Black money is easy to spend because it is unaccounted money. However it also adversely affects the Economy. The more Black Money are generated and it creates high inflation in the country. In the process genuine tax paying citizen are becoming victim of it. One can observe that The inflation affects only Genuine Taxpayers, Fix Salary Class and Senior citizens. While rich and lower class are least affected.
Besides that it is observed that India stands top among the countries who are generating high amount of black money. It is quit natural when high percentage of people do not pay the taxes. There is also limit for keeping black money in the house. Hence excess black money is diverted in form of Investments in Gold or Diamond Ornaments. The other sources of investments of Black Money are in Real Estate and Tax Heavens abroad. Therefore India is also one of the leading country regarding investing Back Money abroad. The transfer of huge tax invaded funds also comes in the way of development.
In short the Black Money has become political issue. It is political issue in the sense that people who are supposed to handle the said issue are involve in the same i.e. Corrupt Politicians, Bureaucrats, and the powerful Rich. Who is going to bell the Cat?Apparently all political parties are against Black Money but they need will to eliminate it. Besides that even elections are fought with large amount of Black Money. Hence it is a vicious circle. The list of persons who are having funds in Swiss Banks are already unofficially published. Panama papers relieved the list of the people who have invested considerable amount in the said Tax Heaven. They are appears to be all tax evaded Money i.e. Black Money.
The present government had also promised in election that they will bring Black Money illegally invested abroad so that common men of India will be benefited. However now Indian Government says that ' They do not know how much amount of illegal funds are lying Abroad'?. It is also said those foreign funds lying abroad are coming back in the form of Foreign Investment funds in India. However one thing is certain that' Black Money are braking back bone of Indian Economy.' It will be in the interest of the India to solve the monster of Black Money as early as possible.
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