War on black money in india artical 120 to 150 word
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WAR ON BLACK MONEY IN INDIA. Greed for wealth has replaced the values of people and reduced them to animals. The dig ofmoney in non legal/fair means have driven us into poverty of an entire nation and richness for few individuals.
Black money is defined as “money usually obtained illegally,and 'More smoke than light’ has been generated by the current outcry on black money. People think that there is a lot of money out there in Swiss banks. Black money does not remain black money forever. A lot of foreign funds and investments come back to India as white money. Income generated through illegal activities is the basis for generating black money. Global terror business, drugs, arms dealing, real estate, hawala transactions, to name just a few, create `black money’.
It is generated by activities that are kept secret and not accounted for the fiscal authorities. There are usually two ways to generate black money; one is through illegal practices like the drug trade, match-fixing, trading of weapons, crime, terrorism, corruption, etc. The other is when even though money earned through lawful activity isn’t accounted for by failing to declare taxes. Some of this money has seen the trend of being transferred to international bank accounts, like the Swiss bank account, HSBC Geneva’s branch, etc.
IMPACT OF OUT-FLUX OF BLACK MONEY-
1 LESS TAX FOR THE GOVERNMENT
2 MASS POVERTY
3 CORRUPTION
4 IMPACT ON GROWTH DUE TO INVESTMENT IN GOLD, JEWELLERY, PROPERTY, etc.
5 INCREASED ANTI-SOCIAL ACTIVITY
Fortunately, the global crackdown on black money has begun. The G20 summit in London gave a clear message. The era of ‘banking secrecy’ is over. India is a strong supporter of this move. Black money has become a political football in India. The government must bite off only what it can chew. The success in getting black money depends on international actions and cooperation among nations. Rather than looking for the foreign hand, the battle against black money must be waged at home. Unless black money is generated at home, unaccounted money can’t be transferred abroad. Centre and states need to work on reforms. Tax rates need to be moderate. The laws must be simple. There should be no temptation to evade. It is time to push ahead with a new direct tax code. This is a long drawn out battle and can be won with a lot of patience and sincerity on the part of the government and the people of the country