.......................
........
Write an article on
"War on Black money in India"
(8marks) word limit 150 words..
Answers
Answer:
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.
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.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. 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. 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. 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.
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.In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹300 lakh crores or US$1500 billion.
Hey mate!!!
Here is your answer
WAR ON BLACK MONEY IN INDIA.
By Yash
Greed for wealth has replaced the values of people and reduced them to animals.
The dig of money in non legal/fair means have driven us into poverty of an entire nation and richness for few individuals.
That is why each citizen of India should rise up against black money.
Let us say no to non-legitimate money, for it weakens our economy and makes us and our country poor.