Black Money Effects
SHAJI THOMAS ASSISTANT PROFESSOR P G DEPARTMENT OF COMMERCE PAVANATMA COLLEGE IDUKKI,KERALA EFFECTS OF BLACK MONEY ON INDIAN ECONOMY ABSTRACT: Black money is one of the hot topics of discussion now a days in our country. The black economy represents not less than one fifth of the aggregate economic transactions. Black money results in the functioning of a parallel economy. In India, black money refers to funds transacted in the black market, on which income and other taxes have not been paid. It practices those activities which are contrary to the principles of economic policy pursued in an economy. Therefore it is called illegal economic operation. It is well-known that there is a large quantity of money, income and wealth which has been …show more content…
Black money is largely attributed to tax evasion. The circulation of black money has a deep impact on the economy resulting in a decrease in government revenues. The creation of parallel economy as a consequence of the growing proliferation of black money in every sector of the economy has very serious influences on the working of the Indian economy. There is also interaction between the reported and unreported activities such that it is difficult to identify black money from the white money in economy. Such a Parallel Economy will ruin the entire economic development of the …show more content…
A rise in overall consumption leaves fewer resources for investment in priority areas, having an adverse effect on production. Black money distorts resource allocation in the economy and often leads to wasteful use of money. It leads to conspicuous consumption and in turn results in the diversion of large funds to unproductive channels which ultimately put the economy out of order. 7. Deteriorate the Ethical and Moral Standards of the Society Black money is largely responsible for the deterioration of general moral standards of the society. Black income generation implies a deviation from the accepted norms in society and from the point of view of the society is unethical. Socially, we can say that the structure and ethos of a society undergoes a massive change. Social values of honesty, hard work, thrift and simplicity get eroded. 8. Black money results in increased criminal
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