Everything you need to know about India’s Black Money issue!
Everyone knows that, Money has a major role in every person life. A man without money is like a solar system without Sun. Do you Agree? Today, I am going to tell you about the much debated topic of Black Money.
What is Black Money?
For our naive readers, I am not talking about money which is black in color. Let me tell you what is it first?
There are many people in the world who are millionaires or billionaires. They have big income or salary. According to laws, these people also give some amount of money to government as a tax. But some of them don’t show their true income to government. And try to evade from paying taxes. Now, the money which is hiding from their salary is a known as the ‘Black Money’. In simple words, Income, as from illegal activities, that is not reported to the government for tax purposes is called Black Money. Or it can be also defined as the money that is earned and hoarded by dishonest and unfair means and kept in secret to evade taxes is called black-money. It becomes black because no taxes are paid on it.
Biggest Black Money Generators in India
There are many ways to create black money. Real estate is a big storehouse of black money. According to one report, most of foreign currency of India was used in this way. Between 2005 and 2010, FDI in India’s real estate and housing market jumped 80 times. In 2010, nearly $5,700 million of foreign funds were invested in the sector. The legal real estate sector accounted for nearly 11% of India’s GDP in 2011. But economists studying the black economy say the illegal real estate sector could be nearly as large, if not larger. Commission is the mostly common way to create black money.
Other factors for generation of black money include (i) high rates of taxation under direct taxes which encourages tax evasion, (ii) controls, permits and licenses (iii) price control without adequate machinery for effective distribution (iv) pugree and hawale systems, (v) donations to political parties for elections (vi) corrupt business practices, (vii) smuggling and other illegal anti-social activities (viii) Copyrighted media (viv) Fuel etc.
The Obvious Reluctance of the Political Parties
According to one public report by Swiss Banking Association, in 2006, India had $1,456
billion in the swiss banks. Russia had $470 billion, U.K. had $390 billion, Ukraine’s figure was $1000 billion and China had $96 billion in the bank. Aren’t these numbers shocking? This is a report from only one swiss bank and there are 69 more such banks.
Just think for a minute guys, what could happen when this money come back to our country..!! Now let me tell you one truth, Swiss Government has officially written to Indian Government that they are willing to inform the details of holders of 70 lakh crore rupees in their Banks, if Indian Government officially asks them. This report had been published on 22-5-08, in The Times of India and other Newspapers based on Swiss Government’s official letter to Indian Government. But the Indian Government has not sent any official enquiry to Switzerland for details of money which has been sent outside India until 2008. Even opposition party (who argues for every little issue) also don’t take interest to bring that money back in India. Reason we all know…
What if all the Black Money is back in India?
Now, what will happen if all the money will be back in to every individual country? Every county is trying to bring back that money . On his first day as the prime minister of India, Narendra Modi announced the formation of a high-powered Special Investigative Team to investigate black money that has been sent abroad by tax evaders.
Which country is poor ask it to Swiss bank. Is India is poor..? With personal account deposit bank of $1,500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country’s foreign debt, one needs to rethink if India is a poor country? With this amount 45 crore poor people can get Rs 1,00,000 each. Even after our all debt is paid, we would have 12 times larger amount than the original payment and that’s a really, really big amount to ignore. Now we have a good government so we can now at least hope that our government will do something serious and real about the issue.
This isn’t government’s money, it’s, actually, yours and mine!
This money is the result of the sweat and blood the magno men of India who is trying to feed his family, send his children to school, fulfil his joint family’s needs and if something is left then put some money aside for the better future. And when many crores such men are paying their taxes (including you and me) from the money they earned through their sweat and blood, we as a voter and as a human being with rights can’t see those fat politicians to take away our money and spend it on their debaucheries, when our almost half population doesn’t get to eat enough every day.
So now it’s time wake up not only for one country it is for all country in the world. Everyone should know and make aware about it. We should punish the corrupt or dishonest people. We have the rights given by the Indian constitutional laws and we should apply them on these heartless, greedy, treacherous scumbags to let them know that India is awakening again, to fight another war. A new war for freedom – freedom from the disguised robbers.