Issues of Black Money in India

Issue regarding black money is a long issue in India, a lot of films are made, a lot of statistics are there regarding the amount of black money, both UPA and NDA showed their interest about bringing back the black money to India. This was also the election agenda of NDA and Supreme Court also entitled an enforcement team namely Special Investigation Team (SIT). But what is black money, in Economics nothing is clearly defined as Black Money, though it’s a practice to indicate the income for which the taxes imposed by govt have not been paid. From Swiss bank association report, 627 Indians have accounts and the total deposit is 1456 billion USD. Now having foreign account is not a crime and investigation of verifying how much percentage of that money is actually black is a very tough job.

Black money is not something kept in foreign banks alone; it is considered that more black money is here in India too. Media is also taking this as a serious agenda; they are also creating pressures on govt. Some names have come from Swiss Banks and SC forced govt not to pamper with the names, and they somehow scolded the govt regarding dis. Is the govt is really willing to meet what they proposing? Whether the money will back? Is it at all possible? Time will give all the answers.

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