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).
39% Yes |
61% No |
36% Yes |
45% No |
2% Yes, and make India a tax haven by eliminating income taxes |
7% No, but punish citizens and foreign banks that hide black money |
6% No, only reduce taxes for low to middle class workers |
|
4% No, this would not bring black money back to India |
See how support for each position on “Black Money” has changed over time for 7.9k India voters.
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See how importance of “Black Money” has changed over time for 7.9k India voters.
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