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- The portion of a country's income tied to black money affects the economic growth of the country. Black money causes financial leakage, as unreported income that is not taxed causes the government to lose revenue. In addition, these funds rarely enter the banking system.
www.investopedia.com/terms/b/black-money.asp
May 30, 2019 · Along with the economic effects, black money also has social consequences. Some of them are mentioned below:-Loss of revenue to the government and running of parallel economy in the country – The increase and spread of black money has a serious impact on the economy as it results in the reduction if government revenues. The black money is in ...
Jul 17, 2024 · Higher amounts of black money in the economy often lead to increased corruption. On the other hand, black money can reduce the negative impact of oppressive laws. Black money can be illegally...
- Will Kenton
Black money is hidden from government authorities and is not reflected in the GDP of India, national income, etc. White money is money that is earned through legitimate means and is accounted for, for which income or other tax is paid. In an ideal economy, all money that is transacted should be accounted for.
Jun 3, 2023 · Black money can adversely impact the Indian economy. The different ways in which it can impact the Indian economy are listed below – Revenue loss to the Government and running of a parallel economy in the country
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Feb 22, 2016 · A leading Indian economist claims India's tradition of petty corruption has helped protect the country's economy from the effects of the global financial crisis.
Jun 30, 2019 · The simplest definition of black money could possibly be money that is hidden from tax authorities. That is, black money can come from two broad categories: illegal activity and legal but ...
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax-evaders.
