Illegally earned money is called black money. Black money is the result of hoarding smuggling tax evasion and dealing in immovable­ property for which the consideration is paid in black. It has been beyond the control of the government. The Indian economy stands badly shattered because of the huge­ amount of this tainted wealth lying in the coffers of the rich.

Illegally earned money is called black money. Black money is the result of hoarding smuggling tax evasion and dealing in immovable­ property for which the consideration is paid in black. It has been beyond the control of the government. The black money has already ­created a serious problem in our country.

The Indian economy stands badly shattered because of the huge­ amount of this tainted wealth lying in the coffers of the rich. It has given rise to a parallel economy operating in the country. As a result the prices continue to rise in spite of all Government efforts to control them. The poor go on becoming poorer while the rich go on becoming richer. The gap between the haves and the have nots is widening every day.

Black money is used by the rich in various evil activities. They use this money for corrupting and demoralizing social and political life. They display it in ostentatious living and wasteful luxuries. They bribe Government officers and lead them to corruption and dishonesty. They purchase political bosses and control the strings of the Government. Thus the entire social structure comes to be badly polluted.

It is difficult to form an exact idea of the amount of black money operating in the country. Searches and raids by Income Tax authorities are conducted from time to time. Such raids yield millions of rupees. But the people are at times cleverer than the government. They seek the aim of the best legal brains and get the law twisted in their favor. Most of the offenders use all their money and influence and go Scot free whenever they are caught. The government has at various times announced some voluntary disclosure schemes for unearthing the black money. These schemes have proved successful to a very limited extent.

The black money according to some reliable estimates has gone up to Rs. 1000000 million in our country. It is to a great extent responsible for a great rise in prices because the purchasing power of ­the people has increased. People having black money are leading a life of luxury whereas the poor people are leading miserable life. Cunning people have converted millions of black money into white money. Some leading economists of the country have suggested stringent measures to the government to unearth black money but the successive governments have been rejecting those measures. The vested interests always stand in the way of effective measures and get them diluted.

The Congress Government did take some steps in the right direction. High currency notes were demonetized and income tax officials carried raids and searches all over the country. But the initial enthusiasm died down with the passage of time. The menace of black money continues to shatter the economy of the country. It is hoped that the government under the leadership of Mr. Manmohan Singh would tackle the evil of black money on a war footing.

It must be clear to all that the nation cannot shut her eyes. Smugglers can no longer be tolerated. They are striking at the very roots of our democratic structure. All steps to weed the black money out of circulation must be taken as early as possible. The govern­ment must come down with a heavy hand on smugglers, black-marketers and hoarders. Black money is a curse. It must be rooted out of public life.