Using the information given below with your own views, write an article on ‘War on Black Money in India’. You are Amit/ Amita Hints: • Crackdown on black money • G20 summit in London • era of banking secrecy over • India, a strong supporter of the move • black money a political football in India • rather than looking for foreign hand battle must be waged at home, unless generated at home money can’t be transferred abroad • tax rates must be moderate and simple • time to push ahead the new direct tax code.
Answers
the use of black money is used excessively especially in india. you never know when it is transferred from here to there, mostly the big figures brib people to transfer it . Here you must be thinking what is black money? why is it so dangerous ? why can black money cause people to go in jail? well basicly black money means an amount of money not registered from the bank , which isn't supported by the bank . if you have money which isn't stored in a bank or not supported by government it is black money or if you earn it from an illegal resource it's know as black money . it's dangerous and inconvenient for your own because if you make a deal with someone with black money and if that person betrays you then you won't be able to file a case or complain because if you do then you we be in fault yourself because black money is illegal hence you'll be jail