Essay on Black Money: Black Money is illegal Money. It is not precisely Money or currency that is fake. Instead, it is the Money that is accumulated, gathered, and earned illegally. Upon the amount, income tax is not paid; the Government is not aware of it being transferred to the owner’s pocket or bank account.
The topic of Black Money is a popular topic for writing composition by school students. They can get it for their assignments and examinations.
You can read more Essay Writing about articles, events, people, sports, technology many more.
Long and Short Essays on Black Money for Students and Kids in English
The long and short Black Money essays are very important for students. Students usually require the Black Money essays of classes 7, 8, 9, and 10; the short articles are for students in grades 1, 2, 3, 4, 5, and 6. Both types of compositions are given below.
Long Essay on Black Money 500 Words
Black Money is the Money that is associated with corrupt and illegal practices, trade, and business. It is accumulated in large amounts to evade and avoid the liable income tax. Black Money hinders a nation’s growth in the economic sector. Despite it being an immoral asset, many politicians, people in business, individuals, smugglers, etc. possess it.
The sources of collecting black Money are abundant. Black Money is shared among government ministers and officials who are linked with various administrative posts in a nation. They tend to accept and/or pay bribes to and from their lower or higher authority; these bribes are issued for the fulfilment of some immoral personal gain. The Money accumulated out of bribery is a chief source of black money.
The income tax on black Money is negated; the owners hide it from their official accounts and escape from paying the fee upon it. As a result, the government tax filed decreases, thus reducing the amount of Money available for carrying out welfare projects for the nation’s citizens. The process by which various sectors in the economy generate black Money is known as Transfer Mispricing.
Another detrimental effect of gathering black Money is that it widens the economic divide between the upper and the lower strata of society. In a country like India, half of the population live below the poverty line, many of them have low-income levels; only a handful of people are prosperous and thriving. It is a common trend that the rich people themselves happen to garner black Money. Such a tremendous amount of cash available in the pockets of only an atomic ratio of the population increases the economic gap. The rich become more affluent, and the poor become poorer.
People in possession of black Money indulge in immoral and illegal practices. It is commonly seen that government officials and various ministers possess black Money than any other. Such a trend tends to pollute the working of the Government in the country. The administrative system gets fraught with fraud and dishonest leaders. This has a substantial adverse effect on the overall progress of the country.
The regularisation of black Money on the economy only has a one-way beneficiary aspect. While the ones who possess it live extravagantly, the typical individuals get deprived. They are the ones who suffer most of the consequences, even though they do not have anything to do with the possession.
The Government has come up with numerous schemes and policies to minimize the impact of black money in the society. However, none of them have been drastically beneficial.
Owing to the reasons stated above, black Money does block the progress of a country. It dilutes the nation’s economic, social, and administrative sectors and leads to loss of trust in the ruling Government. To ward off the negative impact of black money on the country, the Central Government should come up with effective measures. The concept of black Money is depreciating, and it should be prevented.
Short Essay on Black Money in English 150 Words
Black Money is the Money that people in a nation earn behind the notice of the Government. It is not official, and the Government is not aware of its presence and transaction. The main reason for the generation of black Money amidst a large group of people in the country is to escape from the plight of filing large amounts of income taxes. The concept of black Money has been prevalent and persistent in the Indian economy for a long time, and it is not desirable. Strict measures should be taken to ward off social evil. The Government should impose severe restrictions on practice and possession.
- Black Money has nothing but adverse effects on the progress of a nation.
- It is generally produced in the form of cash so that no history of transactions is left.
- The owner of the black Money does not have to pay income taxes.
- The primary reason people generate and own black Money is to escape from the throes of paying heavy income taxes.
- The transaction of Money accumulates black Money without receipts or necessary contracts of transaction.
- Black Money gives birth to other social issues in turn, such as smuggling, robbery, etc.
- Social issues such as poverty, unemployment, and corruption increase as a direct result of Black Money in the country.
- For a developing country like India, black money is a hazardous material.
- Black money brings about social discrimination and discrimination based on riches.
- The Government should develop effective policies and programs to reduce the amount of Black Money in the economy.
FAQ’s on Essay on Black Money
What causes the generation of black money in the economy?
In the economy, black money is generated from cash that is transferred from one source to another without any legal notice or confirmation.
Is black Money harmful?
Yes. Black Money is exceptionally detrimental to any country. It has nothing but negative impacts on the economy.
Who owns black Money?
Anyone can own black Money, because it is effortless to generate. It is usually owned by politicians, wealthy businessmen, individuals, etc.