Journal Press India^®

Author Details ( * ) denotes Corresponding author

Black money is cancer to the economic growth of nation. India inherited truncated economy from her colonial ruler with wide spread regional imbalance, illiteracy, unemployment and poverty. Black money refers to funds earned on 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. The Herculean responsibility there fore vested on the planner to ensure socio economic welfare of the people trough the proper planning. Since 1991 the process ofliberalization adopted to attain overall economic growth of the country. India now can celebrate with her number of successes in terms of growth of GDP, comfortable foreign exchange reserve, transformation economy from the agrarian economy to service and industry oriented economy and more over it has emerged as one of the driving forces in every international negotiation forum. Amongst all genes, most embarrassing factor is that India becomes one of the top black money holders in the world. Data provided by the Swiss Bank, India has more black money than rest of the world. It is toping the list with almost $1500 billion in Swiss bank followed by Russia $470 billion (The Telegraph, 2010). The spread of black money causes great losses for the nation's treasurer. Listed here are most of the alternative methods whereby black money can make a difference to any nation's monetary and societal development.

Keywords

Black Money, Social Development, Industrialization, Transformation, Foreign Exchange Reserve.

1. Gupta, S.B. (1982), Monetary Economics­ Institutions, Theory & Policy, S.Chand and Company, New Delhi.
2. Ahuja, R. (2007). "Social Problems in India" (2nd Ed). Jaipur: Rawat Publications.
3. Nafees.A.Khan, P.T.Chaudhary, "Black Money: Its Impact on the Indian Economy," Tax Reforms in India (Ed.), Srinawas Publications, Jaipur, pp. 150-155, 2003.
4. Sukanta Sarkar (2010). "The parallel economy in India: Causes, impacts & government initiatives". Economic Journal of Development Issues, Volume 11-12 no.(1-2) p.124-134.
5. Vijay Kumar Singh, (January 2009) "Controlling money laundering in India­ problems & perspectives" To be presented at the 11th Annual Conference on Money and Finance in the Indian Economy- At the Indira Gandhi Institute of Development Research.
6. CA Lalit Mohan Agarwal (2012), edit. "White Paper on Black Money", Journal of Securities Academy &faculty for e­ education, vol.72.
7. businesstoday.intoday.in/story/white_
paper_on_black_money_features/Ill 8517 7.html_24jan_2012.
8. bharatkalyan97.blogspot.in/2012/05/ junk_paper_on_rs_24_lakh_crore_ black.h tml.
9. currentaffairs.appsc.blogspot.in/2012/ 05white_paper_on_black_money_a_few_s uggesti ns_should_be_dropp/
10. economic times.ind i at i mes.com I
opinion/blackmoney_rerouted_intoindia_v
ia realestate- deals- articles/13386465/.
11. www.financialexpress.com/news/columns_
black_money_white_paper/957949/5June 2012/
12. fimmin.nic.in/reports/whitepaper_black money/2012.pdf.
13. www.indianexpress.com/new/white_paper
_on_black_money_soon_no_mps_in_list_ of_evaders_pranab/888048
14. www.moneylife.in/article/white_ paper_on_black_money_hide_and_i_c ant_see_game/25883.html
15. www.studymode.com/subjects/corrupti ons_and_black_money_page3.html
16. www.swamyassociates.in/swamyuser files/file/may%202012/editorial_black money.pd[
17. en.wikipedia.org/wiki/Indian_black_ money.
18. http://www.bjp.org/images/pdf/feb_ 08_bjp_task_force_report_ii.pdf.India n.blackmoney Abroad a 2008 report by BJParticle.wn.com/view/2012/05/26/w hite_ paper_on_black_money_a_few_ suggestions_should_be_dropp/