Black money is the money which is earned with the improper or with the illegal process. For the Black money, we can also say that the income which is not generated by the fair means and with dishonesty and it is kept in secret for not paying the taxes.
It is called black because no tax to pay by on this money and it is tax-free earnings that are and by the illegal way. The problem of black money is in the huge amount in India.
This process of black money is in a greater ratio in the country as it can say that there is more illegal money than the legal money.
Black money is the main reason for the corruption, and because of it, there is a great loss in the economy of the country.
Problems caused in India due to black money. Because of the black money, there is a great loss of market of the economy.
Black money is it to be as the combination of power and money together; this statement is true as in that the earning of new money through the illegal way as through the black market.
In India, people mostly like to earn money through easy ways, so they tend on Black Money as a very easy way of earning money faster. This causes the problem of corruption in a society.
Black money is done by the people who have power in the hands and some people who do not have power and are opposed of this black money the people who do the illegal things starts to bribe them.
Mostly the well-known big people do corruption to get their work done easily. They started to do the corruption in the country, and by this, they reduce the countries productions and economic values.
The Reason For Black Money
The main reason and the main source for the black money are that the people give money to do there any kind of government deals and do get their work done easily they give commission to the people to do this work.
The work which is not done legally so to do the work these people give the commission to do their illegal work easily. So in this illegal way, their work can be done in a few minutes.
These people do not care about government laws and regulations. Along with this, there is also the main problem of black money is that not paying the taxes properly.
Many big well-known people do not pay their taxes on time Instead of paying they hide their money.
These people earn so much money and also they had the greater amount of tax to pay, instead of paying they hide this tax money which causes the corruption.
By doing this, these people in India do not follow the laws of their own country.
So the use of illegal money or the black money should stop and do all the work legally for the development of the country.
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