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Black money refers to funds generated through secret, untaxed activities. It is estimated that over 7.28 trillion rupees of Indian black money is deposited in foreign banks like Switzerland. The major sources of black money are tax evasion, political donations, and ineffective enforcement. Having so much undisclosed funds abroad impacts India's economy through resource misallocation, income inequality, corruption, and capital flight. The government is taking steps like special committees and anti-black money laws to address the issue and recover illicit funds held overseas. Bringing back all estimated black money could generate substantial tax revenue and development funds for India. However, full disclosure remains unlikely without amnesty due to legal risks for holders.
Black money refers to funds generated through secret, untaxed activities. It is estimated that over 7.28 trillion rupees of Indian black money is deposited in foreign banks like Switzerland. The major sources of black money are tax evasion, political donations, and ineffective enforcement. Having so much undisclosed funds abroad impacts India's economy through resource misallocation, income inequality, corruption, and capital flight. The government is taking steps like special committees and anti-black money laws to address the issue and recover illicit funds held overseas. Bringing back all estimated black money could generate substantial tax revenue and development funds for India. However, full disclosure remains unlikely without amnesty due to legal risks for holders.
Black money refers to funds generated through secret, untaxed activities. It is estimated that over 7.28 trillion rupees of Indian black money is deposited in foreign banks like Switzerland. The major sources of black money are tax evasion, political donations, and ineffective enforcement. Having so much undisclosed funds abroad impacts India's economy through resource misallocation, income inequality, corruption, and capital flight. The government is taking steps like special committees and anti-black money laws to address the issue and recover illicit funds held overseas. Bringing back all estimated black money could generate substantial tax revenue and development funds for India. However, full disclosure remains unlikely without amnesty due to legal risks for holders.
o Black money may be defined as the money that is generated by activities that are kept secret in the sense that these are not reported to the authorities. As this money is also not accounted to the fiscal authorities i.e. the taxes are not paid on this money. White money is that money which is shown in relevant accounts and tax paid ,if due SOURCES OF GENERATION OF BLACK MONEY o Beginning of the evil o Tax structure o Control and licensing system o Donation to political parties o Ineffective enforcement of tax laws o Generation of black money in the public sector Black money in Swiss banks
o The total amount of black money deposited in
foreign banks by Indians is unknown, but one estimate by R Vaidyanathan, a Professor of Finance, estimated the total at over Rs 7,280,000 Crores o While official numbers are not available, Swiss banking officials have said that the largest depositors of illegal foreign money in Switzerland are Indian Indian Black money stastics
If go into the deeper statistics of Indian
black money which has proof it looks like this: Year Black money 1990-2000 4.1lak crores 2006-2007 9.6lak crores Present 15lak crores (contd.) o The shown above statistics are the black money which is in Switzerland. o This way Indian black money are stored in almost 40 other countries. o Recent survey shows that as much as 50lak crores black money crossed the borders of India in last 5 years. Impact of black money o Leads to misdirection of precious national resources o Worsened income distribution o Big sized unreported segment of the economy o Transfer of funds from India to foreign countries o New black money culture in business world o Corruption in the society Last but not the least. o Corruption of the entire political scenario BLACK MONEY : CANCEROUS GROWTH WITHIN GLOBAL ECONOMY Proposal to prevent Black money The following Government institutes have been approved in March, 2011 for conducting separate studies on black money: o National Institute of Public Finance and Policy(NIPFP); o National Institute of Financial Management(NIFM); and o National Council of Applied Economic Research (NCAER). (contd..) Government has formulated a five pronged strategy to tackle the menace of black money which is as below: o Joining the global crusade against black money, o Creating an appropriate legislative framework, o Setting up institutions for dealing with illicit Funds, o Developing systems for implementation (new manpower policy); and o Imparting skills to the manpower for effective action (constant training for skill development). If Black Money is brought back in India o Some surveys show that the black money which went out of India in last 2 years is as much as 13 times of Indias debts. o If the total black money is brought back to India then we can do many wonders such as:- we can clear Indias debt in one go. o we can clear the poor farmers of their debts. world class roads can be laid all over India. o We can get relief from the power shortage. o We can see that every house in the country with current. o We can have water supply for all the rural areas o We can construct planned houses for 10 crore people o We can distribute 4 crore to 6 lakh villages for their development Conclusion o In a book written by an Indian Mr.Arun Kumar, said that the black money is around 40% of the Indian GDP. o The Indian GDP is around Rs 61,64,000 crore that means the black money is around Rs 25,00,000 crore. o If the black money is declared legal and shown in the books of accounts then the 30% of it will be taken as tax so as much as Rs 7,50,000 crore will come as revenue. o That will more than the total tax collection for the year. 2009-10 which stands at Rs 6,41,000 crore o But it is not legal so none is going to declare it as legal because they will be behind bars. o If it has to happen this should be another movie. References o Wikipedia. o Research done by Mr. Arun Kumar. o http://www.financialexpress.com/news/story /126853/ o www.google.com Thank You
Indian Black Money Abroad: A report by Shri Gurumurthy, Chartered Accountant, Chennai
Shri Ajit Doval, former Director Intelligence Bureau, Delhi
Prof R.Vaidyanathan, Professor of Finance Indian Institute of Management, Bangalore