Elusive Illusion of Action on Black Money

Abstract

Indian society has always been a stagefor a continuous public discourse through active partaking of our society and the parliamentary institutions on the concern of corruption, black economy and black money. Largely, the inclusive economic and social development of people of the country can only be ensured through afiscal management systemwhich is oriented, rather committed to thorough transparency. But, the hard reality is that black money has invariably rooted into the social, economic and political avenues of our lives. As such, the issues such as the magnitude of black money generated in the country and the unaccounted wealth stashed aboard has been a deep concern to all. Though, past few decades have seen various initiatives by the government and the concerned authorities for removing all possible complexities and prescribing easy administrative procedures also ensuring transparency in all concerning sectors say trade, business, banking, taxation etc just to counter the menace of black money and corruption in public life. Also, the institutionalization and extension of information exchange system at the global platform is a vital walk in reducing cross-border movement of illicit wealth as far as possible and also in aiding its repatriation. Still, there is a judgmental attitude amongst the masses that the Governments response to deal with this issue is still deficient and lot more needs to be done. This paper is an endeavor to understand and analyze the inherentimplications of black money and its intricate link with administrative system of the country.

Keywords:- Black money, corruption, demonetization, black economy, illicit wealth, round tripping.