Money is an important factor that we all need for our day to day work. Most of our daily activities roam around on how we can earn more money to have a comfortable life. It is not wrong to earn money or think about earning it unless it is not harming someone. The money earned by some wrong and illegal means falls under 'Black Money'. In the below sets of 10 lines, we have talked about different prospects of black money. You can read all of them to enhance your knowledge.
Ten Lines on Black Money
1) Black money is unaccounted money which obtained illegally.
2) Black money is generally in the form of cash, leaving no traces of its source.
3) Not paying tax to the government generates black money.
4) Disclosing income means the disclosure of one’s income tax returns; the undisclosed income generates black money.
5) Anybody, who is involved in smuggling or any other unlawful activity, will not disclose his income, making it black money.
6) Earning large income and paying very less amount as tax to the government is tax evasion and is also another form of black money.
7) It poses a serious threat to the economy as it will bring downfall to the economy of a nation.
8) Generally, rich people try to evade their money and do not want to pay tax.
9) It hampers the growth of a nation as the development gets affected due to the evasion of tax.
10) Black money is a creator of other issues such as smuggling, terrorism, human trafficking, prostitution, illegal funding etc.
1) Black money is the money skipped from the paying tax to the government.
2) Black money has two parts as money laundering and tax evasion.
3) Money laundering is hiding the sources of illegally earned money.
4) Tax evasion is when you earn more income but don't pay the right amount of tax to the government.
5) Generally, people hide their illegal money in foreign countries, where a very low or almost no tax is available.
6) It increases the flow of currency in the economy leading to inflation.
7) One of the illegal funding is the “Hawala Funding” whose sources are still not open. They come in use for financing terrorism and Naxalite activities.
8) Black money is also responsible for the inclusion of fake currency in the economy of a nation.
9) Money drives out as clack money through corruption.
10) Around 22000 crore of rupees are supposed to have been collected by players of black money in India.
1) Black money is money away from tax and deposited in secret.
2) Large scale scam is a major reason for black money to earn more profit.
3) Black money is running without any fear because there is no strict law against it in our country.
4) Accumulating black money makes it difficult to calculate the correct figure of GDP.
5) Due to the accumulation of black money, banks suffer greatly.
6) Strict action against bribery and corrupt officials is very important to seize black money.
7) The Income Tax Department should warn people from time to time as well as take strict action against those possessing black money.
8) Real estate law should be strong to stop black money in property transactions.
9) Black money can also stop by keeping the account of expenses incurred during election time.
10) We can overcome the problem of black money by promoting digitization.
1) The black market is the main reason for the accumulation of black money.
2) Due to the accumulation of black money in any nation, the economic development blocks and the problem of poverty, unemployment etc. increases.
3) Many types of excise duty rates also promote black money.
4) Excessive profits from the stock market promote black money.
5) Commissions and bribes taken in government or non-governmental institutions are the main reasons for collecting black money.
6) Black money is also accumulating due to social discrimination.
7) The desire for earning more profits is encouraging black money.
8) Money deposited in bank accounts abroad of big politicians, actors and industrialists is also promoting black money.
9) Allowing people to declare their black money is also a commendable effort to eliminate the problem of black money from its roots.
10) To destroy black money, the government should enact stricter laws or provide stringent punishment.
Black money hampers the economic growth and development of a country. It also results in various other kinds of problem such as terrorism, illicit human trafficking, prostitution, smuggling, drug peddling etc. Black money results in damaging the growth of a country and its citizen face its consequences.