Black money is the money which is earned with the improper or through 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 kept in secret for not paying the taxes.
It is called black because no tax is to pay by on this money and it is tax-free earnings that are and by the illegal way.
The black money is done when taxes are evaded on the earned income; the money turns black money.
This process of black money is in the 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 corruption, and because of it, there is a great loss in the economy of the country.
Problems Caused By 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 defiance the earning of new money through the illegal way as through the black market.
The main reason behind the illegal money or the black money is that the greediness of earning money in a huge amount by the people.
Because of the greediness of earning more money people go through the wrong way and start to earn money illegally. 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.
These people who have power in their hand’s thoughts that this is the great process of earning a huge amount of money and by this also they started to do the corruption in the country and to reduce the countries productions and economic values.
Reasons 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.
Along with this, there is also the main problem of black money is that not paying the taxes properly and this problem has become the inequality between the taxpayers as some of them are honest and wants to pay their taxes legally and some people do not pay their tax legal, and they are dishonest.
In between, there is a problem of tax that has come into existence about the Vodafone tax case it is a pure example of illegally tax payments.
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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