Black money refers to money that is not fully legitimately the property of the 'owner'. A white paper on black money in India by the Government of India suggests two possible sources of black money in India. The first includes activities not permitted by the law, such as crime, drug trade, terrorism, and corruption, all of which are illegal in India. The second, more likely source is that the wealth may have been generated through a lawful activity but accumulated by failing to declare income and pay taxes. Some of this black money ends up in illicit financial flows across international borders, such as deposits in tax haven countries. According to a 2010 The Hindu article, unofficial estimates indicate that Indians had over US$1456 billion in black money stored in Swiss banks (approximately USD 1.4 trillion).
@9JP8R26Bharatiya Janata3mos3MO
Both should be used. Punishment for violators, and incentives for people who disclose and bring back the money
@9CQB2PB10mos10MO
This is a meaningless question.
Too complex issue, one policy will have no effect.
@SKT9WB3yrs3Y
Punishments and incentives are no use if effective monitoring is not done. The present system has lot of opportunities for leakages. There should be a tightly integrated system which constantly monitors such occurance and speedy disposal of cases
@SKKZ3NBharatiya Janata3yrs3Y
Give amnesty for coming clean and declaring all assets. But after a set deadline, impose harsh punishment.
@SKC6YXBharatiya Janata3yrs3Y
Carrot & stick policy : incentives, amnesty to violators for a fixed small period of time, then punishment for both violators and banks. Long term reduction of excessive taxes, taking the nation into a low tax, small government regime.
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