Essay on Black Money
Read an essay on black money in English in 300 words. Know more about black money essay in English for students of class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12. Write an essay on black money in India.
Essay on Black Money
Black money is the money gained through illicit means and on which no income tax is given. People earn this money by resorting to corrupt means and do not declare it to the government as some legal action can be taken against them. Politicians, drug smugglers, corrupt government officials are some of the individuals that are involved in black money laundering. Therefore, black money is a major constraint that is hindering the growth of a nation.
There are various techniques and ways to generate black money and most of the black money is produced in the government sector wherein corrupt officers having influential position get bribes and perks in return of making some financial and legal decisions that are not in the interest of the general public. Such type of money is not deposited in the banks so as to keep it hidden from the government tax.
This certainly deteriorates the economy of a country as if the tax is paid on this money, it could be used by the government for numerous development schemes such as it could be utilized to build schools, hospitals and old-age homes. Hence, black money increases the economical gap by making richer more rich and keeping poor people away from the basic amenities of life. Such kind of money also blots the functioning of various government entities.
In conclusion, money earned through unfair means is usually used to bribe government officers and other organizations in return for some favour. This affects the whole system of the government and the general public lose trust in the working of the government. This ultimately creates social and economical discrepancy and leaves the nation in the state of misery. So, it’s the need of an hour that people should come forward whenever they notice any kind of fraud or illicit activity so that government can take strict actions against such activities.