write article of about hundred to 120 words on the undermentioned topic is war on black money in India
Answers
The problem of black money is not new to our country. Money generated via various illegal sources and the attempt to hide it from the government for the purpose of tax evasion has been a common practice here.
The problem of black money has given rise to a number of other issues in India. False information about the country’s economy is among the major issues being faced due to black money. The government is completely dependent on the tax revenue and evasion of tax to accumulate black money has a major impact on the nation’s fiscal system. Apart from the impact it has on the nation as a whole this also impacts the general public as it is the basis of social and economic disparity in the country.
There are a number of causes of accumulation of black money. The high tax rate set by the government is said to be the main reason for it. Other reasons include the different rates set for excise duty, the price control policy, the real estate market, inflation and quota system. People look for various ways to hide their income from the government and get away with it.
The need to stop this practice must be sensitized. While the government is taking steps to eliminate this problem it cannot achieve success in this direction if the public doesn’t support.
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