BLACK MONEY PDF
PDF | On Jan 1, , Rahul Prakash Deodhar and others published Black Money and Demonetisation. PDF | Black money can be totally eliminated if a new tax system called "TOP Tax system" is adopted and implemented by all nations. Excerpt. PDF | Black money can be totally eliminated if a new tax system called TOP Tax system is adopted and implemented by all nations. Excerpt: We all know that.
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PDF | The two issues i.e. corruption and black money have attracted high public attention in the past few months in India. Therefore, political. The “White Paper on Black Money” presents the different facets of black money and its corruption and black money from its very foundations. Volume: 3 | Issue: 1 | Jan ISSN - Research Paper Commerce Black Money In India – A Conceptual Analysis * Kavita Rani ** Dr. Sanjiv Kumar t .
The anti-social effects of cussed here: Less Tax for the Government—Many times, the Indian Government has failed to collect the estimated amount of tax Measures taken by the Government of India from the people of our country and for this, credit has to go The government has introduced compulsory reporting in case to the black money driven underground economy.
Recently, assets held abroad and also started tax collection at source a report was submitted to the Finance Ministry of India that in case of downloads in cash of gold in certain cases. The divides the spread of black money in different sectors like Government of India is working with fervor to bring up all the real estate, mining, telecom etc.
Different strategies have been chief P. Lower Tax Slabs for encouraging Voluntary Compli- 2.
Since this Government expects. This causes the prices of commodities became an evident reason for increasing black money, Gov- to increase to a level beyond normal. This is a direct result ernment took steps to reduce the tax rates.
Introduction of Tax Deduction at Source on high Val- 3. Leads to Mass Poverty—The distribution of wealth and in- ue Transactions—In the recent budget, the Finance Minister come in our country has been severely affected by the growth introduced TDS, Tax Deducted at Source, to all transactions of underground economy. The common people get affected involving immovable assets above Rs 50lakh.
He also intro- indirectly in so many ways. The tax evaders are keeping the duced a new tax, Commodities Transaction Tax or CTT, hop- money away from the deserved.
If all the black money in the ing it will help in keeping a trail of bullion trade. Special Bearer Bonds—These were special bonds in- and money would still be left for spending.
Black money 4. Lack of Technology—Due to the existence of black mon- holders could convert their money to these bonds and could ey, India is facing the problem of shortage of capital. This enjoy the freedom from any enquiry or investigation about has the direct impact on the upgradation of technology in all sources of these funds. The major reason behind such backwardness is the in period of 10 years.
Amnesty Scheme-The Amnesty Schemes, introduced by 5. Impact on Growth by moving investments on Gold, the Finance Ministry from time to time, allows tax defaulters Stones and Jewellery—People who are looking to turn black to pay a tax, waiving the penalty and interest. There are people who believe them to legal money.
No more questions will be asked. One reason for people to invest in gold is huge amount to legal money back into the Indian market. People in black market may download gold bars, coins, jewelries etc because one can download gold easily 5. This flow of dia has taken and continues to take stringent actions against underground money has caused Indian economy to stall on those involved in corruption. Humanities Soc. A report published by surely lead to its ruination".
Another report India: Government of India is initiating various steps projects which may accelerate the development and to deal with issues which are described in the White employment in the economy. The PM expansion of information exchange network at the Mr. Narendra Modi has given the following reasons international level to avoid cross border flow of illegal behind the demonetisation Nov. It is a According to the Gazette of India published on root problem of politics and economics or it may also 8th November, reflected the following three basic generate from moral decay of society.
This complex reasons behind demonetization of Rs. After independence most political leaders are 2 High denomination bank notes were used for involved in corrupt activities for self-interest which storage of unaccounted wealth as evident from the results in the encouragement of bribes in administrative large cash recoveries made by law enforcement officers because they pay the share of this bribes to agencies; politicians.
Gradually corruption has paralyzed the 3 Fake currency are giving promotion to terrorism whole country and its system. Black money is a threat and drug smuggling. It was States that Rs and Rs 1, notes amounting to Rs announced to declare the undisclosed income. The As per the Times of India news dated 05 Jan 17, The same news also tells the declared amount.
The demonetization was supported by official On the basis of above analysis and discussion raids in search of black money. During the period of 08 the following findings are identified: Nov to 30 Dec 16, there were large number of raids by the Government agencies.
Sushil Chandra informed to 1 The amount of old and notes that could India Today that they have seized Rs. This is the direct effect upto first week of December . On 09 December 16, total assets worth Rs. Kg of Gold. November and the demonetization process, the Government of India December through raids.
Economic Times report dated 11 Jan is expected to take place which will be the toughest says that digital payments at petrol pumps has raised attack on black money and corruption in India. Not only in During the period of November and December petrol pumps but across all commercial ventures the , people faced cash-crunch and they found the digital payments have increased.
This has positively Prime Minister Mr. This can be termed as corruption. Government has initiated all necessary steps to curb the accumulation of black money in India. The flow of black money can seriously affect the entire economic system of India. Black Money causes the prices of commodities to increase to a level beyond normal.
People with black money are able to give bribes to the administrators and politicians for getting whatever they want. To control the generation of black money there should be a strong and appropriate legislative framework.
The triangle of Economic transaction, Digital based economic transaction and tax system will emerge as a triangle and curb the horrible demon shaped black money parallel economy and fiasco for sustainable economic development.
Actually money is not Black it is always white as it is a promise to pay but the process of transaction makes black money through undisclosed income or evading of taxation or some investment done in cash in nonproductive assets may be in land or Gold except fake currency In other terms we can say money which is accounted or economic transactions or disclosed to the civil government is known as white money and vice versa is black money.
Black money may be generated by activities that are kept secret in the sense and not reported to the authorities. This money is also not accounted to the fiscal authorities or you can say that taxes are not paid on this money. A white paper on black money by the Government of India suggested that there are two possible ways of generating black money in India.
The first source of earning black money includes those activities which are not permitted by the law, such as crime, drug trade, terrorism, corruption and all of which are not legal in India. The second, more probable source is that the black money may have been generated through a lawful activity but accumulated by failing to declare income and pay taxes. Some of this black money ends up in illicit financial flows across international borders, such as deposits in Swiss accounts.
This is money that is earned and transferred illegally abroad in tax havens, such as the Cayman Islands, typically to avoid taxes. In the post-reform period of , deregulation and liberalization accelerated the outflow of illicit money from the Indian economy. If hidden incomes of Rs.
Indian black money
All rights reserved by www. Further, the share of Indians in the total bank deposits of citizens of all countries in Swiss banks has reduced from 0. Some important impacts are discussed here: Tax evading and poor collection of Tax for the Government Black money is highly responsible for poor collection of taxation by Government of India and quite often failed to collect the estimated amount of tax from the tax payers as exactly it is still a milestone to estimate the number of tax payers because of mechanism problem of dealing in cash which may be non-accounted for taxation.
Recently, a report was submitted to the Finance Ministry of India that divides the spread of black money in different sectors like real estate, mining, telecom etc. Mounting Inflation Black money fosters unnecessary spending or download of non-necessary items or snob appeal items, the amount of money in the system is higher than the Government expects resulting in to increase of price beyond normal level finally inflation takes place.
The common people get affected indirectly in so many ways.It is no wonder then that till date, no data has been supplied to India by any of the countries with which this treaty has been signed.
The transformation of manual or cash based system to processing of digital based transaction will ease the economic pressure on Indian economy as well it will contribute in the world economy so there is an important role of Digital based economic transactions DBET in the globalized economic system.
The Drivers and Dynamics of Illicit The common people get affected indirectly in so many ways. Finally, the more one explores the Venetian case systematically, the more the actual historical paradigms and phenomena reveal inconsistencies in both the policies Venetians adopted at the time, and the theoretical approaches we have now at hand to understand monetary systems.
See examples below.
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It is estimated that if all the money in the underground economy could be diverted to our main economy, our economy would grow by more than thrice in no time. November 28,