BLACK MONEY IN INDIA
THE MENACE OF BLACKMONEY
THE TAINTED WEALTH IN THE COUNTRY
IMPACT OF BLACK MONEY ON INDIAN ECONOMY
Illegally earned money is called black money. It is the result of hoarding, smuggling, tax evasion and dealing in immovable property for which the consideration is paid in black. It has been beyond the control of the Government. The black money has already created a serious problem in our country.
The Indian economy stands badly shattered because of the huge amount of this trainted wealth lying in the coffers of the rich. It has given rise to parallel economy operating in the country. As a becoming poorer while the rich go on becoming richer. The gap between the haves and the have-nots is widening every day.
Black money is used by the rich in various evil activities. They use this money for corrupting and demoralizing social and political life. They display it in ostentatious living and wasteful luxuries. They bribe Government officers and lead them to corruption and dishonesty. They purchase political bosses and control the strings of the Government. Thus the entire social structure comes to be badly polluted.
It is difficult to form an exact idea of the amount of black money in circulation in the country.Searches and raids by Income Tax authorities are conducted from time to time. Such raids yield crores of rupees. But the people are, at times, cleverer, than the Government. They seek the aid of the best legal brains and get the law twisted in their favour. Most of the offenders use all their money and influence and go scot free whenever they are caught. The Government has, at various times, announced some voluntary disclosure schemes for unearthing the black money. These schemes have proved successful to a very limited extent. What has come to the surface is believed only to be the tip of the huge iceberg lying hidden underneath. The 1997 Voluntary Disclosure Scheme announced by the Government of India unearthed a big amount of black money as the tax rate in this scheme had been reduced to thirty per cent.
The black money, according to some reliable estimates has gone up to Rs. 10,000 crores in our country. It is to a great extent responsible for a great rise in prices because the purchasing power of the people has increased. People having black money are leading a life of luxury whereas the poor people are leading a miserable life. Some leading economists of the country have suggested stringent measures to the government to unearth black money but successive governments have been rejecting those measures. The vested interest always stand in the way of effective measures and get them diluted.
The government of the day appears to be doing its best to unearth black money. A number of steps have been taken. Taxation structure and system have been made easier. At different times, the government has brought forward several schemes and asked the people to declare their wealth. There has been some success. A lot still remains to be done.
It must be clear to all that the nation cannot shut her eyes to this state of affairs. Smugglers and black-marketeers can no longer be tolerated. They are striking at the very roots of our democratic structure. All steps to weed the black money out of circulation must be taken as early as possible. The government must come down with a heavy hand of smugglers, tax evaders, black-marketeers and hoarders. Black money is a curse. It must be rooted out from public life.
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Every person in India must have heard the word “Black Money” in last 4-5 years. But do we understand what this black money really is? As per Investopedia, “Black money is money which is earned through any illegal activity. These transactions generally are done in form of cash and are not taxed. One must need to hide this black money, and use in the underground economy.” To bring it back in the regular market, they need to do money laundering.
Black money creates a lot of problems in Indian society like bribery, corruption, terrorist activity funding and much more. P.M. Narendra Modi initiated the demonetization of rupees 500 and rupees 1000 notes. This was one of the most important and critical decisions made by Narendra Modi to curb corruption and the black money from India.
So, now we have little bit idea about black money and the problem caused by it. Now, let’s discuss it in form of essay and a short speech.
Want to deliver a perfect speech? Check out these great tips for winning the speech game. 😀
A short speech Black Money in India
Respected chief guest, Principal madam, teacher and all the friends present here a very good morning to you all. Today I will be talking about one of the most important topics in current Indian society that is black money. Let me start by telling you that there is a lot of politics going on around the black money and corruption. I am trying to be as neutral as possible in this context. I don’t want to be sound like a supporter of the particular party.
Do you ever wonder why these people stash black money? Most of them do it to save the tax, some of them use it for bribery/corruption. And some of these anti-society elements used this black money for funding terrorist activities. Black money is also used for political means, like for funding different activities, good or bad and even for buying the politicians during election time. Same black money is distributed for various election marketing related activities.
We always blame the politicians and rich people for this but have you ever thought that we are also part of the problem. You must have seen your parents bribing district authority for getting some certificate, or giving money to jump the line in the temple. We do this kind of things. This kind of society behaviors provokes these money launderers to play with black money.
To make a real change in Indian society, we need to be the part of the solution. Definitely, there will be solutions needed from the government side too, one good news is that Prime Minister Narendra Modi already started demonetization and other activities to control the corruption and black money.
What can we do? Think for a minute. You don’t need to start a big movement or be part of a social activity, you can do something on your own. Stop giving bribe to government authorities. This small step of yours can lead to a big change. We blame the government for all the problems, we as citizens of this country should take initiative and start solving problems on our own. Once we start doing it then government don’t have any excuse not to be part of this moment.
On this note, I would like to end my speech. I like to thank principal madam for allowing me to speak on this topic. Thank you very much all for listening to me, I hope we’ll see a corruption free country in our lifetime. Thank you very much again, have a nice day.
Essay on Black Money in India
Black money and related corruption activities are one of the biggest problems in India right now. Prime Minister Narendra Modi is trying to control all these activities by demonetization and related solutions. But his problem is not that small to be solved within such small time frame. As per various reports, billions of dollars of illegally stashed in tax havens. Most of it is stored in Swiss banks.
Impact of Black Money on Indian Society and Economy
Black money cripples the government as it is not able to collect the tax on these financial transactions. This makes a big impact on the development of the country, as money collected in form of tax is used for development of the country.
One of the biggest impacts of black money and corruption is people get used to these illegal shortcuts to get their work done. And then government authorities or people in power take advantage of it. People like me and you get used to it and unknowingly we also become part of the problem.
India has very low “Ease of doing business” rating in international economic forums. This means India is not a good place to do business. Legal rules, red tape, bribery, corruption stops foreign companies to invest in India. That is turn slows down the progress.
Solutions for Black money problem | How to fight, stop, eradicate black money and corruption.
When we talk about a solution for black money, we target government for it. Yes, the government must bring in powerful solutions. But if we as the citizen of India are not taking part in it then it is not going to work. What we said earlier is “We are part of the problem” so, “we also need to be part of the solution”. People who invade tax, launder money are from us only. If we change, society will change. Young Indians like me want to see a “Corruption Free” India in our lifetime. Following are the ways we can stop, reduce, fight and eradicate the corruption and black money.
- Never give or take the bribe.
- If a someone asks for a bribe, report it immediately.
- Government processes tend to take time. Have patience.
- If a government employee, an officer is not doing his/her work or using his/her power for his/her own profit or threaten people, immediately report it to the authorities.
- Don’t break the law so you don’t have to bribe.
Tips for Speech, Essay and Paragraph writing
What we saw in the last couple of speech and essay articles is you guys are looking for speeches and essays in various word length like 100, 150, 200, 150, 300, 500 0r 1000 words. Rather than repeating the same topic with a little bit of different language and in various length, we kept only two parts. You can refer both parts for your speech or essay preparation.
- Practice speech before friends or mirror
- You can use information from both sections for paragraph writing too.
- Do not mug up the given information as it is. Add your own flair and emotions to it.
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