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Essay on Black Money | For all class students

  • Abdul Aouwal's Profile Picture
  • Abdul Aouwal
  • May 21, 2024
  • 3 min Read

Black money means a kind of money earned in an illegal way. It also refers to various types of unaccounted money earned or gained due to tax evasion graft, smuggling, non-payment of legal taxes and misconduct of business, trade, and commerce, Earning money in a most dishonest way is black money.

Its menace: The black money menace has strong domination over Bangladesh for more than two decades. The growth of business all over the country and an orientation towards free marketing system of some goods and articles have brought the issue at the top priority in the agenda of our policymakers.

The black money/ economy is also referred to as paralleled economy and it works very seriously under the white economy of the nation Now Bangladesh has fallen a serious victim to it. The amount of black money in Bangladesh is about 20% out of our national income.

Sources of black money: There are some sources of black money in the country. Illegal income earning from the sale commodities is one of the sources because the prices are beyond the govt's. controlled prices. To gain from the sale of goods in a volume always exceeds the govt. quotas and regulations with respect to these goods.

The black money results from man's tendency to earning more, enjoying luxurious life, building high rising buildings and rapaciousness. The living standard in the western countries is high. The rich Bangladeshis and middle income generating people intend to cope up with them and as a result, they Strive hard to increase their income by any means.

It is easy to meet up human needs but there is no way to satisfy their greeds. Everyone under the sun wishes to be happy and prosperous by hook or by crook. On the other hand, the taxation structure does not favor the businessmen and the corporate sectors as well.

Political uncertainty, election, clemency in dealing with the offenders and corrupted govt. officials perpetuate the causes which lead to the generation of black money.

The ordinary and common people are unaware of income taxes, laws and the procedures of saving Income tax while the rich and the shrewd tax payees are quite able to judge the loopholes through the income tax specialists/experts who are paid well by them. The govt. officials, accountants, CAs, businessmen, and anti-social elements join hands and devise efficient ways of evading taxes.

Hindrances to development: Black money is one of the hindrances to our national income. It is a stumbling block to the process of economic reformation. It extremely affects the social, economic, cultural and political systems of the country. It is a giant barrier towards the healthy and overall development of the nation.

The black money earner is a national enemy. Greed always deviates man from the path of honesty and truth. It makes a man unpatriotic or a traitor. The black money earners are held in very high esteem in society but they have no morality, human virtue, yoom in heaven etc.

Remedy: The remedy for black money includes—appointment of special commissions for seeking ideas on the nature, causes, magnitude no solution for black money; steps for unearthing block money; no chance for smuggling and no way of saving or evading income taxes; and frantic efforts for the control of black money in future.

Nature of black money: Black money is not black in color, It means money that is earned through cheating overlooking one's right dues and misappropriating others.

Its Influence: Black money has influence over many things. A black money earner does not care anybody for anything. He takes challenges on his neighbors over anything. He is ready to do anything in any way. He pays no respect to anyone in any case. To him, his neighbor is a worshiping character. STALO

Conclusion: Black money is illegal money earned in an illegal way. It tells extremely upon the economic development of the country. So, we should abstain from such crime as can destroy the society like cancer.

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Hi, I'm Abdul Aouwal

From Bangladesh, I am a blogger who writes about educational topics. My passion is to share knowledge and insights to help others learn and grow


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