Review Paper on Black Money in India & its Effect

Abstract

Black money is not only the problem of
Indian economy, but it also transcends the
borders and has become a global dilemma.
Recently, various studies have taken place
under the Government of India to tackle the
problem of black money in India. Those
studies have revealed some astonishing facts
about the black money market in India. In
the last decade alone, India has lost
approximately $125 billion in illegal money.
A study has revealed that the black money
even exceeds 10% of our Gross Domestic
Product. This paper represents the
framework, policy options and strategies
that Indian Govt. should adopt to tackle with
this issue and also describes the future
challenges to be faced by Govt. in this
context. It also studies the one of the main
reason behind the generation of black money
i.e. corruption. It shows up to what extent,
the corruption leads to its generation which
has considerable impact on various sections
of the society. At last but not least,
conclusion of this paper isprovided
representing the ongoing issue of black
money in our country and its futurecourse of
action. Hopefully, this would contribute to
an informed approach on thisissue as we
move forward in this context