The existence of rapidly growing black money in our economy has grave and disastrous consequences. Booth capturing Sole philosophy pages on all norms and guidelines to clear mess, but now placed below plates Corruption in India is a problem that has serious implications for protecting the rule of law and ensuring access to justice.
According to various reports some of the countries which top the list of black money include India, Russia and United Kingdom. With a view of bringing about simplification and rationalization of the direct tax laws, the Government appointed a committee of experts known as the "Direct Tax Laws Committee1' in June Not only do import licenses command a high premium in the black market, but the licensing system has led to corruption at all levels.
Black money is a socioeconomic evil. In the modern times, moral values have been sacrificed at the alter of money.
It provides people a convenient way to evade taxes by concealing their income. Undermining the Equity When the Government resorts to progressive direct taxation to maintain equity in the distribution of the tax burden, the tax evasion and growth of black money affect the very concept of social justice by not allowing the desirable reduction in inequalities of incomes.
The hawala system is an informal and cheap method of transferring money from one region to another without any actual money movement and without the use of banks.
One of the worst consequences of black-money and tax-evasion-is their pernicious effect on the moral fiber of our society which puts a premium on dishonesty and shatters the faith of the common man in the dignity of honest labour and lawful living.
Social values of honesty, hard work, thrift and simplicity get eroded. Thus, in short run these policies remain ineffective. Deteriorate the General Moral Standards of the Society Black money is largely responsible for the deterioration of general moral standards of the society.
Thus, it can be concluded that black money acts as the nodal point of unwanted influences on any nation state, which keep swinging within the categories of economic and social evils. Even the political institutions and organizations lose their credibility as they also gradually become a part of the entire system of black income generation.
Inflation distorts the pattern of distribution in favour of the rich ; thus, it makes the rich richer and the poor poorer. On average, those who hired agents had a lower driving ability, with agents helping unqualified drivers obtain licenses and bypass the legally required driving examination.
In spite of five decades of planning, concentration of wealth has increased. Money, due to storability characteristic, is the cause of the evil of black money. In the second form it is illegal and is not exposed for taxation.
The use of money leads to the concentration of wealth in a few hands and this gives rise to monopolies. In its first form it is legal and it is open for taxation. Money is not an unmixed blessing.Black money is not just an economic, but a social menace as well. Critically examine. A. “Black money is the money on which appropriate taxes have not been paid to the government.
Feb 23, · palmolive2day.com Black People Racist? (Social Experiment) - Hood - Pranks - Prank Don't forget to Subscribe! Subscribe to my Vlog account and Gaming account. But black-money multiplies at a fantastic rate.
Returns on black-money investments are often to the order of to percent. Since money thus generated is re-invested in such activities as hoarding and smuggling, it fetches still higher returns.
Once black-money is converted into black wealth it is very difficult to track it down. Money, due to storability characteristic, is the cause of the evil of black money. It provides people a convenient way to evade taxes by concealing their income. Black money, in turn, encourages black marketing and speculative activities.
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