Black Money

Context-

In a written reply in the Lok Sabha, Finance said Tax demand of Rs 14,820 crore after completing assessment in 368 cases under the black money law dealing with undisclosed foreign income.

Definition

Black money refers to illicit funds acquired through illegal or unethical means that are kept hidden from authorities to evade taxes and engage in other illegal activities.

 Factors contribute to the generation of black money:

• Tax Evasion, Corruption, Unregulated Cash Transactions, Illegal Activities, Offshore Accounts and Money Laundering, Parallel Economy