Sunday, May 24, 2020

Effects Of Black Money On Indian Economy - 1679 Words

CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction The intent of writing the following literature review is to highlight the knowledge of origin of black money, the consequences of black money on Indian economy. In addition this section will anchor on how the economy is going to change if black money from around the globe is brought back to its country. This review will be done by studying and scanning of existing resources on Indian economy. It will also determine the policies made to stop generating black money in the first place. 2.2 Critical Review 2.2.1 origin black money There are many sources of generation of black money and some of them are legal means and the others are illegal means. Practices such as weapon trading, terrorism, selling of counterfeit or stolen goods are some of the main illegal means. Where corruption is concerned, black money is earned through giving and taking of bribes by public officers.. Apart from this, the politicians and political parties take bribes from foreign companies and invest it in tax havens to transfer it to india when needed. It is also generated through evasion of taxes by hiding the income from public authorities. Commercial sector also generates a huge sum of black money by creating an imbalance between exports and imports by under-invoicing exports and over-invoicing imports from countries like Singapore, UAE, and Hong Kong etc. The figure bellow shows manipulations of accounts for tax evasion.Show MoreRelatedCashless Indi A New Beginning Essay1429 Words   |  6 PagesCASHLESS INDIA: A NEW BEGINNING Introduction: The Indian Economy post Economic Reforms of 1991 has witnessed drastic growth and development coupled with higher international integration at the global platform. Among various other emerging markets, India promises higher investment returns, which can be further attributed to many factors. 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