Black money Definition
As per Wikipedia the Black money refers to funds earned on the black market, on which income and other taxes has not been paid. Basically it is the money on which no tax has been paid and is not reported in income tax returns to save tax.
Black money in India wiki
At a time when India's GDP growth is becoming scarily near to long-term average of 6%, this is a malaise that could be crawling in it, unnoticed. The dimensions of the issue is so gargantuan that it already represents almost 7% of India's GDP. Popularly known as 'black money' laundering, the internal system of sending out illicit funds to foreign shores has hit developing economies like India the most during the past decade.
Black Money in India List
As per the findings of Global Financial Integrity, an agency which promotes policies to curtail the cross-border flow of illegal money, as high as Rs 64,000 crore (US$ 128 bn) has left India between 2000 and 2009. That is not all! The complete universe of developing countries lost US$ 8.4 trillion to illicit outflows throughout the decade. In 2009 alone, they lost US$ 903 bn, down marginally from US$ 1.4 trillion lost in 2008.
How to earn black money in India?
This sounds interesting but this is being done each one of us knowingly or unknowingly is doing it where we undertake under reporting of the registered values of the properties and businesses are showing lesser profits
Total money India
What is vital to see here is that 90% of a typical illicit outflows were on account of trade mispricing. Inefficient tax collection as well as a low base for tax incidence have coupled the situation of black money leaving India. While targeting politicians and seeking to bring back black money stashed abroad is in vogue, flight of capital is known as a problem which could undo the merits of all political and economic reforms. And no-one appears to be caring about this! Swiss banks should certainly be made accountable to reveal receipt of funds from India. But nipping the issue at its bud will serve the aim better.
Swiss Money India
Expanding India's tax base and improving tax collection has got the possibility to curtail illicit outflows. Fiscal reforms absolutely are a necessity not only to handle the issue of black money but as well as to narrow the tax deficit. However, they continue to be at the behest of political will instead of economic urgency. As India struggles to fight corruption, get reforms in position and hold its position surrounded by the fastest growing economies, flight of capital to foreign shores should be curtailed at the earliest. $1.4 Trillion India's Black Money Stashed in Swiss Banks and India tops the list of countries with most black money in Swiss banks, with almost $1500 Billion, followed by Russia $470 Billion, UK $390 Billion. We must thank Wikileaks which is doing a commendable job by revealing a number of secret documents which can remove poverty in the world and the wikileaks on Indian money in Swiss banks has brought a new sensation in the country and we hope to see money back in India.
Ways to Get back Black Money from Swiss Banks
Team Anna and common man are pressing the govt to bring the black money back in India. Now Baba Ramdev has also jumped in this frenzy and we hope that Govt leaves its impotency and they work out a bill to bring the money stashed abroad.
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