...IDUKKI,KERALA EFFECTS OF BLACK MONEY ON INDIAN ECONOMY ABSTRACT: Black money is one of the hot topics of discussion now a days in our country. The black economy represents not less than one fifth of the aggregate economic transactions. Black money results in the functioning of a parallel economy. In India, black money refers to funds transacted in the black market, on which income and other taxes have not been paid. It practices those activities which are contrary to the principles of economic policy pursued in an economy. Therefore it is called illegal economic operation. It is well-known that there is a large quantity of money, income and wealth which has been...
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...INTRODUCTION The Estimates committee (1980-81) in 7th Lok Sabha, Ministry of Finance had recommended that government should attempt an estimate of black economy to formulate appropriate policies. The study of unaccounted income thereafter was entrusted to the National Institute Of Public Finance And Policy in July 1982 to: identify sectors generating black money, causes of such, studying the methods employed to generate black money and channels through which concealed income is invested and spent in other ways, methods employed to convert black money into white, broad estimate of money generated and to take regional or sectoral surveys required in connection with the above. The Institute submitted its report in March 1985. The focus of the paper is on methods and measurements of estimating black economy and therefore, other aspects of the report like distinguishing between black income and black wealth, giving an explanation for the causes of black economy and remedial measures etc. are not explicitly dealt with, yet these issues are kept in mind and the methods and measurements are discussed at the level best. This paper has tried to do some justification to the NIPFP REPORT (1985) and the comments by various known scholars. METHODS FOR ESTIMATING BLACK INCOME The first approach is the fiscal approach: Variants of this approach attempt to arrive at independent estimates of incomes subject to tax and compare these with the income actually assessed for taxation and call the...
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...southern plantations, cities, and factories. Economically, the south post-civil war had a hard time importing and making money off of its main cash crop, cotton. Inflation was also an issue due to the decrease in worth of currency in the south. Socially, emancipated slave’s sought work and validation for the rights they deserved. Politically, the confederate government gave no power to the states and federal government, so it...
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... Malcolm X is just one of the many leaders that propelled the civil rights movement with his concepts of black supremacy, segregation, and Islam. Malcolm X’s philosophy was effective because it encouraged African- Americans to create self-sustainable businesses, logically strengthen their economy, and unite as a group of people to defend their rights; therefore, his philosophy ignited the assemblage of African Americans, forcing legislative figures to compose new laws. During the Civil Rights Movement, African Americans organized their own businesses to eliminate subjection to the superior white class. Many successful businesses were owned by whites, so to combat the lack of black,...
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...Black Friday is considered “the busiest shopping day of the year”. The day right after Thanksgiving where everyday citizens rush to any store they can think of to start their holiday shopping. But with this exciting day, comes an almost unexpected loss of money. How much are people really spending for their gifts? Is the amount spent by the average household healthy? Are consumers paying closer attention to their financial situation when shopping? Black Friday may be a day of gathering presents for under the Christmas tree, but finances are ultimately hindered by one cheerful and hectic day. The amount people spend during the Black Friday sales have reached new heights. According to CNN.com/Money the average consumer spends about $398 to $423 dollars in just one evening. If calculated nation wide that would be anywhere between 52.4 billion and 59.1 billion dollars. Part of the reason that so much money is spent during Black Friday actually has something to do with the store hours. Recently stores have noticed that pushing the event up to Thanksgiving Day and extending it a few hours after the day itself increases sales, which is ultimately good for their businesses. CNN also states that due to hours being moved up to 8 P.M. on Thanksgiving Day that the amount of customers has risen an additional 5.6%. Not only are sales going up in stores, online shopping increases during the four day holiday weekend, 21% of online purchases were due to Black Friday sales. Each year the amount...
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...The film, Life and Debt by Stephanie Black shows how Jamaicans struggle economically and racially through their daily lives due to the International Monetary Fund. The purpose of the IMF is to assist the developing countries, as well as securing financial stability; however that only destroyed the economy of Jamaica and its agriculture as well. Some of the themes that are portrayed in this film are the effects of tourism and international involvement/globalization has on the natives. Life in debt really opened my eyes regarding tourism. It did a perfect job demonstrating the separation of how the outsiders view Jamaica, as to how it actually is and the serious problems the natives face. By displaying these two distinctive points of...
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...This is so shocking.. ..If black money deposits was an Olympics event.. India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, due to international pressure, the Swiss government agreed to disclose the names of the account holders only if the respective governments formally asked for it.. Indian government is not asking for the details... ..no marks for guessing why? We need to start a movement to pressurize the government to do so! This is perhaps the only way, and a golden opportunity, to expose the high and mighty and weed out corruption! . Please read on..and forward to all the honest Indians to.. like somebody is forwarding to you... and build a ground-swell of support!for action ! . Is India poor, who says? Ask the Swiss banks. With personal account deposit bank of $1,500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country's foreign debt, one needs to rethink if India is a poor country? DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $1500 billion, which have been misappropriated by them. This amount is about 13 times larger than the country's foreign debt. With this amount...
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...from the Red Black Friday is the Grand Marshall of the holiday shopping season; it starts a race in holiday season for shopping and spending, which in return creates new job opportunities. Shoppers race around the malls looking for the best gifts at the best prices. The frenzy of the holiday season combined with the sales of Black Friday are greatly beneficial to the US economy. As supply and demand increases with the holiday season season, so does spending and the job market. Black Friday is more than just a day of sales, it is a day to help boost the economy spending and profit. One of the theories behind the name “Black Friday” really sums up the effects of the day. The story says that majority of the year, retailers are operating at a financial loss. To show this loss, the accountants note the negative totals in red ink. Starting with the Black Friday sales retailers really begin to turn a profit, and climb out of the negative holes they live in all year. Once out of the negative, accountants begin to use black ink to show the totals. Thus, “Black Friday” was born. This story may not be the most accurate or historically backed, but there is some truth behind it as far as the after affect of Black Friday. Retailers make a large portion of their yearly profit during the holiday season. It may not have started out as big as it is today, but at present time the Friday after Thanksgiving is a huge shopping day in the US. Folks save up their money for months and months...
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...Black Tuesday: A Rough time in America's history. Have you ever wanted to live in 1929 during the stock market crash? Because I wouldn't there was multiple things going wrong in the economy on that day. Everything had to be stopped and started over because of one day that ruined everything for awhile. The stock market crash was a very rough time in history and how the banks crashed. Black Tuesday is one of the worst days in America's history. Black Tuesday is when the Stock market crashed in October 28,1929. This was a horrific event there were many closings and riots. Before Black Tuesday there was prohibition which there was lots of restaurant closings. This did not help the situation for black tuesday. When the stock market crashed there was run on banks. Run on banks is where the people went to the banks and demanded their money because they didn't want the banks using their money. There was so many people demanding their money that they ran out of money to give the people. Because banks don't carry a ton of money with them just in case a robbery would happen so then the people's money wouldn't be taken....
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...show that The United States were prosperous during this time, there are stronger arguments and ‘harder’ evidence to show that most of population were neither prosperous nor united. These arguments are, the collapse of the American economy in the late 1920’s and the countries economical situation, prohibition and the truth in society a large part of this being racism. There are signs of prosperity and unity in the 1920’s for the Americans; evidence of prosperity is that sales in radios went from 60,000 to 10,000,000 this wasn’t because they were a necessity it was because they could be bought, a statement of wealth. Woodrow Wilson started progresism. Henry Ford made the model T car the first mass produced. They went from $3 billion in debt to $3 billion in profit. Businesses were averaging 80% profits. This all sounds fantastic and how does this mean there was no prosperity or unity? Maybe America was dancing on a volcano that they weren’t prepared to erupt. Late October 1929 the American economy collapses. From a massive high to major low, politicians claimed “Invincibility,” “Untouchable” and “On a Permanent High,” days before the crash. Surely a country cannot be prosperous when they go into recession or when there economy collapses. The economy collapsed mainly due to the fact that America went into ‘isolation,’ America wanted nothing from any other country and felt it would be best to block out the rest of the world, everything coming into America was taxed, when there was...
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...always some people without a job. Today’s unemployment rate is a problem not just for the people without a job, but for the government and the state’s economic status. But how does unemployment affect our economy? Because with a lot of jobs, there is a good quality of life, and the money in the society is divided into all families instead as it is today, when some have too much and others have nothing. With a job to earn money from, a parent can take care of its family by providing with food and shelter, and this is one of the basic ideas of survival today. ------------------------------------------------- Unemployment rates by age today in the United States of America* ------------------------------------------------- Teenagers – 24.9% Whites – 7.4% ------------------------------------------------- Adult Women – 7.5% Hispanics – 10.3% ------------------------------------------------- Adult Men – 7.4% Blacks - 13.05 ------------------------------------------------- *Statistics taken from The Bureau of labor statistics; http://bls.gov/news.release/empsit.nr0.htm There are many factors contributing to the difference between African Americans and Whites. Fewer black people get a college degree, and their workforce is younger than the white workforce. Black people have since 1972, when the government of America started to track the unemployment numbers between ethnical groups, doubled their unemployment numbers compared to white people. ------------------------------------------------- ...
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...1.) One main point the Author argues is the rhetorical question, “Who feeds Paris?” He is trying to explain how the modern economy works, which is all about the prices. The Author uses the example if Patrons start ordering more of the sashimi appetizer, the restaurateur will notice the popularity and place a larger order with his fish wholesaler. The new popularity and demand of the fish will in turn make the wholesale price to go up. As a result, the fisherman will be paid more for their catch of the more popular fish. One very important assumption the Author makes is that individuals act to make themselves as well off as possible. Individuals seek to maximize their own utility. My understanding is people do whatever gives them satisfaction. In turn, it influences people’s decisions. Another powerful assumption made by the Author was that firms try to make as much money as possible. Firms take inputs and combine them in a way that adds valve. The Author used the example of Brad Pitt, trying to show a powerful feature of a market economy that directs resources to their most productive. The Author asked “Why doesn’t Brad Pitt sell automobile insurance?” Because Brad Pitt would make more money in Hollywood then selling insurance policies. One more main point is made with the discussion of the term “price discrimination.” I believe “price discrimination” is a genius idea. Selling the same item at different prices to different...
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...In the developing country, government may set the price for the product to control the economy and try to benefit the consumers. In some basic food like bread, the customers may put the ceiling price to that product. The ceiling price is the maximum price can be imposed by the government to be charged; therefore, that new price will be lower than the previous one, which can make the products more affordable for consumers. While setting the price ceiling, the government may experience one of the two situations: non-binding or binding price ceiling. If the price is set above the equilibrium market price, the price ceiling will not be binding. In the case of non-binding price ceiling, the quantity of supply is larger than the quantity of demand for bread. That can reduce the negative effects that can happen. Consumers will not have to wait for long line to get bread which can save their time and go back to work to make money. In this case, price ceiling prevents the black market that can sell the products in the very high price. The cost that the consumers have to pay is just the price of bread they purchase, let assume that it is one dollar. However, in the other case, binding price- ceiling, government actions can lead to many negative effects on the consumers. First of all, the shortage of bread may occur since many people now are able to buy breads- the quantity of demand is higher than the quantity of supply. Thus, it will cause the long line waiting to purchase breads. Consumers...
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...it was in aristocratic Europe. The chapter of Democracy in America that will be analyzed in this paper is titled, “Situation of the Black Race in the United States, Dangers Entailed for the Whites by Its Presence”. Slavery and American racial mores circa 1830 will be addressed as we continue. At this time, the presence of blacks is the greatest dangers threatening America. African slaves were imported to many colonies and nations other than those in North America, but none of these other slave-importing countries achieved anywhere near the economic growth seen in the United States. Bacon's Rebellion was an event that redefined the notion of race in the United States. Africans were in America long before Bacon’s Rebellion. The Great Migration was a period that the colonies were in desperate need of laborers. Blacks, along with whites, worked as indentured servants. There were black indentured servants that owned land, some even owning slaves themselves. After Bacon’s Rebellion, there was a gradual change in the status of African Americans from indentured servants to slaves. Post Bacon’s Rebellion, there was a great demand for labor and that demand was met through slavery. The number of white indentured servants diminished and the number of black slaves grew. It became the nearly universal presumption that whites were free and blacks were enslaved. Bacon’s Rebellion created fear for another uprising. This fear led to the rise of white supremacy in the United States...
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...recreational marijuana sales. This money will be used to fund substance abuse support, law enforcement support, education support and funds to what they call “statewide coordination.” Recreational marijuana alone however, cannot get our federal government out of the hole that it is in now. Even if the revenue was about $100 million from ever state that has recreation cannabis, and if all states had legal recreational cannabis, it would still not even get close to how much money the government needs to generate. The problem with that is that once the government legalizes marijuana recreationally everywhere, it will create a black market due to people not wanting to be charged such outrageous prices and taxed so intensely. If certain states make marijuana recreationally legal, that would be for the best in my opinion. The US government wouldn’t really benefit from that amount of money even if all the states were legal, there was no black market and everyone was making a lot of money. According to an article in Forbes about a report made on the inefficiencies of legalized cannabis, Colorado won’t even make half of what they were estimating to make. The article explains how right now the cost of growing is around four hundred dollars per pound of cannabis. This price would have to increase to eleven hundred dollars per pound of cannabis to make it so that the tax revenue would be as estimated before. This would drive the prices to be incredibly high, creating a black market that would completely...
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