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Fight with the socioeconomic evil black money
India is a vast country with an amazing
history and brave stories which makes the country famous in the world. With a
rich heritage and culture the country stands in a special place and is even becoming
more popular because of the black money. There are several issues which the economy of
the country started facing issues due to the stocks of black money in the
country and this makes the country suffer with terrorist attacks and corruption.
In order to make the country free from corrupted people the government took
several effective steps, but the people who tend to cheat government find
several loop holes that make them escape from the clutches of law.
Impact on revenue
This socioeconomic evil black money
makes the government lose the revenue as the people who owe black money don’t
pay the tax on large scales. The taxation is decided on the basis of the income
and many other variables and a few people with an intention to cheat do not pay
the tax and consumes a lot. As this owes
direct impact on the government revenue the government is always running with a
deficit budget and is standing as a burden on the genuine tax payers and the common
man. The rich turns richer and the poor cannot even withstand the tough situations
due to lack of funds. The scarcity of the resources kills peace in the country
and makes people suffer a lot for essential goods as people fail to gain the
ability to buy the goods. If this sort of
evil practices continuous in the country people suffer with excess increase in
costs and the cost of living becomes much unbearable for a common man. In order
to avoid such painful instances and teach a worthy lesson to the one with black money the authorities started implementing various rules.
Unfair transactions
People who skip the tax due to
the complex tax structure owe excess black money and even save them in the
foreign banks. The world famous Swiss bank owes accounts of several people who
tend to hide their income without paying the taxes. The black money holder’s watch
for the time and even after several agitations there is no noticeable change in
the corrupted officials. A lot of black money is even used in investing in the
real estate and people use the money during the election process. The crore of
black money is used in election campaigns and the financial companies even run
away with the money. The black money people who use to purchase properties,
gain license carry heavy transactions in bribing skipping the paying tax without
the knowledge of the government. There are several routes which people loaded
with black money do using the money and the unfair transactions lead to
unpredictable consequences.
A bold decision
The black money is disturbing the
country and it owes a huge impact on the economy of the country which owes a
negative impact on the growth of the country. Many governments and leaders
started fighting against black money and in the present scenario the PM Sri
Modi took a bold step which started making the regular tax payers feel good as
the people with black money are unable to use the currency.
·
Though the ban on the normal currency leads to a few chaos initially the
genuine tax payers and people who are responsible never face trouble the one
who stores money without proper accounts or the one who have fake accounts will be
punished as per the terms according to the government.
·
In order to drive away the dirty money from the
country the government started taking bold steps that brings all the money in
to light.
·
As people who deposit more than 2.5 lakhs need
to provide the complete details people owing the large denominations suffer a
lot and the one with specific proofs need not worry.
So after the large currency
denomination ban people started depositing the money in banks and there is a
break in the transactions along with the restricted exchange limit of the
currency notes the government is easily locating the people who have stored
much of the black money. Hope this step of Sri Modi drives away the
socioeconomic evil black money and makes sure that the rich and poor lead a
normal life in a peaceful country.