Corruption & Black Money

What is black money? In its simplest form, black money is money on which tax is not paid to the
government. Black money includes all funds earned through illegal activity and otherwise legal
income that is not recorded for tax purposes.

Here are a few sources of Black money

-high level corruption.
-evasion of sales tax
-Excise duty evasion

Impacts of black money

-inflation
-corruption
-create inequalities

Corruption refers to a form of criminal activity or dishonesty.

Bribery is the most common method of Corruption.

Here are a few causes of corruption

-Lack of jobs
-low wages
-lack of transparency of transactions

Impacts of corruption
-poverty
-authority in the wrong hands
-loss of national Wealth