black money

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Presentation on:

Presentation on Submitted by- Mukesh Budhori Lalit Rakesh Lokesh Submitted to:- Prof. Shikha Pathak

What is Black Money:

What is Black Money Black money refers to funds earned on the black market, on which income and other taxes has not been paid. A ny money that a person or organization acquires illegally .

TOP FIVE :

TOP FIVE INDIA $ 1.4 TRILLION RUSSIA $470 BILLION U.K. $390 BILLION UKRAINE $100 BILLION CHINA $96 BILLION

Reasons of Black Money:

Reasons of Black Money The people do not pay their taxes. Even if they pay taxes, they are not in correct proportions to their incomes. The tax evasions by corporate and industrial houses are to the tune of billions of rupees. These firms are able to make clever usage of the income tax rules and hence, they save taxes. This tax evasion leads to the generation of black money.

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Corruption in various ministries generally misusing the minister posts to take privilege of favoring for themselves or for members of the family or other considerations gainful for them . Major contracts in defense, power, road, telecommunications, railway projects and tenders in public sectors.

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Stock market scandals, project costs manipulations, organ trafficking, under world mafia, public distribution systems, export incentives, and under invoicing claimed by dubious groups of companies, unauthorized gambling, lottery schemes, holiday resorts and social clubs, and abuse of grants, subsidies and concessions provided by the government.

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The black money is earned by gifts, hawala transactions and illegal foreign exchange deals. These deals are not scrutinized by the government simply because these are without any documentary evidences.

Protests against black money :

Protests against black money Baba Ramdev’s Satyagrah against Black Money

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Baba Ramdev was the first to raise the issue of black money publicly in 2008, before the assembly elections of 2009. Estimations indicate a total of Rs . 400 lakh crore, or nearly 9 trillion USD, of Indian black money outside the country.

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Baba Ramdev launched the Bhrashtachar Mitao Satyagrah which was held at Ramlila Maidan , New Delhi on 4 June 2011. Key demands were : Declare all illegal wealth/black money lying in foreign countries, which belong to Indians as National Property. Declaring money laundering as a National Crime . Sign and ratify the United Nations Convention Against Corruption, pending since 2006 Recall Rs . 1000 and Rs . 500 notes to curb corruption, bribery and illegal flow of money in the internal economy of the country.

And result……:

And result…… 5 June 2011At midnight, police raided the grounds when most protesters were sleeping and Ramdev was busy at a meeting with his core group . A large police force lobbed tear gasshells , burned the place and lathicharge the crowd at 1 am (IST) to evict them . Delhi Police arrested Ramdev , who was disguised in a salwar kameez with a group of female protesters heading peacefully towards the New Delhi Railwa Station. Ramdev was held in a government guesthouse for a few hours and then sent to Dehradun in a BSF aircraft

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End of hunger strike Baba Ramdev ended his fast on the ninth day by drinking a glass of juice at Himalayan Institute of Medical Sciences, Dehradun.

Supreme Court on Black Money:

Supreme Court on Black Money SC issues notice to govt over black money issue 27 Jan 2011 Coming down hard over the black money issues, the Supreme Court on Thursday (January 27) issued notices to the government, RBI, Home Ministry , and CVC demanded the government to file an additional affidavit over this issue. Demanding answers from the government, the apex court expressed dissatisfaction over the current stand of over the issue of money being stashed into Swiss banks. The SC asked the source of this 'black' income and also asked who are the real faces of this income?

SC sets up SIT on black money :

SC sets up SIT on black money The Supreme Court on July 4, 2011 pulled up the Union government for not “showing seriousness” in bringing back black money stashed away abroad, and constituted SIT to take steps to bring back unaccounted monies. Supreme Court appoints SIT to monitor Govt steps because court was not happy with steps taken by PM to tackle Black Money issue.

Impact of Black Money :

Impact of Black Money Country's Economic Growth- Government earning is depends upon the tax revenue . If the public will not pay the tax to government, Government cannot fund to particular sector which needs the funds for their better operation . Increase corruption in society Black money leads to increase the corruption in the society . The person who has the black money they will give bribes to politician, government officials for their business or for their personal work . Impact of India's reputation on the world This Black money and corruptions put a very impression in India reputation on the world. Many big businessmen in world are pulling their hand back from India.

What could be done?:

What could be done? The Indian government needs to take some serious steps to get the money back to India which is stashed in Swiss banks. They should work to find out the names of account holders in Swiss banks and also pressurize Swiss bank to get the black money back to the country. This has also become a matter of pride of nation and if the government still keeps silence about this issue then they will only be making themselves a laughing stock for the entire world.

Conclusion:

Conclusion Black money is big black hole in Indian economy . Overall the entire burden comes to the shoulder of common people of India. These scams broke the backbone of Indian economy and common people. These common people are fight for their bread and butter and these. These scams were done by politician and other high profile person but common people of India have to pay that scam in society.

Con…:

Con… 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 on smugglers, tax evaders, black- marketeers and hoarders. Black money is a curse. It must be rooted out from public life .

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