Question

War on black money in India , written by two child neha /nikhil

Answer 1

Black money is a term used to refer to proceeds received in cash, to avoid a paper trail for illegal or underground economic activity. It can also be referred to ill-gotten gains, it is earned through illegal activities which are not known to the government and therefore, cannot be taxed. Those who receive black money have to hide it from tax authorities and spend it in such a way that it acquires the appearance of legitimacy through illegal money laundering. Black money is sometimes channeled into charitable activities like opening a school or even running an aids agency for the economically weaker sections of society to change it into white money. It can be procured through activities such as smuggling, drug trafficking, weapons trading, prostitution rackets, selling of counterfeit goods and pirated versions of copyrighted material. It is also received as bribes by officials.