Dictionary, Encyclopedia And Thesaurus

A cashless financial system is the desired state in many international locations around the globe. Additionally, the Authorities declares totally different schemes and bonds like Bearer Bonds, Voluntary Disclosure of Income Scheme (VDIS) to harness black money for generative functions and to deliver back the considerable money transferred outside India by way of these means ( Ministry of Finance, Might 2012, Para 2.4.9 ).
The term ‘Tax Havens' usually denotes to describe any country or locality which levies very low taxes or none in any respect on foreigners. The only definition of black money may probably be money that's hidden from tax authorities. Given India's fiscal deficit state of affairs, it's crucial for the new government to initiate Tax reforms to encourage people to not only come below the tax net and likewise to pay taxes on earnings earned.