Black Money

Thousands of Indians go abroad each year to study and work and almost have overseas account. What if I go to abroad for studies and open a Account over there And after completing my studies i came back, what will happen, I will be allegated to be holding A Bank account abroad. That money is being stated as underground money or black money.

Since, Year of revolution We are being hearing about Black money or underground economy of our nation.There are many reports by different institutions on the issue of Black Money by Indians in Foreign Banks, but the actual value is unknown. The Size of India’s Black Money in Economy is Between 23% to 26% of its Gross Domestic Product(GDP) as Compared to Average of 96 developing countries of 38.7%, with India below average.

There are many proposal led by the Union Governments to prevent Indian Black Money such as formation of M.C. Joshi committee on Black Money commenced in June 2011 headed by M.C. Joshi to study the generation and curbing of Black Money.

In May 2012 , the Union Government of that time published a book let of 108 pages entitled White Papers on Black Money. It disclosed India’s efforts at addressing black money and guidelines to prevent black money in future.

One of the recent Policy called “Modified Currency Notes” states that Government Printing of highest Denomination Currency i.e. Rs.1000 and Rs.500 notes which will remain in market only for 2 years. After 2-year period is expired there should be a 1 year grace period during which these Currency should be submitted into Bank Accounts .

On 27 May 2014, The First meeting of New Cabinet of 2014 government decided to Set-up a Special Investigation Team(SIT) on Black Money to dig-out Black Money. The Decision on SIT was in compliance with the Supreme Court directive on Black Money.

But these proposal and actions are not enough to overcome with the problem of “Black Money” completely. Some says with an Increase to Income tax Slabs will helps to reduce “Black Money” generation yet trillions of money is to be taken back to India from foreign banks. In latest Parliamentary Elections, we had seen the whole campaign was revolved around the topic “Bringing Back Of Black Money”.

But in reality it seems to be too sad to see that the campaigners also has the same prospective as it was of those whose against it was. Both the Parties involved had given almost same reply to the Supreme Court on this issue. It just like one had introduced White Papers and Other introduced Special Investigation Team for the Black Money to show public as if they are concern and rest remains the same.

In last we as the Residents of this country are at such a monotonous stage that sometimes we feels that whether the topic of “Black Money” is a serious issue or Just a Electoral Propaganda to attract a huge Vote Bank???…..

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