Black Money
Black Money is the money on which income tax is not paid. Black money is collected by corrupt officials, politicians, businessmen, criminals, smugglers, etc, and not declared fearing legal action. Black money is often cash-operated. It is one of the major drawbacks to a nation’s growth.
There are various sources of generating black money, one of them is the government sector. This money obviously isn't declared and is purposely hidden from the tax. This reduces people's trust in the government. Anti-national, anti-social, and criminal activities are also the sources of black money.
Black Money is earned by dishonest means. Though that money is not earned by dishonest means but is purposely hidden from tax authorities to evade taxation it is still considered black money.
Black money not only weakens the economy of a nation but also widens the economic gap by making the rich richer and the poor poorer. A large amount of black money also pollutes the social structure of a nation.
The best way to handle this is to cooperate with the law and the government. To counter black money, there is a need for strict laws to punish someone who illegally evades taxation. There is an urgent need to remove such existing laws and also to make and implement new stricter laws.
Black money severely affects the progress of a nation. Money earned by illegal means slowly corrupts the whole system. Anyone who tries to bribe must be fined or arrested. People must be alert and cooperative and immediately report any such practices to the concerned authorities. Tackling this issue will certainly bring equilibrium to financial and social imbalance.