2. What Does Black Money Mean?
Proceeds, usually received in cash, from underground
economic activity. Black money is earned through illegal
activity and, as such, is not taxed. Recipients of black
money must hide it, spend it only in the underground
economy, or attempt to give it the appearance of
legitimacy through illegal money laundering.
3. Court cases
In January 2011 the Supreme Court of India asked why the
names of those who have stashed money in the
Liechtenstein Bank have not been disclosed.[2] The court
argued that the government should be more forthcoming in
releasing all available information on what it called a
"mind-boggling" amount of money that is believed to be
held illegally in foreign banks.
4. Is this possible?e india will bring
back swiss bank black money?
Is this possible india can bring back swiss bank black
money. will indian political people do something for that.
even before some days wikileaks get out list of 15 to 20
peoples but it couldnt effect any one
5. What are the ways indian government can
bring back the BLACK MONEY?
do you really believe what RAMDEV baba says" by issuing
ordinance is possible to bring black money back from swissbank.
if its possible then why so many countries failed to do it?
if swissbank is main funds store for terrorism and crimes why
there is no international laws and treaties which can put ban on
such banks and banking laws??
•6 months ago
•(Tiebreaker)
6. Total black money in India?
According to a Swiss Banking Association Report (2006), "India
has more black money than the rest of the world combined." India
has stashed almost $1.456 billion in black money in Swiss banks.
Black money is income obtained by illegal activities that is not
reported to the government to avoid income taxes.
.
7. How much Indian black money in
Swiss Banks ?
Challenging the parties to issue a statement on their
stand on black money parked in Swiss banks, he said:
“According to one estimate, money ranging from Rs.50-
75 lakh crore ($1-1.5 trillion) is parked in Swiss bank
accounts. So I dare them (political parties) to reply to
this question. If they can’t reply that means the ranks of
these parties are all dishonest, corrupt and they
themselves have money deposited in Swiss bank
accounts.”
8. 2011 Indian anti-corruption
movement
The 2011 Indian anti-corruption movement is a series of
ongoing demonstrations and protests across India intended to
establish strong legislation and enforcement against
endemic political corruption.[5] The movement has gained
momentum since April 5, 2011, when anti-corruption activist Anna
Hazare began his now-famous hunger strike at Jantar Mantar
in New Delhi
9.
10. Reasons of Black Money
• The people do not pay their taxes. Even if they pay taxes, they
are not in correct proportions to their incomes.
The tax evasions by corporate and industrial houses are to the
tune of billions of rupees. These firms are able to make clever
usage of the income tax rules and hence, they save taxes. This
tax evasion leads to the generation of black money.
• The black money is earned by gifts, hawala transactions and
illegal foreign exchange deals. These deals are not scrutinized by
the government simply because these are without any
documentary evidences
11. • The procedures of over billing or under billing and exaggeration
of expenses lead to the generation of black money. The sale and
purchase of assets also lead to the generation of black money.
The value of the property is shown to be very low in the
documents whereas it has a very high value in the actual
transaction. The businesses are conducted in other sectors of
economy in the same manner and non-billed amounts are
retained by the individuals and the firms as black money.
12. Problems of Black Money
Even after 40 years of independence, our country is faced with
poverty and numerous economic ills. Even though socialistic
pattern of society has been accepted in the constitution, our
country is far away from socialism and her economy is in the grip
of private enterprises. In fact, India has unlicensed economy
which has given birth to corruption, inflation and black money.
The poor man has been becoming poorer and rich richer just
because of the economic ills like inflation and black money.
13. There are many sources of black money.
Chief among these areas follows:
• Import licenses.
• Selling of cement licenses, steel and iron.
• Transactions in heavy industries.
• Transaction in public sector.
• Release of industrial licenses.
• Government and commercial transactions.
• Forged and face currency.
There are many causes of converting genuine profit into
black money. The chief among them are:
• Inflation.
• General and mid-term election.
• Tax evasion.
14. The Government May take the following
steps to stop black money:
1. Centralised Invoicing System for all the Corporate and Non Corporate
Body's.
2. Centralised Income Tax Assessment verification System.
3. The Government should fix the market price for sale of properties:
a. There should not be a difference in market price and the government
price for properties. This will help us to avoid black money transaction
for the differential amount of market price and the Government price.
Hence, the government can generate more revenue through tax collection.
b. We should develop a Computerized System for all the properties. And
the purchase and sale of properties should be done through that system using
PAN as identification number for tracking the properties held by individual,
organizations and corporate bodies.
c. We should fix the maximum value and acres of land that can be held
by an individual, organization or company.