Black money is that money against which tax is not paid. It is national money which is stolen from the government and stored in banks abroad in order to increase one’s own wealth by cheating and stealing from the government. In India there is about 300 lakh crore rupees of black money that has been stored in foreign banks. It is a direct way of stealing from the government. Some people hide a certain percentage of their earnings in order to avoid tax payment against the earning and keep the money completely with him. In this process the government fails to keep a track of the actual national wealth and the correct tax is not accumulated. The money against which tax is not paid is not kept in any local, regional, or national bank in the fear of being discovered or getting caught by the government officials. Instead this money is transferred to foreign countries and stored in foreign banks. Some examples of such foreign banks are the Liechtenstein Bank and Swiss Bank. This black money which is originally a part of national wealth in India is no more in India. The government needs to be strict and rules need to be more rigid regarding these matters. The government fails to take action as some government officials also indulge in such practices. Due to the inefficiency of the government in taking action the normal people suffer in India. Due to the excess of black money the rich are getting richer and the poor are getting poorer in India. Due to failures in the governments attempts to retrieve the money and bring it back to India eminent social workers like Baba Ramdev and Anna Hazare have started protesting against the Indian government in order to bring back the black money in India. There has been great support as the common people have started voicing their opinion regarding this issue. This has pressurized the government of Indian and pushed them backwards.
indian money in swiss banks is nothing but the way to hide money to the safest place without paying any tax. The money that is collected and charged in the bank of Switzerland and other foreign countries belongs to indian and hence is the property of india. Let us see Baba Ramdev fast finally ends and will it leave any impact on the indian govt to declare it as a national asset.
@LeadIndia: do you think that if the black money is declared national asset will it be able to reach to the people who are actually in need of it? No. It will again go in the pockets of those handful who are in the power or may be they will be found in some scam or declare the money to some trust thing. I don't know but I don't feel personally that anything could happen by declaring the black money as a national asset.
people are very much aware of the fact that huge amounts of black money is lying in the foreign banks. now whatever has to be done is left over to the government. but i do not think all that money would be brought back to india and be declared as national asset unless there is some vigilance committee looking into the whole process until money is brought back.what do u think?
Indian black money are in foreign bank like Swiss bank. No matter that money come back to india and declared as national treasure still the money will not reach to people thats for sure. Politics and our very own politicians are corrupt like anything and there is no denying the fact that most of the money that is there in swiss back is of these corrupted politicians only. How can they be so generous that they will distribute their money for the well being of people?
