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The Evils of Black Money
‘Black Money’ means the illegally earned money or the unaccounted money, or the money for which no income tax has been paid. Today, the canker of black money is eating into the vitals of our economy. It is a big barrier to the development of our country. The existence of black money is a worldwide phenomenon. It exists in the economy of almost every country. But in India, its magnitude and rate of growth have reached staggering heights. The proportion of black money in India is more than Twenty-Five per cent of the national income. In India, the existence of black money is a recognized fact. It exists like a parallel economy. If you are a businessman it is presumed that a major part of your business deals will be in the black money. Those who sell or buy property partially transact in black money. There is perhaps no aspect of life where black money does not show its evil and ugly face. As black money has become an essential feature of today’s life, peoples attitude towards it has also changed. In the past, if somebody earned black money, he kept it a well – guarded secret. But now black money has ceased to be regarded as a symbol of dishonesty. Tax evasion is no longer considered a crime, black money is freely used in elections, marriages and purchase and sale of the property. Black money is not evil in itself, but it generates numerous social and political evils. Therefore, it must be eliminated. In order to check the menace of black money, the government should take a number of steps. The rate of taxation should be lowered and the tax structures should be made more rational. The system of controls permits rad licences should be made liberal. But the most important aspect is strong ethics. Unless the public at large realizes that black money is an evil, the schemes of the government will not bring much fruit.