Even after 60 years of free India, our country is faced with poverty and uncountable economic sicknesses. Even though socialistic pattern of society has been accepted in our constitution, the country is far away from socialism and her economy is in the grip of some Rajneetis. India fact, India has unlicensed economy which has given birth to corruption, inflation and Black Money. It has jeopardised our economy and hit the common man below the belt. Poor people are becoming poorer and the rich richer just because of the economic ills like inflation and black money. Black money which run as parallel currency in our economy is that money is unaccounted for. It is that wealth which is made overnight in volition and provisions lay down by the state and in collusion with state officials. This kind of money is earned setting aside all human and moral values. According to Prof. C.N. Vakil, black money is that profit which is no recorded in the account books. Every year 4-5,000 crore is added to as Black Money, which is nearly 25% of the Nation income.
There are various sources of Black Money such as transaction in public sector, Govt and commercial transaction, central and state related scheme and funds transaction and forged and fake transaction.
Today, the making of black money has become a common factor in our society; it helps a person in earning respect from others, in maintaining palatial houses, cars, arranging cocktail parties in recreation in 5 star hotels. Moreover, it helps a person getting everything done in time to his best satisfaction.
The Government itself is fully responsible for the creation of black money. The exorbitant rates of taxation on income sales and revenue inevitably lead to tax-evasion. It is so high that an honest person will be left with little after he pays his dues. Therefore, many tax-payers are encouraged by the Government taxation-policy to look for the loop-holes in order to refrain from reporting actual incomes. The income-tax officials put themselves in news when the flat of a film star is auctioned or legal action on industrial tycoon. But the problem can’t be solved in this manner.
The political system itself breeds black money. The drive against the parallel economy will never be effective unless the nexus between politics and the black money is broken. The inflationary pressure also threatens our economy and gives birth to black money. This has resulted in the reduction of per capita income in the country and lowering of the common man. Unless some strict measures are counter inflation and high-cost economy, the problem of the black money will continue. Black money, however, should deal with strict application penal provision and devaluation of our currency. Condemnation of what is illegal goes against the grain of good administration and no government will be justified in pampering black-marketers and tax-evaders.
Anna Hazare’s crusade’s against corruption by raising demand on the government to draft the Lok Pal Bill ensures that even VVIP’s can be touched by the law if they are alleged to have indulged in corruption. His mission is, by all accounts, something that most of the ordinary citizens would certainly love to support. Hazare seems to be determined till date when he refuses the proposal of the government to consider all his demands. All will totally agree with Hazare’s war against corruption but cannot be guaranteed if a law against corruption in India will ever transform India. An alert, well informed and concerned public will be only the best available option.
There are various sources of Black Money such as transaction in public sector, Govt and commercial transaction, central and state related scheme and funds transaction and forged and fake transaction.
Today, the making of black money has become a common factor in our society; it helps a person in earning respect from others, in maintaining palatial houses, cars, arranging cocktail parties in recreation in 5 star hotels. Moreover, it helps a person getting everything done in time to his best satisfaction.
The Government itself is fully responsible for the creation of black money. The exorbitant rates of taxation on income sales and revenue inevitably lead to tax-evasion. It is so high that an honest person will be left with little after he pays his dues. Therefore, many tax-payers are encouraged by the Government taxation-policy to look for the loop-holes in order to refrain from reporting actual incomes. The income-tax officials put themselves in news when the flat of a film star is auctioned or legal action on industrial tycoon. But the problem can’t be solved in this manner.
The political system itself breeds black money. The drive against the parallel economy will never be effective unless the nexus between politics and the black money is broken. The inflationary pressure also threatens our economy and gives birth to black money. This has resulted in the reduction of per capita income in the country and lowering of the common man. Unless some strict measures are counter inflation and high-cost economy, the problem of the black money will continue. Black money, however, should deal with strict application penal provision and devaluation of our currency. Condemnation of what is illegal goes against the grain of good administration and no government will be justified in pampering black-marketers and tax-evaders.
Anna Hazare’s crusade’s against corruption by raising demand on the government to draft the Lok Pal Bill ensures that even VVIP’s can be touched by the law if they are alleged to have indulged in corruption. His mission is, by all accounts, something that most of the ordinary citizens would certainly love to support. Hazare seems to be determined till date when he refuses the proposal of the government to consider all his demands. All will totally agree with Hazare’s war against corruption but cannot be guaranteed if a law against corruption in India will ever transform India. An alert, well informed and concerned public will be only the best available option.
