What is parallel economy? What is black market? What is money laundering?
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Parallel economy, based on the black money or unaccounted money, is a big menace to the Indian economy. It is also a cause of big loss in the tax-revenues for the government. As such, it needs to be curbed. Its elimination will benefit the economy in more than one way.
Parallel currency is an idea worth exploring. Many recommended that the euro be introduced as a common currency (in effect a parallel currency) rather than as a single currency. In 2009 California temporarily used IOUs as a parallel medium of payment.
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