Defining 'Black Money'
There is no uniform
definition of black money in the literature or economic theory. In fact,
several terms with similar connotations have been in vogue, including
'unaccounted income', 'black income', 'dirty money', 'black wealth',
'underground wealth', 'black economy', 'parallel economy', 'shadow economy',
and 'underground' or 'unofficial' economy. All these terms usually refer to any
income on which the taxes imposed by government or public authorities have not
been paid. Such wealth may consist of income generated from legitimate
activities or activities which are illegitimate per se, like smuggling, illicit
trade in banned substances, counterfeit currency, arms trafficking, terrorism,
and corruption. 'black money' can be defined as assets or resources that have
neither been reported to the public authorities at the time of their generation
nor disclosed at any point of time during their possession.
