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| A Paragraph on Black Money: Essay on Black Money (100, 200, 250, 300 Words) in English |
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Paragraph on Black Money Details
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Black Money |
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Paragraph on Black Money or Essay on Black Money |
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English |
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Students of any Class 1-12 |
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Text |
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Paragraph on Black Money in 100-150 Words / Essay on Black Money in 100 Words
Students can find below a paragraph of Black Money in 100-150 words or essay on Black Money in 100 words:
Possession of black money is illegal and technically punishable by law. However, the increased corruption and bribery among the officials have let loose a lot of criminals in this issue. Black money is unrecorded money and for which the owner does not pay tax. It is a heinous crime and deserves strict punishments.
The most common source of black money is underground economic activities or the black market. Such actions are aided by smugglers, drug dealers, and wimps. Prostitution, selling of drugs, and other illegal businesses are done under the table, and the money transacted is not recorded. This causes a leak in the country’s economy and affects the overall financial state of the country.
Shops that sell items without providing bills also make black money as they do not pay taxes for the sales that have no record. Systematic bribery is also mostly responsible for such acts. Thus, the country’s economy is put at stake by such disloyal people.
Paragraph on Black Money in 200-250 Words / Essay on Black Money in 200 Words
Students can find below a paragraph of Black Money in 200-250 words or essay on Black Money in 200 words:
Black Money has severe effects on a country’s economy. It can be reduced in several ways, but very few of them are long-lasting. For example, demonetization in India under the current government was a step to reduce black money. 500 and 1000 rupee notes were demonetized, and thus, it was expected that black money would be flushed out of the system. However, the policy was a 96% failure, and all learned economists criticized such a decision.
It is tough to free the country of black money because of the multiple ways present to launder black money. The most common is the Hawala System by which dealers transact cash without any paperwork or written records, across the world. Individual countries also allow anonymous depositions, which are again illegal and harmful.
Over the years, a lot of measures were suggested to reduce black money. Even in Colonial India, certain committees like the 1936 Ayers Committee was set up to deal with black money and increase tax collection for the government. The committee sought to help honest workers who paid their taxes regularly and punish frauds and questionable ones.
In the present scenario, every citizen must reduce the flow of back money—such amounts fund terror-provoking activities. The entire prostitution circle runs on black money, thereby destroying thousands of young girls every year. One should neither deal in black money nor allow such injustice to go unchecked. An effective way to ensure that black money is reduced in the country is by providing that you collect the bill from the shopkeepers every time you buy something. This will prevent sales from going unrecorded, and thus he would have to pay his taxes.
Black Money is a severe problem in our society and must be eradicated with the utmost urgency.
Paragraph on Black Money in 300 Words / Essay on Black Money in 300-500 Words
Students can find below a paragraph of Black Money in 300-500 words or essay on Black Money in 300 words:
Black Money is the money on which income tax is not paid. This money is earned through corrupt practices and not declared fearing legal action. Black money is collected by corrupt officials, politicians, businessmen, criminals, smugglers and any other individual trying to evade taxation. Thus, Black money is one of the major drawbacks in a nation’s growth.
Sources of Black Money
There are various sources of generating black money one of them is the government sector. Corrupt government officials authorized to make policy and financial decisions and get perks/bribe in return. This money obviously cannot be declared and is purposely hidden from the tax net; though, it is invested in a new venture through shell companies or money laundering.
Thus, the money which should be taxed and the taxed amount utilized for public welfare schemes, escapes the tax agencies, having a deteriorating effect on the overall economic health of a nation. Transfer Mispricing is the process by which private firms generate black money.
The logic used in this method is to manipulate the price of the transaction between two parties, so as to deceive tax agencies and benefit both the parties. Though the money is not earned by dishonest means, it is purposely hidden from tax authorities to evade taxation and is still considered black money. Anti-national, anti-social and criminal activities are also the sources of black money. Anti-national activities also mainly depend on black money.
Socio-Economic Impacts of Black Money
Collection of black money by some corrupt individuals, damages the economic growth of the nation, as the money hidden from tax agencies. The government can use Crores of rupees of tax for public welfare schemes like building schools, colleges, hospitals, and roads, etc.
Black money not only weakens the economy of a nation but also widens the economical gap by making rich richer and poor poorer. A large amount of black money also pollutes the social structure of a nation and adversely affects the functioning of government agencies.
Black Money is earned by dishonest means. Generally, people use it to bribe government officials and other relevant agencies, in exchange for a certain favor. This corrupts the whole government machinery and reduces peoples’ trust in government and administration. Black money increases the purchasing power of people, which results in higher prices of thing.
As a result of the increase in the price of things put a strain on the pocket of the common man, while it hardly affects those who have black money. This widens the gap between rich and poor, by making the poor poorer.
Measures to Counter Black Money
The government of India had from time to time announced a voluntary disclosure scheme for people who have stacked black money as a measure to counter black money. These schemes pressurized them to declare their money and other illegal assets and to pay the tax. We should take a resolution not to bribe any government official for personal gains.
By taking a pledge to not take any illegal path for small or big matter, will definitely improve the nation’s social and economic health. One of the major steps taken by the government of India to counter black money was demonetization. It stands for stripping a particular denomination currency, as illegal.
In demonetization, the black money accumulated by anyone, instantly loses its worth, leaving the holder with no option but to exchange it by declaring it to the bank or discard it.
To counter black money, there is a need for stricter laws to punish someone who illegally evades taxation. People having a huge amount of undeclared money, they use it to bribe officials, escaping from punishment. There is an urgent need to remove such existent loopholes in present laws and also to make and implement new stricter laws.
Conclusion
Black money severely affects the progress of a nation and generate economic and social imbalance. Money earned by illegal means slowly corrupts the whole system. It leaves a nation in a state of economic and social disturbance. It is a fight that no government can fight alone. The people also must be cooperative and vigilant to fight against any kind of financial fraud or illegal activities. Also, it is the duty of the people to immediately report any information about any kind of illegal transactions to the concerned authorities.
Conclusion on Paragraph on Black Money in English
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Few Lines on Importance of Black Money??
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other individuals opposed to theft. Around ₹22,000 crores are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹900 lakh crores.
The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US $10.6 – $11.4 trillions is held illegally in Switzerland. Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion. In February 2012, the director of India's Central Bureau of Investigation said that Indians have US$500 billion of illegal funds in foreign tax havens, more than any other country. In March 2012, the government of India clarified in its parliament that the CBI director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.
In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹300 lakh crores or US$4 trillion.
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