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8/7/2019 BLACK MONEY AND
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DO WE NEED LAW TO CURB THE
BLACK MONEY
Submitted By;- Akash Shrivastava
B.A.L.L.B.
S.S.L.G (JNU, Jaipur)
8/7/2019 BLACK MONEY AND
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POINTS TO DISCUSS
´ What is black money
´ Causes of black Money
´ Why is it necessary to enact a law to curb blackmoney?
´ legal Necessity
´ How is it possible, to make a law to curb BlackMoney?
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WHAT IS BLACK MONEY?
´ ³Income, as from illegal activities, that is not reported to
the government for tax purposes.´
´ In other Words;-
³Black money is the sum total of
transactions deliberately kept out of the books of
accounts by household and business in the economy.´
It is known as ³Complete threat to the National
Economy´
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CAUSES OF BLACK MONEY
´ High rates of taxation
´ Corrupt business practices
´ Political and bureaucratic corruption
´ Prohibited trades lik e liquor and drugs
´ Establishment of Tax heavens
´ Manipulation of public expenditure
´ Inadequacy of power to the tax author ity
´ Ineffective enforcement of the tax law
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TO CURB BLACK MONEY?
´ ³One analyst calls "black money" or illicit money
India's curse.´
´ Major impact: - Creation of a Parallel Economy
´ Govt. looses lots of revenue
´ It leads to corruption, f inancial frauds, and improper
distr ibution of income.
´ Black money is lik e block money.´ Great r ise in pr ice.
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WHY IS IT NECESSARY TO ENACT A LAW
TO CURB BLACK MONEY?
´ Used now days in financing terrorist¶s activities.´ Impact on judiciary-
³Genuine f inancial transactions can¶t be
proved in courts against culpr its, etc.´
´ It must be clear to all that the nation cannot shut her eyes. Smugglers
can no longer be tolerated. They are str iking at the very roots of our
democratic structure. All steps to weed the black money out of
circulation must be tak en as early as possible. The govern-ment mustcome down with a heavy hand on smugglers, black -mar k eters and
hoarders. Black money is a curse. It must be rooted out of public life.
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LEGAL NECESSITY
´ ³Doctrine of Necessity´
It is the perfect legal ground for the enactment of the law to
curb the black Money.
´ Continuous Scams In the Country is demanding for the
enactment of the law to curb the black Money.
´ Demand in case of Hasan Ali
´ Bofors Case´ 2G SCAM
´ Adarsh Society Scam
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,
TO CURB BLACK MONEY?
´ "Unless there is no political will to dig out black money, nothing will happen,"
Steps govt. should take to curb black money;
´
Establishment of anti corruption bodies´ Str ingent rules to curb all for ms of corruption
´ Enhance the transparency in tax transactions
´ Conf iscation of personal r ights of guilty persons
´
Persons should also be debarred from holding anyelective off ices, important posts including directorshipsin companies, MP, MLA
´ International cooperation
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CONCLUSION
´ It is, therefore, no exaggeration to say that
black-money is like a cancerous growth in the
country's economy and if not checked in time it
will surely to lead to its ruination. Only strong
will power of the govt. can wither the roots of
black money.