Black Money in India – Sources, Effects & Measures Taken

India has, for many years, faced the problem of black money. Despite the measures taken by the government to address this issue, results are few and far between. There still exist stacks of unaccounted money, creating a huge loss for the government. Thus, efficient, proactive government reform is a need of the hour to address this issue.

What is black money?

• There is no exact definition of black money.
• It is generally referred to as any money that remains hidden from the tax authorities.
• It is not the same as fake notes. Counterfeiting involves the printing of new money by unauthorised agents, while the black money is more related to tax evasion.

How is black money generated?

The black money can be generated through many methods. T