on black money has begun. The G20 summit in London gave a clear message. The era of ‘banking secrecy’ is over. India is a strong supporter of this move. Black money has become a political football in India. The government must bite off only what it can chew. The success in getting black money depends on international actions and cooperation among nations. Rather than looking for the foreign hand, the battle against black money must be waged at home. Unless black money is generated at home, unaccounted money can’t be transferred abroad. Centre and states need to work on reforms. Tax rates need to be moderate. The laws must be simple. There should be no temptation to evade. It is time to push ahead with a new direct tax code. This is a long drawn out battle and can be won with a lot of patience and sincerity on the part of the government and the people of the country.

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