black money


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black money

n.
Income, as from illegal activities, that is not reported to the government for tax purposes.

black money

n
1. (Economics) that part of a nation's income that relates to its black economy
2. (Accounting & Book-keeping) any money that a person or organization acquires illegally, as by a means that involves tax evasion
3. (Government, Politics & Diplomacy) US money to fund a government project that is concealed in the cost of some other project

black′ mon′ey


n.
income earned surreptitiously and not reported to the government in an attempt to avoid paying taxes on it.
[1965–70]
References in periodicals archive ?
24 (ANI): Congress President Rahul Gandhi on Wednesday took a potshot on Prime Minister Narendra Modi, reminding him of his earlier promise of bringing back black money stashed abroad.
Since 1992 when the then Pakistan Muslim League-N government enacted a law to whiten their black money, he said, there had been exponential boom in the assets of the Sharif family.
New Delhi: Prime Minister Narendra Modi on Wednesday thanked the people of the country for supporting his government's measures to eradicate black money, on the first anniversary of demonetisation.
ISLAMABAD -- The Supreme Court Chief Justice Mian Saqib Nisar said on Thursday that Jahangir Tareen showed low income to Election Commission of Pakistan (ECP) while the income is listed high in documents of Federal Board of Revenue (FBR), asking whether black money was converted white this way.
A N ESTIMATED $ 770 billion in black money entered India while $ 165 billion exited the country during 2005- 2014, according to the latest report released by US- based think tank Global Financial Integrity ( GFI).
Recently, the Indian government has launched a demonetisation move to control the flow of black money in the country.
Modi, who broke down during his speech in Goa, also said that his dramatic decision to demonetise 500 and 1,000 rupee notes had placed him in the crosshairs of vested interests, but vowed to end black money and corruption with more projects.
Having reached half way of the five-year rule, Narendra Modi government is still at the starting point of the race against black money in banks abroad.
The Chairman, SIT on Black Money & Former Judge of the Supreme Court of India, Justice MB Shah and Former Judge of the Supreme Court of India &Vice- Chairman, SIT on Black Money, Justice Arijit Pasayat has stated that the Government has taken a bold step by demonetizing Rs.
10 -- : In a total stunning move, the Indian Prime Minister Narendra Modi scrapped Rs 500 and Rs 1000 notes making them invalid in one of the boldest crackdowns on black money and corruption in India.
Summary: PM Narendra Modi's regime is squeezing the avenues for generation and circulation of black money, but more reforms are needed to speed things up.
Global Banking News-December 11, 2015--Report reveals top nations harbouring black money