Essay On Solution For Black Money

Essay On Solution For Black Money-77
India was ranked 94 out of 176 countries in Transparency. We should also find out a way to check the evil activities of few politicians who think that what is other's is theirs and what they have is already theirs..pass_color_to_child_links a.u-inline.u-margin-left--xs.u-margin-right--sm.u-padding-left--xs.u-padding-right--xs.u-relative.u-absolute.u-absolute--center.u-width--100.u-flex-inline.u-flex-align-self--center.u-flex-justify--between.u-serif-font-main--regular.js-wf-loaded .u-serif-font-main--regular.amp-page .u-serif-font-main--regular.u-border-radius--ellipse.u-hover-bg--black-transparent.web_page .u-hover-bg--black-transparent:hover. It is difficult to form an exact idea of the amount of black money in circulation in the country.

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High Networth Individual ( HNI ), private companies, politicians of any nation have higher linkage to black money and they are also remain in the highest suspicion for the illicit money flow outside the country.

Black money had been also a political stunt for gathering publicity in the process of election.

Illegally made income or the income not declared for tax purpose is called black money.

Having undeclared money or hiding money in cash or in other form outside the country is also known as black money.

It has also agreed on not letting Account holders know this information.

Switzerland has given information about Indian holding in Switzerland bank as around. 9000 crore or 2.18 billion Swiss francs till 2012 record.Present government formed the Committee under retired justice M B shah on (one day in advance).Switzerland recently (2014) has amended its laws to help tax authorities of countries like India to provide information about the people hoarding black money in Swiss pocket.Black money is used by the rich in various evil activities.They use this money for corrupting and demoralizing social and political life.Global Financial Integrity (GFI), a non-profitable organisation located at Washington DC reported in 2010 that India lost 3 billion to illicit financial flow between 1948 to 2008 and most of the illicit funds flow found from High networth Individual ( HNI ) India ranked fifth country in the world for exporting illicit money according to GFI report. India has signed a treaty with many countries and Institution like Organisation for Economic Co-operation and Development (OECD) to check the back money issues.GFI has valued present illicit money outflow from India to the tune of 2 billion. We should be fare and try to put a pressure on the system to be positive for paying tax.The Indian economy stands badly shattered because of the huge amount of this trainted wealth lying in the coffers of the rich.It has given rise to parallel economy operating in the country.It is because government doesn't rate the land and has no power to buyback the land if its value is challenged by anyone or group of people. Similarly there are such loop holes in the system of many countries that are utilised by few to export illicit fund outside the country.Black money got high talk in media in India in 2011 when Anticorruption movement came in focus.

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