What is black Money?
Series on Basics of Economics Part 10: Black Money: Definition : There is no official definition of the black money in economic theory, with several different terms such as black money, parallel economy, unaccounted economy, illegal economy black incomes, and irregular economy all being used more or less synonymously. The simplest definition of black money could be money that is hidden from tax authorities. So, black money can come from two broad categories: 1. Illegal activity and 2. Legal but unreported activity. The first category is the obvious one, i.e. money that is earned through illegal activity is obviously not reported to the tax authorities, so it is black. The second category comprises income from the legal activities that are not reported to the tax authorities. A large number of small shops around the country almost exclusively seen doing business in cash without any receipts. All of this could potentially be black money. Another major source of black money is...
