Black Money India in different forms:
Black money is the money on which TAX is not paid to the government. It will be so many forms:
- Currency: People do not show part of their earning or total earnings as their income and pay tax. all their earnings keep in the form of currency, which is easy to hide and easy to carry. and they can make use it of purchase of so many things. ex: A small retail trader in recent operations, caught with 17 Cores of rupees. so we can estimate the volume of black money in the form of currency.
- Gold: It is also one of the major forms of black money. it is evidence, that the sales of gold on the next days of demonetization of 1000’s and 500’s notes in India. generally, black money in the form of gold is also is very high. it is seen in marriages and other functions of black money people. we have seen the recovery of 100’s of Kilograms of gold from individual persons.
- Real Estate: Back money is very high in real estate business. it is an open secret in this field. while bargaining itself people go for black and white in ratios. ex: 60:40, 70:30 like that. some people take bank loans for a small amount and construct their houses with huge black money. It is very very high in public servants corrupt in nature. when the corrupt public servants caught by Anti-Corruption agencies, they are having 4 to 5 houses in different places. it is also the same with so many black money holders in private sector.
- Film Industry: It is one of the sectors where black money is highly used. some producer and distributes are holding huge black money earned in the film industry. it is evident that recently a producer was caught ACB “Anti-Corruption Bureau “.
- Swiss Bank Deposits: Some fraudulent industrialist, fraudulent political leaders have deposited their illegal earning in swiss banks. so as to escape tax liability in India.
Suggestions to prevent black money India:
- Currency: For printing and circulation of currency by RBI, and collecting soiled notes it is very very expensive. the government should force all kind of undertakings to do digital transactions including retail traders. the government should not permit to hold more than one lakh in the form of currency by any individual.
- Gold: All the citizens who are haveing gold in any form should be declared. In extream cases, the details submitted by the citizens should be verified, and their source of income also to verify.
- Real estate: yearly assets and liabilities statements of all officers should be verified with real position. declaration by political leaders at the time of nomination should also be verified with real positions.
- The government should bring back all illegal remittances to other countries.it requires a lot of manpower to control the black money India, the government makes news of unemployed youth for successful control of black money.