article on war on black money in India
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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 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 .
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‘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’.