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Nov 16, 2012

Black money and its impacts

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In our country Black Money refers to money that is earned on the black market on which income and other taxes have not been paid to the Indian government. It is the kind of money which is unaccounted and is circulated around people involved with Black marketing. India leads the list with $1500 Billion black money in Swiss banks and is closely followed by Russia and UK with $470 and $390 billion in Swiss treasury. And, with no shock we know that the people involved are top Indian industrialists, politicians, and IPS & IRS officials.

How do these people earn so much of money which is not accounted under Government watch and lands in Swiss banks? It’s definitely not by the right means and following the rules and regulations. Simple ways from where black money comes:
  • Tax: When you don’t notify government about your earnings and don’t pay Tax for it 
  • Bribe: When you take Public’s hard earned money to do a job blinding government radar. 
  • Political Corruption: When politicians put most of government sanctioned money into their pockets instead of using it for people. Sell government’s properties without noticing government
The ways and means of earning black money are numerous and in-ending as we see each day in front of our eyes. There isn’t a single field or profession where the people are not earning black money. Means may be many and professions or ways are different each time. But all have the same base, immorality and cheating to the other person or people. There are many direct and indirect effects of black money on the citizens of a country. People who are accumulating money are getting richer and government funds decrease day-by-day. Government has to increase the prices of products and services for which normal mid-class earners are put into trouble. They can’t afford such price hikes and on the other side can’t demand more salary or payout instantly.

Sometimes we people are responsible for this financial situation. If people are not paying taxes then where from the govt. will get money to undertake development works, increase employment or encourage entrepreneurs. We should not pay bribes to corrupt officials or politicians and should go in the right way. We know it will be a long run path, but there will be success at the end. We should find ways to aware people about the impacts of black money on them. It will be good for us to look for ways to come out of this and make India as pure white nation where ideas will not be ignored and our money will be used for our development and Nation’s development. There are many movies on Black money and from them south superstar Rajnikant’s Sibaji has explored the issue deeply in such a commercial and fun oriented film.

So from now on try to be a white-note earner and also encourage others about earning in white.

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