what is money laundering _WHAT IS BLACK MONEY

what is black money..?
An example of this in simple language is that money on which we have not hidden tax is called blackmoney.

If you are an Indian Citizen and earn more than 5 lakhs then tax is applicable on you.And if you do not pay proper tax to the government then it remains with you in the form of black money.This means that you have hidden a lot of black money whether it is legally or lively earned.

There are two types of Tax
1. Income tax
2. GST tax
For example if you earn ₹ crore then it is mandatory for you to pay 50% tax to the government.And the government sits in the tax paid by you to prevent corruption or provide many facilities to the poor.Like giving MLA from government hospital for free, distributing rice wheat in government shops at low price etc.A tax that saves our country’s GDP And because of the tax, the government of our country and our country is running, that is why it is mandatory for every citizen to pay his tax, that too at the appropriate time.

 

what is hawala market…?
Hawala market is the market in which irregular money laundering takes place.If you are working abroad and want to send money to your country then you may need a bank account And all the banks through which you are transferring money, your ID proof like Aadhar card and PAN card are linked.Whenever you transfer money of more than 10 lakhs, that bank will send your data to the Income Tax Department ie PAN card.transmits by By which tax is applicable to you, the income tax department issues tax, but you use the hawala market to avoid it.Works through ordinary Bihar agency in which money transactions are done without paying tax to anyone.only work When you transact money in it, it is through some agency that your money reaches the address sent by you.So that we do not have to pay any kind of tax, we get the job done with just a small commission.And the

government got even a little call to this process, it is not known where the money, where and who has sent the money to whom

Must read….

Www.moneycantrol.com

What is the process of money laundering…?
In this process, cell companies work in large numbers in very prevalent quantities.In this process, a small fraud company is opened, which deals with black money of crores of rupees sent from abroad, the cell companies are in such a number that it is not known that who owns it Money laundering covers a wide range of services.

 

.To stop this process, the government made an ACT.

or in the 1989 Act called the Financial Action Task Force (FATF )was named after This ACT keeps its eyes on the whole world and it works all over the world And it remains that from which country is getting more funding and the country which is caught, under this Act, this ACT gives them a warning.And giving a warning, that country knows that you control or stop that funding so that there is no loss in the GDP of the countries sending other funding from it.When a warning is given, it declares it as a graylist country.When a country is declared graylist under this act, then the whole world sees it from everyone’s point of view when it is included in the play list of a country
No big merchant or anyone invests on the country to be included on the gray list, no bank or any international banks know the loan No white money goes to that country because it finds out that it is caught by ACT’S And it joins graylist country This includes many types of countries, Pakistan’s ,iTHOPIA,or YAMAN country etc.Because Pakistan does terrorist funding, Pakistan told the banks that terrorists are given funding If these words are not corrected by the warming of FATF by money laundering, then they are declared blacklisted.Then no country will provide loan on it or from any international banks, so that the GDP of that country will fall on the verge of starvation of the state.

Four banks are involved to provide loan to the country internationally….

1. IMF can provide loan for short period.

2. ADB Asian Development Bank.

3. World Bank for a long time.

But if a country gets blacklisted by FATF ACT then No international bank provides loan to them, their rule is the same.And no big company invests in that country or any waste in this country.So the GDP of that country falls and the stock market of that country also falls and it directly affects the employment system of that country.

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