Difference Between Black Money and White Money
A lot of Rage and anger has been generated by general corruption and illegal practices of money stashing in Swiss banks by people of India. It has a dozens of cases of high level corruption and also 2G scam, and the politicians, even ministers were sent to prison when enquiries revealed there ill doing. Lot of money has changed hands from companies to politicians. Most of the money is often deposited as black money in Swiss banks and never sees sunlight. It is the money which was created by unfair means and no levies and taxes were paid. There is much more difference between black and white money which will be discussed in this article to allow the readers to overcome this problem of boiling.
The recent events and protests by distinguished social activists and Gandhian Anna Hazare and Yoga Baba Ramdev gave free lesson in popular about black money to ordinary people on the money earned by men of business and the pots of wine taken by the ministers. Majority of the illegal money finds its way to banks and investment abroad, in most cases in Swiss banks where one need not prove the legality of the money deposited by him/her as per the rules. The Switzerland became sure paradise for people who earned some black money as they find it easier to deposit there. It is clear that incomes earned due to illegal activities cannot be openly kept in India because it is renowned black money and they have to face dispositions of the levy on income and to pay penalty or even perhaps to serve a prison term that is why people deposit black money in the Swiss banks.
White money is the income which they generate, after payment of levies according to dispositions and can be kept openly in bank account and also pass somehow through legal channels. On the other hand, from occult commissions, pots of wine, the money earned by corruption, and the money which was recorded by using faithless means is called some black money. As levies on income and of sale were not paid on these sums, this money must be kept subterranean. The politicians and corrupt bureaucrats earned black money since independence and corruption pervaded all areas of the society, so it made India one of the most corrupt countries in the world. It is a huge drawback not only among the intelligentsia, but also those who are oppressed and made to pay pots of money to acquire their job performed by the civil servants of the government. This anger of the public is reflected in demonstrations being aimed by Anna Hazare and Baba Ramdev. Smelling the pulse of the society, the government bent down and also hired them in writing of the Lokpal bill. Members of the society to be involved to create an ombudsman that one thinks can be cure of the cancer called corruption in the country.
What is difference between the black and white money?
Coming back to the difference of white and black money there lies a big difference, it is because black money is not broadcast and stays in the possession of the person which wins and harms economy therefore because it is not reinvested for productive aims. According to estimates the sum of black money in India could be at the level of economy bigger than the white money generated economy in India. Lots of suggestions that the possessors of black money should declare their property so that they can be taxed and some money will be used for the improvement of weaker sections of the society are coming on. However many of them oppose the view as soon as they have a feeling that the legalization of black money is equivalent to punish amnesty to the possessors of black money. They think that such persons have to be punished and their property should be declared the property of the government so that dissuasion is created and the persons in future can not be tried to collect black money, without any fear.