According to a World Bank published report, the travel time for a Delhi-Mumbai trip could be reduced by about 2 days per trip if the corruption and associated regulatory stoppages to extract bribes were eliminated.
One of the worst consequences of black-money and tax-evasion-is their pernicious effect on the moral fiber of our society which puts a premium on dishonesty and shatters the faith of the common man in the dignity of honest labour and lawful living.
Inflation distorts the pattern of distribution in favour of the rich ; thus, it makes the rich richer and the poor poorer.
From this way, rich people progress fast and they became richer get richer. Further, it is false to claim that the absence of a mandatory, government, monopoly licensing authority would lead to chaos on the roads with large numbers of incompetent drivers driving recklessly causing accidents left, right and centre.
Dual Economy The increase in the amount of black money in India over a period of time lead to the perpetual growth of economic dualism which consists of Parallel economy black money economy operating side by side with the Official or Reported economy on the country.
WhatsApp In order to create and sustain a healthy economy, a country should have a good tax revenue collection. Another form of corruption involves the siphoning of money by those in positions of power. You can be stopped any time and troubled by a representative of The Law.
This blocks the circulation of money and leads to its accumulation of money, which remains unaccounted. Many steps have been taken by the Government from time to time to check the tax-evasion. Black economy constitutes a financial leakage since tax income from unreported earnings is not received by the government, thereby, serving as a loss of revenue to the government.
It is almost impossible to estimate the amount of black money in any economy. Is this view justified? Growth of monopolies results in the exploitation of the workers, brings misery and degradation to them.
This notion too is part of the conditioning that we go through and the best way to tackle it is to understand the fundamental concepts involved. The existence of rapidly growing black money in our economy has grave and disastrous consequences. The reason we get a driving licence is to avoid getting into this situation ourselves.
The World Bank study finds that the public distribution programmes and social spending contracts have proven to be a waste due to corruption.
Once black-money is converted into black wealth it is very difficult to track it down. Distortion of Production Pattern The black money has altered the choice coefficients in the market in favor of luxuries, which lead to the diversification of productive resources from essential goods to the non-essential goods.
Let me explain a little elaborately. Social evil grow in the society like diseased tree that no one have courage to cut done.
Hoarding And Black marketing: A great disadvantage of money is that its value does not remain constant which creates instability in the economy.
What are the disadvantages of Money? From this way, we can live happily in this society. The recommendations of the Committee are being processed for implementation.
The shearers wife louis esson analysis essay The shearers wife louis esson analysis essay gauss verteilung beispiel essay aehsc sujets de dissertation criticism essay on smoke signals magazine. The use of money leads to the concentration of wealth in a few hands and this gives rise to monopolies.
What will come into existence is a spontaneous order that evolves from the action of market forces. So, driving licences are usually issued after a process that includes, among other things, driving tests. There are a range of specific factors that make a sector more susceptible to bribery and corruption risks than others.
It is estimated that the amount of black-money has reached over Rs. Shorn of this power, the government functionary has no means to extract his bribes from ordinary citizens. According to The World Bank, aid programmes are beset by corruption, bad administration and under-payments.
The seller counters this effect by selling the merchandise to another customer who purchases the item, but does not receive a receipt for this purchase.Black magic, Evil eye, hexes, spells, dolls, hidden objects and many other powerful witchcraft do exist. Black magic takes effect in the physical world by attracting itself /5(39).
Money, due to storability characteristic, is the cause of the evil of black money. It provides people a convenient way to evade taxes by concealing their income. Black money, in turn, encourages black marketing and speculative activities.
Black Money basically refers to the income on which the tax is evaded or paid partially. This is one of the biggest menaces of an economy. Obviously, the existence of black money cause mammoth losses to the exchequer of the country and devoid it of its revenues, thereby reducing the pace of.
Black money is not an evil in itself, but it generates numerous social and political evils. Therefore, it must be eliminated. In order to check the menace of black money, the government should take a. Social Blade Dashboard Benefits [EXPLAINED] how to Social Blade - Duration: 2 minutes, 19 seconds.
InParliament passed the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, to curb and impose penalties on black money hoarded abroad.
The Act has received the assent of the President of India on 26 May It came into effect from 1 JulyDownload