Black Money
Black Money is unaccounted-for and untaxed cash generated by dealings in a black economy, black market, or organized crime. Black money is ill gotten money made by people without paying any taxes on it. The black money is also generated due to illegal activities like drug dealing, terrorist activities, extortion,smuggling etc. But the biggest source is corruption and tax evasion.
DEFINITION
The black market (sometimes known as underground or black economy) is trade, goods and services that are not part of the official economy of a country; this may be legal activities where taxes are not paid, or illegal activities, such as drug dealing and prostitution.
In modern societies, the underground economy covers a vast array of activities. It is generally smaller in countries where economic freedom is greater, and it becomes progressively larger in those areas where corruption, regulation, or legal monopolies restrict economic activity in various goods, services, or trading groups.
Holders of black money try to convert it into legitimate ('clean' or 'white') money through money laundering.
INDIA LEADING
Black money in Swiss banks — Swiss Banking Association report, 2006 details bank deposits in the territory of Switzerland by nationals of following countries:
Top five
India—- $1,456 billion
Russia —$ 470 billion
UK ——-$390 billion
Ukraine - $100 billion
China —–$ 96 billion
Now do the maths - India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined. This is the Public money looted since independence by our politicians, businessmen,criminals and bureaucrats.
Is India poor, who says? Ask Swiss banks With personal account deposit bank of $1500 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?.
DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them.
This amount is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each. This huge amount has been appropriated from the people of India by exploiting and betraying them. Once this huge amount of black money and property comes back to India , the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably.
Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently.
“Obviously, these people won’t be tourists. They must be travelling there for some other reason,” believes an official involved in tracking illegal money. And, clearly, he isn’t referring to the commerce ministry bureaucrats who’ve been flitting in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin!
Just read the following details and note how thesedishonest industrialists, scandalous politicians, corrupt officers, cricketers, film actors, illegal sex trade and protected wildlife operators, to name just a few, sucked this country’s wealth and prosperity. This may be the picture of deposits in Swiss banks only. What about other international banks?
DEFINITION
The black market (sometimes known as underground or black economy) is trade, goods and services that are not part of the official economy of a country; this may be legal activities where taxes are not paid, or illegal activities, such as drug dealing and prostitution.
In modern societies, the underground economy covers a vast array of activities. It is generally smaller in countries where economic freedom is greater, and it becomes progressively larger in those areas where corruption, regulation, or legal monopolies restrict economic activity in various goods, services, or trading groups.
Holders of black money try to convert it into legitimate ('clean' or 'white') money through money laundering.
INDIA LEADING
Black money in Swiss banks — Swiss Banking Association report, 2006 details bank deposits in the territory of Switzerland by nationals of following countries:
Top five
India—- $1,456 billion
Russia —$ 470 billion
UK ——-$390 billion
Ukraine - $100 billion
China —–$ 96 billion
Now do the maths - India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world combined. This is the Public money looted since independence by our politicians, businessmen,criminals and bureaucrats.
Is India poor, who says? Ask Swiss banks With personal account deposit bank of $1500 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?.
DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $ 1500 billion, which have been misappropriated by them.
This amount is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each. This huge amount has been appropriated from the people of India by exploiting and betraying them. Once this huge amount of black money and property comes back to India , the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably.
Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently.
“Obviously, these people won’t be tourists. They must be travelling there for some other reason,” believes an official involved in tracking illegal money. And, clearly, he isn’t referring to the commerce ministry bureaucrats who’ve been flitting in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin!
Just read the following details and note how thesedishonest industrialists, scandalous politicians, corrupt officers, cricketers, film actors, illegal sex trade and protected wildlife operators, to name just a few, sucked this country’s wealth and prosperity. This may be the picture of deposits in Swiss banks only. What about other international banks?
Comparison with regular economy Country
Estimated size of shadow
economy in % of GDP
Developing economies
Africa Nigeria and Egypt 68-76%
Tunisia and Morocco 39-45%
Central and South America Guatemala, Mexico, Peru and 40-60%
Chile, Costa Rica, Venezuela, Brazil, Paraguay and Colombia 25-35%
Asia- Thailand 70%
Philippines, Sri Lanka and Malaysia 38-50%
Hong Kong and Singapore 13%
Transition economies
Central Europe Hungary, Bulgaria and Poland 20-28%
Romania, Slovakia and Czech Republic 7-16%
Former Soviet Union Georgia, Azerbaijan, Ukraine and Belarus 28-43%
Russia, Lithuania, Latvia and Estonia 20-27%
Developed economies
Greece, Italy, Portugal and Belgium 24-30%
Sweden, Norway, Denmark, Ireland, France, Spain, The Netherlands, Germany and Britain 13-23%
Japan, United States, Austria and Switzerland 8-10%
Estimated size of shadow
economy in % of GDP
Developing economies
Africa Nigeria and Egypt 68-76%
Tunisia and Morocco 39-45%
Central and South America Guatemala, Mexico, Peru and 40-60%
Chile, Costa Rica, Venezuela, Brazil, Paraguay and Colombia 25-35%
Asia- Thailand 70%
Philippines, Sri Lanka and Malaysia 38-50%
Hong Kong and Singapore 13%
Transition economies
Central Europe Hungary, Bulgaria and Poland 20-28%
Romania, Slovakia and Czech Republic 7-16%
Former Soviet Union Georgia, Azerbaijan, Ukraine and Belarus 28-43%
Russia, Lithuania, Latvia and Estonia 20-27%
Developed economies
Greece, Italy, Portugal and Belgium 24-30%
Sweden, Norway, Denmark, Ireland, France, Spain, The Netherlands, Germany and Britain 13-23%
Japan, United States, Austria and Switzerland 8-10%
