Black Money in India: Causes and its Remedies

Abstract

 “If the “Parallel Economy” poses a serious threat to the stability and growth of the official economy, surely it stems from the fact that the magnitude of “black-money” is large and rigged deals are growing in volume and complexity at an alarming rate. Apart from the wide ramifications of the “parallel economy”, one might also be alive to the fact that “black incomes” are accentuating the inequality in income and wealth and breeding a new class of “black” rich in a society which is already harshly stratified.