Black money damages the economy because people convert back money into white money in different ways. Different ways which are not traceable by the law and regulatory authorities help people holding black money to get richer and richer. There are several through which people deal with black money in order to bring that money in to use.
How to Deal with Black Money?
Ways through which black money is washed are:
- People use charity organizations to convert black money into white money through developing trust in society for the social cause.
- One of the popular ways of converting black money into white is by showing income earned from agriculture. For such purposes, you must possess agriculture land and it must be used for plantation, garden nursery, crops.
- People also convert black money to white is by showing their income in cash. Income from professional fees like tuitions are shown as cash by many taxpayers is nothing but the conversion of black money into white money.
- In order to convert black money into white money, people go to a jeweller and give him all the black money you want to convert. Jeweller gives a cheque for the same amount.
- Black money can be converted in white is by getting it in the form of a gift from a relative.