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A cashless financial system is the specified state in lots of countries all over the world. Till just lately bitcoins have been also thought of to be a source of funding of black cash because it supplies a safe platform for traders with handsome returns from its worth appreciation. In India, nearly all jewellery transactions are in cash and tax is levied solely on cash purchases of 500,000 rupees ($9150) or extra.
The high court had queried the Centre on the applicability of the retrospective effect from July 2015 to the enactment of the black cash legislation in April 2016 to take into accounts undisclosed international earnings and assets. Varied governments have taken steps to tackle the black economy within the final seventy years.
As well as, the government should take speedy steps for bringing again the black money stashed abroad via inter-governmental negotiations backed by financial and diplomatic stress. Corruption is all pervasive within the Indian system of governance and enterprise.

A N ESTIMATED $ 770 billion in black cash entered India whereas $ a hundred sixty five billion exited the nation throughout 2005- 2014, in line with the latest report released by US- based assume tank World Monetary Integrity ( GFI). Nevertheless, the measures enlisted above can go an extended strategy to deliver down the black financial system to manageable proposition over a period of time.