Black Money is the major problem that our country facing today. Black money thus became a serious problem in our country.
BJP Government shrii Narendra Modi ji took a bold step over currency ban in India. It might be a good thought to come up with but there are few controversies in process of implementation. People faced many problems to stand up in line to collect there currency from bank. Leaving those controversy we must accept his step because no other government even tried.
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| NARENDRA MODI Following Factors To Be Followed To Eradicate Black Money In India |
To get a control over black money,we should minimize the cash transactions. Illegally obtained income or not declared for tax purposes creates black money. To eradicate black money ,Government should come up with new rules such that every individual must be aware of its uses .Transactions above 20,000 should be on basis of cheque or net banking.Unfortunately,only few people are aware of it.Since many generations,Indians got habituated of cash transactions. Educational societies and media should come forward and create an awareness among people about the advantages of digital transactions,and easy ways to promote them.In India 70% of the transactions are done through cash,government should come up with new ideas such that percentage of cash transactions should go down periodically.People with black money are leading a luxurious life whereas the poor people are leading a miserable life.These activities has gone beyond the control of the Government.
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| INDIAN CURRENCY |
Count the number of currency notes in circulation.The difference between how much money should be generated and how much is actually generated to be calculated. The only trick is to estimate how much “should” be the income. And it depends from person to person. Only 20% of Indian Black Money is in the country whereas the remaining 80% are stashed abroad and other nations.However,globally the total amounts stashed in the Swiss banks are Rs 90 lakh crores.
The total amount of black money deposited in foreign banks by Indians have been unknown.Under the authority of,Indian Prime Minister Sri Narendra Modi,an initiative had been made by ceasing 500 and 1000 denominations,to be legal tender from midnight on 8th of November 2016. Automatic teller machines at some places were closed on 9th and 10th of November. Government organisations have brought out new notes. The Government of India accepted the proposal of RBI in bringing out ₹2000 banknotes and a new version of the ₹500. The old notes were replaced with new denomination.Even though the decision was a good initiative to curb black money was correct but it was not pre-planned ,this made huge panic to people .Exchange of money is less due to lack of new currency notes and maximum of Rs.2,50,000 can be in an account. More than 50% of Indians have paid bribes in public offices to have their tasks performed.
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Politicians and political parties corrupt higher officials of government by taking bribes from foreign companies for transferring to India when needed. Many times locally earned bribes, funds and collections are also routed abroad through hawala channels for evading from Indian tax authorities and consequent legal implications.Transaction of money from India to any country through cash is illegal but where as transaction done through online makes it fair.
In February 2012, the director of India's CBI said that,Indians have US$500 billion of illegal funds in foreign tax,more than any other country. In March 2012, the government of India clarified in its parliament that the Central Bureau of Investigation director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.
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