Question

Essay Of (50 words)"BLACK MONEY SOCIAL ISSUE IN INDIA"?​

Answer 1

Answer:

Black money has been a big issue in India for many decades. Time and again almost after every 10 to 15 years the Income Disclosure Scheme was announced. The last Demonetisation was done on 8th November 2016 and also on an earlier occasion in the Seventies when Rs. 1000 Notes were banned.

Answer 2

Black Money is the money on which income tax is not paid. This money is earned through corrupt practices and not declared fearing legal action. Black money is collected by corrupt officials, politicians, businessmen, criminals, smugglers and any other individual trying to evade taxation. Thus, Black money is one of the major drawbacks in a nation’s growth.

Sources of Black Money

There are various sources of generating black money one of them is the government sector. Corrupt government officials authorized to make policy and financial decisions and get perks/bribe in return. This money obviously cannot be declared and is purposely hidden from the tax net; though, it is invested in a new venture through shell companies or money laundering

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