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Convertibility of Black money to white

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Convertibility of Black money to white

  1. 1. Convertibility of Black Money to White Money (Against) Group 8_B P Sudhindra Reddy Amit Chheda
  2. 2. Introduction <ul><li>What is ‘Black Money’ </li></ul><ul><li>Causes of Black Money </li></ul><ul><li>Consequences of the Black Money </li></ul><ul><li>Controlling the Black Money </li></ul>
  3. 3. What is Black Money? <ul><li>Black money is essentially the currency used in ‘black economy’. </li></ul><ul><li>Black, shadow, underground, unobserved, unofficial, subterranean, unrecorded, informal, irregular, second, twilight, parallel – are all the synonyms used for the ‘shadow economy’. </li></ul><ul><li>‘market based production of goods and services, whether legal or illegal, that escape detection in the official estimates of GDP’ </li></ul>
  4. 4. Causes of Black Money <ul><li>Corrupt Politicians & Bureaucrats </li></ul><ul><li>Complex Tax Structure </li></ul><ul><li>Intensity of Regulations </li></ul><ul><li>Criminal Activities </li></ul><ul><li>Inefficient & Corrupt I.T. & Vigilance Dept. </li></ul><ul><li>Declining Morale to Pay Taxes </li></ul>
  5. 5. Consequences of Black Money <ul><li>Decrease in Govt. Revenues </li></ul><ul><li>Decrease in quality & quantity of Public Goods & Services </li></ul><ul><li>Higher Taxes & Inflation </li></ul><ul><li>Difficulty in Monetary & Fiscal Policy Formulation </li></ul><ul><li>Increase in Criminal Activities </li></ul>
  6. 6. Controlling the Black Money <ul><li>Conversion from Black to White </li></ul><ul><ul><li>Mauritius Route </li></ul></ul><ul><ul><li>Amnesty Schemes (VDIS) </li></ul></ul><ul><ul><li>Demonetising Higher Denomination Currency </li></ul></ul><ul><ul><li>Special Bonds </li></ul></ul>
  7. 7. Controlling the Black Money <ul><li>Prevention of Black Money </li></ul><ul><ul><li>Proper Tax Structure (GST, VAT) </li></ul></ul><ul><ul><li>Simple Rules & Regulations </li></ul></ul><ul><ul><li>Use of e-Money </li></ul></ul><ul><ul><li>More Banking Transactions </li></ul></ul><ul><ul><li>Use of PAN & Identity Proofs </li></ul></ul><ul><ul><li>Efficient & Powerful I.T. & Vigilance Dept. </li></ul></ul><ul><ul><li>Awareness of Benefits of Tax Payment </li></ul></ul>
  8. 8. Conclusion <ul><li>Conversion of Black Money to White Money is a Short-term Symptom based Remedy, while the Prevention measures mentioned treat the Root Cause of the Black Money. </li></ul>
  9. 9. Thank You!

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