Essay on Black Money in India for Students

Essay on Black Money – Black Money Essay for Class 5, 6, 7, 8, 9, 10, 11 and 12. Find paragraph, long and short essay on Black Money in India for Students.

Essay on Black Money

Essay on Black Money

Black money is one of the biggest menaces our country is facing today. Black money is defined as income earned from illegal means like hoarding, trafficking and through tax evasion. The excess of black money in our economy has various effects.

Black money circulation encourages corruption to a great extent. As a result, it hampers the socio-economic growth of a nation. Black money leads to a parallel economy thus increasing the difference between the rich and the poor. This money is often used to sponsor acts of terrorism, human trafficking and hoarding.

This directly impacts the tax revenue earned by the government. Tax revenue is utilised by the government in various schemes, economic projects and reforms. The government has been trying to curb this. Many voluntary income disclosure schemes have been launched by the government. The tax earned was just a tip of an iceberg. One of the latest steps taken in the series of curbing this problem is that of demonetization.

Use of digital platform should be encouraged for all transactions. Mass awareness needs to be created. People need to understand that they may be benefitting by evading taxes but it will certainly hamper the growth of the nation in the long run. We need to understand that our nation comes first, as personal growth is important but we need to contribute to our country to grow equally.

Essay on Black Money 250 Words

Illegally earned money is called black money. Money is the medium of transaction in the present civilised societies. It presents today in two forms – Apparent and Hidden. In its first form, it is legal and it is open for taxation. In the second form, it is illegal and it is not exposed to taxation.

These transactions generally are done in form of cash and are not taxed. Black money creates a lot of problems in Indian society like corruption, bribery, terrorist activity funding. It may be in the form of real estate, houses, shops, plot, gold, silver, diamonds jewellery or other assets like cars, motorcycle. Hence it is called black money.

The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$1.06 trillion is held illegally in Switzerland. It has been beyond the control on Government. The black money has already created a serious problem in our country. It is an essential duty of the Government to take the necessary steps to check the growth of black money.

India’s Prime Minister Mr. Narendra Modi initiated the demonetisation 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. Such steps are necessary for the interest of the whole society.

Black money is a curse. It must be rooted out from the public like. The government must take hard action with smugglers, tax evaders, black -marketers, and hoarders.