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2. Concept And Definitions Of Black Money
• There is no uniform or accepted definition of ‘black’
money
• ‘Black money’ broadly means unaccounted or
undisclosed income and assets not reported for tax
purposes
• There are three sources of black money – crime,
corruption and business
• Developing countries have large parts of their economy
in the informal sector, which is difficult to regulate.
• Lack of regulation and monitoring reinforces
the black economy

3. • Level of development affects extent of black economy
• ‘Underground’ economy and corruption reinforces
each other
• The ‘commercial’ limb of black money usually results
from tax evasion
• Opening of the economy permits contracts of all
kinds coupled with the absence of transparent rules
leads to increased generation of black money

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