speech on black money
Answers
Explanation:
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 the 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.[1]
The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$1.06 - $1.4 trillions is held illegally in Switzerland.[2] Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion.[3][4] In February 2012, the director of India's Central Bureau of Investigation said that Indians have US$500 billion of illegal funds in foreign tax havens, more than any other country.[5][6] In March 2012, the government of India clarified in its parliament that the CBI director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.[7]
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Answer:
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.
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.
Thus, the money which should be taxed and the taxed amount utilized for public welfare schemes, escapes the tax agencies, having a deteriorating effect on the overall economic health of a nation. Transfer Mispricing is the process by which private firms generate black money.
The logic used in this method is to manipulate the price of the transaction between two parties, so as to deceive tax agencies and benefit both the parties. Though the money is not earned by dishonest means, it is purposely hidden from tax authorities to evade taxation and is still considered black money. Anti-national, anti-social and criminal activities are also the sources of black money. Anti-national activities also mainly depend on black money.
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