Black Money

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  • Topic: Underground economy, Money laundering, Underground culture
  • Pages : 4 (1140 words )
  • Download(s) : 661
  • Published : February 9, 2011
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BLACK MONEY

Definition

Unaccounted-for and untaxed cash generated by dealingsin a black economy, black market, or organized crime.Holders of black money try to convert it into legitimate('clean' or 'white') money through money laundering. unaccounted for

Definition
Adjective : lost without anyexplanation
ExampleSeveral thousandunitsare unaccounted for in thestocktaking.

BLACK MONEY IN INDIA | THE MENACE OF BLACK MONEY | THE TAINTED WEALTH IN THE COUNTRY | IMPACT OF BLACK MONEY ON INDIAN ECONOMY Posted on January 26, 2011 by Xtremend
Illegally earned money is called black money. It is the result of hoarding, smuggling, tax evasion and dealing in immovable property for which the consideration is paid in black. It has been beyond the control of the Government. The black money has already created a serious problem in our country. The Indian economy stands badly shattered because of the huge amount of this tainted wealth lying in the coffers of the rich. It has given rise to parallel economy operating in the country. As a result, the prices continue to rise in spite of all government efforts to control them. The poor go on becoming poorer while the rich go on becoming richer. The gap between the haves and the have nots is widening every day. Black money is used by the rich in various evil activities. They use this money for corrupting and demoralizing social and political life. They display it in ostentatious living and wasteful luxuries. They bribe Government officers and lead them to corruption and dishonesty. They purchase political bosses and control the strings of the Government. Thus the entire social structure comes to be badly polluted. It is difficult to form an exact idea of the amount of black money in circulation in the country. Searches and raids by Income Tax authorities are conducted from time to time. Such raids yield crores of rupees. But the people are, at times, cleverer than the Government. They seek the aid of the best legal brains...
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