Essay on Black Money for Students and Children | PDF Download

Essay on Black Money

Long Essay on Black Money

Black Money – It is the money earned through unlawful activities. The illegal money earned in a massive amount is hidden and not affirmed for income tax purposes. Black money is earned in the course of corrupt practices. Many cowardly politicians, inhabitants in business, smugglers, individuals, etc., have power over it. The holder of black money should either conceal it or spend it only in the underground economy. Black money is one of the foremost downsides in the nation’s economy. Progress on the nation is suppressed by the black money.

“INDIA WILL SHINE – ONLY WHEN THE BLACK MONEY COMES TO LIGHT”. SOURCE OF BLACK MONEY

Black money is generated from different aspects

  • Gambling: It is the profits that are engendered from games of probability or earnings on events with uncertain outcomes. The money earned is fully taxable. But people sometimes earn a gigantic amount, it is hidden underground and it results in black money.
  • False income statement: Sometimes the sum of the catalog is reported elevated than the real amount, to engender black money.
  • Smuggling, Drug trafficking, Kidnapping: Illegal activities like smuggling, drug trafficking, kidnapping, prostitution, are the main foremost activities to produce black
    money. The money generated has no records and tax is not paid to the money.
  • Selling stolen goods: The goods that are stolen are sold for high prices than the actual
    range of the product. This leads to earnings, thus black money is generated.
  • Under-valuation of asserts: The value of any assertion that gives low value to the actual price, is converted to black money. Black money is used to fund investments in foreign countries, the amount earned is hidden and deposited in foreign banks.
  • Piracy: Unauthorized replication of copyrighted content, that is then sold to the public at cheaper prices. Act of illegal copying of films, programs, recordings, etc.,
    Real estate transactions: As the over raised prices of real estates, the transactions that
    happen are illegally hidden.
    Jewelers: The amount earned from illegal sources is converted into gold, so it is kept in bulk quantity and any taxes are not compensated. It is the unaccounted wealth earned.

    Reasons for Corruption in India

    Economical

    The disparity is high.
    Business can be done with ease.
    Lofty share of informal sectors.

    Administrative

    Disastrous administrative reforms.
    The squat take-home pay of public servants and lack of career development opportunities.
    Criminalization of politics and politicization of structure of government.
    Majestic establishment.
    Delays and pendency.
    Be deficient in effective accusation rectify mechanism.

    Political

    The exploitation of politics.
    Black money is used in elections.
    Acquaintance capitalism.

Social and Ethical

  • Breakdown of the education system to impact values.
  • Social bias.
  • Increased individualization and covetousness.

Consequences of Black Money

  • Decrease in Government Revenues.
  • Hindrance the equality.
  • Twofold Economy.
  • Under-estimation.
  • Decrease in quality of public goods and services.
  • High taxes and inflation.
  • Criminal activities will have no control.
  • The rich and poor gap will be to perpetuity.
  • Lavishness amplify.
  • The moral standards of people will be shattered.
  • Production of goods and services will be affected.

Measures to Prevent Black Money

The Government is taking a deterrent to appraise to plagiarize this enormous amount of black money generated. In the past, they were a step forward to petite success.

  • DEMONETIZATION: It is the act of stripping a currency unit of its status as an authorized kind. It is been used as a gizmo to even out the currency and fight inflation, it drives the informal economic activities into more transparency and away from black and grey markets.
  • RAIDS: Income tax departments have the authority to perform raids on the premises and properties of the taxpayers. If they crossways any unaccounted profits or wealth they canister seize the intact amount and take legal actions on the individual or any organization.
  • PUBLICITY: People whose case penalties are imposed for suppression of profits and wealth etc., have to be published in newspapers, social platforms, with their personal and organizational information with the amount of penalty obligatory on them.
  • REWARDS AND AWARDS: For the people who honestly pay taxes should be recognized and be awarded. This develops a positive outlook towards the person and encourages attain more number of taxpayers.
  • RATIONALIZATION OF CONTROLS: Since, ill practices are the foremost causes of black money, control over things should be brought into action. The government has adopted certain steps by easing the licensing policy and so on.
  • ARISING PUBLIC ETHICS: Unique force should carry out rise ethics and morals in public by enhancing the mutual aid of the leaders in the diverse stride of life.
  • ADDITIONAL MEASURES CAN BE IMPLEMENTED: A Ladder should be taken to convince the taxpayers the amount paid through taxes is not wasted but used for superior developments to the society.

Conclusion: The progress, of the country, is barren by the black money. It is a black hole to the nation’s economic, administrative, social sectors, this leads to the downfall of our nation and the ruling system will get exaggerated in innumerable ways. We as a nation should strive and come forward to fight against corruption.

“Let’s change the view, let’s make a move”.

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