World's Biggest Black Money Market: India.

                                   Well everyone here must be familiar with the recent news on the Indian black: How government gets the names of the account holders of Swiss Bank, how and what will be the proceedings, will government bring back the black money..etc etc. But what is it actually is known to a handful of people.
                                     The rising of a black money is a major challenge to a developing country, especially India. Black money, in simple terms, means the money on which tax is not paid or the money that is obtained illegally as in the form of bribes. The black money in India is a good issue of extempore. Since India obtained its independence, black money is on the verge of increase since then. The Government of India, at that time, did not took any major steps for controlling the black money outflow. The major causes of the rising black money in India today are that high rates of taxes and large number of taxes on the Indian shoulder. When any businessman (probably working on a small scale) earns a little profit, he has to give about 20% of his income as the taxes ( I'm not talking of one tax, but number to taxes here). So if he is not to get something more for his and his families stomach how and why shall he pay the tax. Naturally he shows a little amount infront of the income tax department and pays only a little. To effectively curb this the Government should reduce the number of taxes and should also reduce the rates of the taxes, and more and more number of the population should be brought under the Tax System. Let us suppose that out of the 110 crore people, today only 20 crore fills tax, suppose Rs. 10 each with average income of Rs.20 each. Govt. will get Rs. 200 crore. Now in the next step assume that 50 crore people are made to pay a tax of Rs 4 each, supposing their average income to be Rs 15 each. Then also the government will get the same thing. Also in contrast, everybody will happily pay the tax as the tax rate will be less and people can enjoy more profit.
                                   Now, lets see for the bribes. Do you know what is the monthly salary of an average hawaldar working in the police station? He just get barely up to  Rs 4000-5000. So now I leave the reader to imagine how he will sustain his and his families lives with such less amount in hand and that too in this extremely inflated world ? Naturally he will have to find a other way out of these crisis and that way is the bribe. What they think that let's take a little bribe and let the accused be free, after all who is going to ask me ? The Indian Govt. selects the best of the best brains from the UPSC's competitive examinations. These then are give the IAS post throughout the country but what about their payment ? They are also poorly fed by about Rs 10000-14000/ month. So what shall they do? The States are appointing food inspectors in their respective states to check the adulteration and quality of the food stuffs. But they are even worse paid as Rs 3000/month. Don't you think that it is not possible to them for sustaining their lives ? On the contrary, if their payment is increase to upto Rs. 60000-70000/month, wont they live happily ?

Advani seen to demand black money back in India

                                    Now-a-days you ll must be updated with the news of the Govt.'s steps to bring the black money back in India. The black money from India is mainly deposited at the Swiss Bank and the German Bank. Now why these two banks only ? The answer is very much simple. Whenever we go to deposit our money in the bank, the bank first asks from where the money has been brought and whether the required tax on the amount has been paid or not and demand these legal documents. But the above mentioned two banks are such that just give them money they do not ask anything and the money is safely deposited ! That's all. Well if anyone provides such a banking facility naturally the line for making it our daily part is a long one. On the part of Indian's, the chairman of International Monetary fund says that, India may be a poor country but Indians' are not. He says that according to the Bank's statistical report to the IMF, it is seen that is the Indians uses their money for National Reconstruction, it is possible to build 4 lane road to any village from Delhi, everyone can be fed atleast twice daily and everyone will have adequate housing and clothing facilities ! Well the Govt. till date has taken some measure to curb out the black money.

                                  The Govt. has now entered into a treaty with the Germany and Switzerland for getting a list of the account holders in the bank. Accordingly with help of the Supreme Court, they have issued notices to the account holders and as Govt. has promised to declare the names of the account holders to the Indian public. Well Govt. seems to act a little but this was to be done in the past only. And still more interesting is that many of the ministers themselves have their accounts in those banks, but when the name will be declared then only we'll know the truth. Black money, as declared by the Supreme Court, in it's true sense is the theft of the Indian wealth. But now we just have to keep our eyes on the updates. May they who betrayed Indians' get not anything less than death. JAI HIND !

World's Biggest Black Money Market: India.