Essay on money for children of class 5
Answers
hello hello buddy,
money is an essential need to survive in the world.in today's world almost everything is possible with Money.moreover you can fulfill any of your dreams by spending money as a result people work hard to earned it. our parents work hard to fulfill our dreams.
further more various businessman, entrepreneurs how startup businesses to earn profits. they have made use of their skills and intelligence in getting an upper hand in a earning. also so the employee sector works day and night it to complete their tasks given to them. but still, there are many people who take shortcuts to success and get involved in corruption.
Black Money
Black money is the money ee that people earn with corruption. for your information corruption involves the misuse of the power of high posts . for instance , it involves taking bribes, extra money for free services, etc. corruption is the main cause of the lack of proper growth of the country.
moreover, Money that people having authority earns misusing their power is black money. furthermore, these these earnings do not have proper documentation. as a result, the people who earn this do not pay income tax. which is a great offence and the the person who does this can be behind bars.
Money laundering
in simple terms, money laundering is converting black money into white money. also this is a another illegal offence. further more money laundering also encourages various crimes. because it is the only where criminal can use their money from illegal sources. money laundering is a crime and the people who practice it are liable to go to the jail.
therefore the government is taking various preventive measures to abolish money laundering. the government is linking bank accounts two aadhar cards. to get all the transaction detail of each bank account. as a result the government comes to know if any transaction is from an illegal source.
also every bank account has its own know your customer this separates different categories of income of people. businessman are in the high risk category full stop then comes the people who are on a high post they are the medium risk category full stop further the last category is of the employees actors there at the lowest risk.
White money
white money is the money that people earn through legal sources. moreover it is the money on which the people have already paid the tax. the employee sector of any company always has white money income.
because the tax is already leave on their income full stop there for the safest way to earn money is in the employment sector. but your income will be limited here as a result many people take a different path and choose entrepreneurship. this helps the mean starting their own company and make profitable incomes.
every person in this world works hard to earn money. people try different methods and set of skills to increase their incomes but it is always not about any money it's about saving and spending it. people should spend money wisely. moreover things should always be bought by judging their worth. because Mani is not precious but the efforts you make for it are.