Can any one tell me something about black money? how politician successful to deposit money in foreign banks and it is not into knowledge of RBI
3 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 23 June 2011
BLACK MONEY IS THAT ON WHICH TAX HAS NOT BEEN PAID
Lakshmi
(Student)
(1836 Points)
Replied 23 June 2011
Proceeds, usually received in cash, from underground economic activity. Black money is earned through illegal activity and, as such, is not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through illegal money laundering
Nidhi Jain
(CS )
(987 Points)
Replied 23 June 2011
I know that but my question is how it is possible to coceal it in swiss bank and how it is utilse by its owner. how this money move out of our country without knowledge of RBI. it is due to any loophole in our LAWS or its the money of those persons who ruleover the country so there are no laws for them
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