Black money is defined as assets or resources that have neither been reported to the public authorities at the time of their generation nor disclosed at any point of time during the possession. The problem with black money is huge . It has serious socio-political and economic implications. According to sources the estimate of GDP is to the extent of 60% of GDP.
The implications of Black money are:
- Political:
- Black money infusion into the economy lead to the weakening of institutions. The trust on the institution decreases. Transnational crimes increases as they act as a source of terror funding and antinational activities. Black money also affects the elections. Especially in a country like India, it infuses money power. Money power does not allow genuine candidates to compete in the election.
- Economic
- Corruption raises its ugly head. Black money also lead to inflationary tendencies in the market. It 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z"/> Subscribe on YouTube
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