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By Manjunath Palled Black Money To White Money
| Date post: | 15-Apr-2017 |
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Economy & Finance |
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ByManjunath Palled
Black Money To
White Money
What is 'Black Money'Black money is money which is earned through any illegal activity controlled by country regulations. Black money proceeds are usually received in cash from underground economic activity and, as such, is not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through money laundering.
Between 2002-2011, corrupt Indians siphoned off a total of Rs 21,00,000 cr ($343 billion) worth of black money into offshore bank accounts. Rank wise, we are world’s 5th most corrupt country in terms of black money outflow. These stunning revelations were included in a report titled “Illicit Financial Flows from Developing Countries: 2002-2011” which was released by Global Financial Integrity, Washington-based research and advocacy organization which is supported by Ford Foundation.
$462 billion (about Rs28.6 lakh crore): According to Global Financial Integrity (GFI) between 1948 to 2016$500 billion ( Rs 31.4 lakh crore) and $1.4 trillion ( Rs 86.8 lakh crore): Parked in undisclosed overseas accounts, according to a BJP task force report of 2011
Top 20 Countries’ Cumulative Illicit Flows; 2000-2008 (billion U.S. dollars)
Illicit Financial Flows from the Top Ten Developing Economies, 2002-2011
As the world economy sputters along in the wake of the global financial crisis, the illicit underworld is thriving—siphoning more and more money from developing countries each year,”Overall, the developing countries of the world during this period of 2002-2011 lost around $1.9 trillion worth of money into the unknown abyss filled with corruption, black money, crime and greed.
How is common man affected by this Black money?
Taxes
Inflation
Black market economy
Social and economical life
The real black money is circulated inside the country
how else do you think the intra and inter day changes in the Sensex be so fluctuating and the only reason for it being the money pumped in case of a jump or money pulled out in case of a fall. Where is the money pumped in from? Who pulls it out? Why are there so many NGOs, charity trusts and other such organizations out there? If you carefully see the other markets you will see a gradual increase or decrease, any fluctuation is caused only by some very shocking news like announcement of recession leads to a steep fall. Even if you are in recession unless announced you haven’t seen the actual plunge appear in the form of statistics, till then it is all calm or gradual and minimal decrease. The organizations like NGOs and which support charity help converting white money – black money – white money.
How many of you Agree ?
