There is no official definition of black money in economic theory, with several different terminologies like the parallel economy, black incomes, unaccounted economy and irregular economy all being used more or less synonymously. The easiest and most understandable definition of black money could possibly be money that is hidden from tax authorities or customs control during money laundering. That is, black money can come from two broad categories: illegal transactions and legal but unreported. The first category is the more obvious of the two. Money that is earned through illegal activity is obviously not reported to the tax authorities, and so it is black money. The second category entails income from a legal activity that is not reported to the tax authorities but laundered as BLACK MONEY, some are with security stamps, some are coated in black/green or white preservative chemical for long term preservation or money laundering activities. This has reportedly been the modus operandi of the UNITED NATIONS RELIEF FUNDS, USAID, SOME CHARITY ORGANIZATIONS, NGOs AND SOME FOREIGN MILITARY PERSONNELS stationed in war-torn countries who sometimes come in contact with huge cash stashed by some politicians and wealthy individuals.
Black money proceeds are usually received in cash from underground economic activity and, as such, are not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through money laundering.
Most black money holders attempt to convert the money into legal money, also known as white money. This is typically done through money laundering, which can be attempted in a number of ways. Money laundering can also be perpetrated using the hawala system of transactions. The hawala system is an informal and cheap method of transferring money from one region to another without any actual money movement and without the use of banks. BLACK MONEY could also be STAMPED, STAINED or defaced with black, green or white defacing chemicals to be laundered and cleaned at the point of destination with the latest automatic soundproof laser cleaning cum conversion black money cleaning machine, SSD chemical, mercury powder, and activation powder or with the latest SSD solution universal for cleaning black money which could be in DOLLAR, EUROS, POUNDS, RUPEES ETC. Political organizations, corrupt politicians and government officials take bribes from foreign companies then park or invest the money abroad in tax havens for transferring back to their countries when needed in this form of ANTI-BREEZE NOTES OR DEFACED CURRENCIES.
Also, It is estimated that around 500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad. Largest depositors in Swiss Banks are also reported to be Indians. According to data from income tax probes, black money holders keep about 9% of their ill-gotten wealth as cash, hence targeting this cash may be considered as a successful strategy. Around 22000 crores of rupees are supposed to have been accumulated by the criminals for vested interests, though written petitions in the supreme court estimate this to be even larger, at ? 300 lakh crores
The total amount of black money deposited in foreign banks by Indians and other foreign nationals is unknown. Some reports claim a total of US$1.06 – $1.4 trillion is held illegally in Switzerland by Indians alone. Other reports, amongst those reported by the Swiss Bankers Association and the Government of Switzerland, claims that 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 stated 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 presents in Swiss and other offshore banks is estimated to be US$1500 billion. which means its still on the rise.
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