Black money is basically a collection of illegally earned income. It is not primarily announced for the purpose of tax. The issue of black money is prevalent in India and the government has recently taken stringent measures for disposal. The money earned illegally is known as black money. There are many sources of wealth to generate black money and, despite having a negative impact on society, this work has been going on for several decades. Many long essays have been provided to help you in your exams, classes and competitions. Here you can find essay on Black Money in Hindi in 200, 300, 400, 500 and 600 word.
Essay on black money - 1 (200 words)
The problem of black money is not new to our country. Attempts to hide the money generated from various illegal sources have been a common practice here.
The problem of black money has given rise to many other issues in India. Due to black money, misinformation is being spread in major issues in which the country's economy is the main government government is fully dependent on revenue and tax evasion has taken a toll on the country's financial system to collect black money. Apart from these effects, it also affects the general public because it is the basis of social and economic inequality in the country.
There are many reasons for the accumulation of black money. The high tax rate set by the government is considered to be the main reason. Other reasons include the various rates prescribed for excise duty, price control policy, real estate market, inflation and quota system. People find different ways to hide their income from the government and avoid tax rates with this.
The need to stop black money from depositing should be sensitive. Although the government is taking steps to end this problem, if people are not supported, success in this direction can not be achieved.
Essay on black money - 2 (300 words)
Black money is basically the money earned in the black market. This is a hidden amount from the government, so that the tax refund can be avoided. With the accumulation of black money, many negative outcomes are seen in society, in which economic and social inequality is prominent.
Sources of black money
Now the question is, when there is such negative impact of black money, then why is not the government taking steps to end this problem? The government is making efforts to free the country from black money, but it is also stronger than the policies designed to get rid of the disease.
It is not necessary to say that theft of various types of taxes including income tax, state taxes, corporation tax, excise duty and customs duty is the key to making money. Here's a look at the various sources of black money:
- Black Income In Export: Many black money is generated by businesses that export their goods.
- Black market: Good supply of black money is another source of black money.
- Stock Market: Many profit is generated through share market trade and most of these are unaccounted for. Such unaccounted profit promotes the collection of black money.
- Illegal Commission: Many government officials charge illegal commissions for general services. Through this, earning money promotes black money.
- Bribery: Bribes happen at various levels of government and private sector, which directly promote black money.
- Scams: Scam by politicians and others living in power is, of course, a major source of black money.
The problem of black money has been sustained in our society for decades, it is the right time that the government should work for a successful scheme to free the country from the clutches of this evil.
Essay on black money - 3 (400 words)
The problem of black money is one of the main problems of our country these days. It is the first in the list of economic inequality which promotes social inequality which causes many problems in the country. There are many factors in promoting this problem. Some of these include high rates of tax, survival costs, inflation, different rates of excise and real estate industry.
Ways to control black money problem
It is important to control the problem of money laundering as it is obstructing the development and progress of the country to a great extent. Here are some ways in which we can control this problem:
- Tax system must be realistic. People should not see it as a burden. The higher tax rate will help people only tend to tax ways of tax evasion.
- The tax collection process should be made more efficient. The government should take some steps to give dedicated and honest officials to this task so that more and more officials can be motivated to take it seriously.
- The government should work on its price control policy as it is the reason for the collection of black money.
- Public sector projects should be monitored regularly so that their expenses can be reduced regularly.
- Private sector investment expenditure should also be inspected effectively.
- The government should take action against corrupt officials who contribute to the development of black money in many ways.
- Administrative corruption should be controlled at different levels.
- The sale and purchase of property by the IT officers should be monitored completely so that people do not hide any kind of black money on this pretext.
- Politicians, celebrities, senior civil servants and media people should set an example for the general public by paying their taxes.
- Incentives should be given to those who voluntarily disclose income.
- The exchange rate should be realistic and display our comparative rate and status in the world economy.
Although the Modi government has taken the steps of political strategy to break this illegal money accumulation, but still much more should be done to reduce the problem. People should understand the importance of paying taxes and refrain from focusing on black money. A small contribution of every citizen as tax also helps in the development of the country.
Essay on black money - 4 (500 words)
Black money is the money on which tax is not paid. It is hidden from the government so that tax can be exempted. People have many means to keep their money in order to avoid tax and avoid it. The way in which the government has tried to stop this problem recently, a few points have been noticed here.
Black money accumulated abroad
Many big business men, ministers and celebrities are known for depositing their money in foreign banks. However, the total amount deposited by Indians in foreign banks is not estimated. It has been seen that many reports have come up, which estimate how much money the Indians have deposited in their foreign accounts. According to one of these reports, Switzerland has accumulated $ 1.06 trillion, while another report claims that about 2 billion US dollars have been deposited in Swiss bank accounts of Indians. It has also been claimed that the illegal money of Indians in foreign accounts is around 500 billion US dollars.
Demonitisation- One step towards abolishing black money
Recently Modi Government took a big step to end the problem of black money. On November 8, 2016, Narendra Modi announced that notes of 500 and 1000 rupees would be legally invalid from midnight. The ATMs of the entire nation were closed on November 9 and 10. They were filled with a new version of 2000 rupees notes and 500 rupees notes. Old notes were completely closed from the circulation. According to the government, this action will reduce black money accumulation and eliminate illegal businesses and activities.
The announcement of the withdrawal of old currency notes and the reduction of new notes suddenly ravaged the country and disrupted normal work in different areas for several weeks. This decision received mixed reactions from the public. Many people condemned this decision because it only generated discomfort for the general public. This poor scheme has been criticized across the country. In different parts of the country, the public came down on the streets in protest of the government.
Although the government has claimed that this step has been taken to improve the overall situation of the society and people will see its positive results for a long time.
Effect of Demonitisation
This move has condemned and criticized many people. Here's a look at the positive effects of this plan:
- Due to this move of the Modi Government, huge amount of black money was destroyed.
- It emerged as a shock for political parties and ministers who used black money for campaigning and other activities. This hinders the bad practices used by these parties to get votes.
- The amount of black money running in the real estate sector has come down heavily.
- Hawala transactions promoting terrorist activities were stopped.
- Along with this, the Maoists and their movement have been negatively affected.
The issue of black money is eating the country like parasite. Noteben has helped in controlling it to some extent, but still the government has to do a lot to get rid of this issue.
Essay on black money - 5 (600 words)
People earn money from different sources and do not expose them so that they can avoid paying taxes. The money which is not taxed on the accumulated wealth is known as black money. For a long time the problem of black money in our country has been prevailing. There are many factors contributing to this problem
Due to black money
Here is a look at various reasons which are the cause of the problem of black money in India:
High tax rate
Tax rates in India are quite high. Increase in tax and duties has forced people to take the path of illegal wealth accumulation. Tax free income limit in the country is only Rs 25,000 / -. These days when inflation is so high then this amount is not enough to run the house. This is the reason that the professionals who earn more are working to hide their income so that they do not have to pay taxes.
Price control policy
Some value items such as fertilizers, sugar, cement etc. are priced by the government through price control policy. This policy is harsh and does not make any difference in the market fluctuations. Private manufacturers and retailers have taken advantage of this policy, resulting in black money accumulation.
Various excise duty rates
Based on the quality of the product, the government has set different rates for excise duty. To avoid paying higher rates of excise duty, producers often reduce the rate of the product. It generates black money.
Real Estate Transaction
Real estate transactions involve large amounts of money transactions. People collect black money through real estate transactions. Selling after buying property at affordable rates and after prices rise has become a lucrative business, which results in a lot of black money.
The government has fixed a certain quota for exports, imports and foreign exchange. Although it is determined for the benefit of the people, but it is often used to deposit black money.
The rate of high inflation is considered to be one of the reasons for black money.
Black money effect
Black money not only has a negative impact on the economic condition of the country but also has adverse social consequences. It generates economic inequality in the country, which is undoubtedly the basis of social inequality. Such practices are the only reason that rich people are getting rich here and poor condition is getting worse. Social inequality increases the frustration among the people so that crimes like robbery, bribery etc. are born.
Tax evasion also means that the amount used for the development of the country could not reach the government. If the government does not get enough revenue then it will not be able to create new projects for the development of the country and the upliftment of the poorer sections.
Countries where people pay religious taxes are better than those countries where black money is accumulated in huge quantities.
The government has taken a few steps to end the issue of black money. Recently, one of the major steps taken in this direction was the decision of the captive. Although there has been some degree of success in removing black money through this move, many people have also condemned it. Note help from captive but this help was definitely not enough. There is a lot to do to prevent this bad practice. The government should make more effective measures to stop this problem and remember that the government alone can not end this issue. If every citizen of the country contributes to it, it can be stopped.