Question

ONE MINUTE SPEECH ON BLACK MONEY

Answer 1

Madam Chairperson,

At the outset, I must thank you for giving me the opportunity to speak on a subject that is one of the most burning issues today. 
All currency notes are printed at the Government's security presses, unless they are counterfeit. We all know the latter are either printed in our enemy country or by immoral people, with a desire to cripple the Indian economy or to meet the insatiable hunger of a corrupt few or even to feed the nefarious designs of terrorists. So, all currency notes printed officially are identical in appearance.
There is a big segment of corrupt people who either take bribes, misusing their official position, or avoid taxes by transacting high amounts in an illegal way. This is when white, or legal tender, turns into black and gets circulated in a parallel economy that is grossly illegal. Quite a sizable part of black money finds its way into Real Estate and Gold, as the unscrupulous people convert cash into assets to reap the benefits of appreciation in price. Here again, taxes are given the go-by as the transactions are not declared either by the buyer or the seller.
With demonetisation, the Government of the day hopes to break the backbone of the parallel economy.
Thank you.