Black Money and Economic Crime

In modern economic system Black Money refers to funds earned in the black market on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown but one estimate by an expert reveals that the black money held by Indians in foreign banks is more than all the black money hoarded by people in the rest of the world combined together. While official numbers are not available Swiss banking personnel have also said that the largest depositors of illegal foreign money in Switzerland are Indians. . Black Money is an economic term hard to define accurately. Black Money is also sometimes used for payments to evade the tax. However this is a mild form of black money. This money in fact is obtained illegally and is partially suppressed. A popular way for criminals to launder black money in property is to set up complex structures. In this way they try to see that the money flows out. . This book on this subject should certainly prove to be an asset for all scholars researchers and social activists.