CONTEMPORARY ISSUES
Write a reflection on black money problem in india?dont do spam.
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Answer:
Ill-conceived policy and weak laws aid the flow of unaccounted money in India.
On 21 August, former Finance Minister P Chidambaram was arrested for allegedly approving overseas funds amounting to Rs 307 crore to INX Media. This amount was over and above permissible foreign direct investment (FDI) limits. While Chidambaram refutes the charges against him, industrialist Robert Vadra is also currently under investigation in light of allegations that he engaged in money laundering money to purchase property in London. The present National Democratic Alliance (NDA) government came to power in 2014 on the promise of recovering black money which was being stored abroad, and had attacked the United Progressive Alliance (UPA) government for the scams that occurred during its tenure. The government’s demonetisation exercise in November 2016 was supposed to be a “surgical strike” on black money, but failed: 99.3% of demonetised money was returned to the Reserve Bank of India (RBI), disproving the government’s claim that fake and unaccounted money would be weeded out of the economy.