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Friday, November 11, 2022

10 Lines on Black Money | 5 Lines on Black Money | Few Important Lines on Black Money in English

10 Lines on Black Money | 5 Lines on Black Money | Few Important Lines on Black Money in English
10 Lines on Black Money | 5 Lines on Black Money | Few Important Lines on Black Money in English

 

10 Lines on Black Money/ 5 Lines on Black Money/ Few Important Lines on Black Money in English: Students in various classes are looking for 10 Lines on Black Money in english. Here in this article we will provide 10 Lines on Black Money, 5 Lines on Black Money and Few Important Lines on Black Money in English. These 10 Lines on Black Money are important If you have been given an assignment from school to write 10 lines on Black Money in English or 5 lines on Black Money in English then you can refer to the points given in the below article.


10 Lines on Black Money Details

We are providing below 10 Lines on Black Money in English. These 10 Lines on Black Money have been written in simple language, yet emphasis has been made to elaborate on every aspect of the Black Money.

Topic

Black Money

Material

10 Lines on Black Money /5 Lines on Black Money/Few Lines on Black Money

Language

English

For

Students of any Class 1-12

Format

Text

Provider

Teacher Text


How to Find 10 Lines on Black Money in English or 5 Lines on Black Money in English?

  1. Visit our website Teacher Text.
  2. Now search for the main 10 Lines articles.
  3. Once on the main page search for the particular topic i.e Black Money.
  4. Click on the 10 Lines on Black Money in English page to complete your assignment.

10 Lines on Black Money in English

Students of any class who are looking for 10 Lines on Black Money in english can refer to the 10 lines about Black Money in below points:


  1. Black money is unaccounted money which obtained illegally.
  2. Black money is generally in the form of cash, leaving no traces of its source.
  3. Not paying tax to the government generates black money.
  4. Disclosing income means the disclosure of one’s income tax returns; the undisclosed income generates black money.
  5. Anybody, who is involved in smuggling or any other unlawful activity, will not disclose his income, making it black money.
  6. Earning large income and paying very less amount as tax to the government is tax evasion and is also another form of black money.
  7. It poses a serious threat to the economy as it will bring downfall to the economy of a nation.
  8. Generally, rich people try to evade their money and do not want to pay tax.
  9. It hampers the growth of a nation as the development gets affected due to the evasion of tax.
  10. Black money is a creator of other issues such as smuggling, terrorism, human trafficking, prostitution, illegal funding, etc.

5 Lines on Black Money in English

Students of any class who are looking for 5 Lines on Black Money in english can refer to the 10 lines about Black Money in below points:

  1. Black money is the money skipped from the paying tax to the government.
  2. Black money has two parts as money laundering and tax evasion.
  3. Money laundering is hiding the sources of illegally earned money.
  4. Tax evasion is when you earn more income but don't pay the right amount of tax to the government.
  5. Generally, people hide their illegal money in foreign countries, where a very low or almost no tax is available.

Few Important Lines on Black Money in English

Also, these are a few important lines on Black Money in English if any students require them.


  1. It increases the flow of currency in the economy leading to inflation.
  2. One of the illegal funding is the “Hawala Funding” whose sources are still not open. They come in use for financing terrorism and Naxalite activities.
  3. Black money is also responsible for the inclusion of fake currency in the economy of a nation.
  4. Money drives out as clack money through corruption.
  5. Around 22000 crore of rupees are supposed to have been collected by players of black money in India.

More Details about Black Money


In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax-evaders. Around ₹22,000 crores are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹900 lakh crores.

The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US $10.6 – $11.4 trillions is held illegally in Switzerland. Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion. In February 2012, the director of India's Central Bureau of Investigation said that Indians have US$500 billion of illegal funds in foreign tax havens, more than any other country. In March 2012, the government of India clarified in its parliament that the CBI director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.

In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹300 lakh crores or US$4 trillion.


FAQs Regarding 10 Lines on Black Money in English | 5 Lines on Black Money in English


How to find 10 lines on Black Money in English??

Students of any class can find 10 lines on Black Money in English from the above article.

How to find 5 lines on Black Money in English?

Students of any class can find 5 lines on Black Money in english from the above article.
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