Black Money is an unaccounted money, may be acquired illegally or means of illegal ways. The black money is hidden in various forms such as, bonds, securities, shares, benami accounts, cash amounts, and other forms of wealth. Right now, the black money is being invested in real estate properties (open plots, shops, houses, apartments, duplex), cars, golds, silver, diamonds, and jewellery.
Based on various beliefs, the amount is about Rs. 200 million crores as black money in India. The biggest means of creating black money in India is by avoiding paying government taxes, such as sales tax (VAT) or income tax. The corruption in India is rampant and many people avoids paying taxes due to this corruption.
The Crime Branch, The Central Bureau of Investigation (CBI), Police Department, Income Tax Department, Central Excise Department, VAT Department, Sales Tax Department, Economic Affairs Wing, and many other government agencies / departments are working to eliminate the black money from India but somehow they couldn’t succeed in their goal.
Due to black money, India is not growing at the fast rate as it should. The black money is being kept in idle lockers and benami accounts which does not contribute anything in the development of the nation. While politicians deposits their money in the foreign countries, which also does not contribute for the development of India.
Many corrupt politicians in India deposits their earned money in many tax haven nations, such as the Switzerland, Cayman Islands, Panama, Lichtenstein, Monaco, The Isle of Man, St. Kitts and Nevis, the Channel Islands, the Bahamas, Mauritius, Andorra, Bermuda, and the British Virgin Islands.
Read Also: Corruption in India
Note: This essay on black money in India is written for reading purpose only. College and School students are not allowed to copy this essay for their personal work or assignment. You could translate this essay in Hindi, Gujarati, Marathi, Telugu, English (US, UK), Telugu, Kannada, Tamil, Konkani, Punjabi, Malayalam, Assamese, Bengali, and other languages.
Article Title: An Essay on Black Money in India for Students, Youth and Kids
Article first published on November 12, 2016. Original.