What is Black Money?

1. That local trader in your area who deals only in cash possibly intends to evade taxes.

2. Black money is the hidden, unreported earnings (derived from legal/illegal sources) on which people don't pay taxes.

3. If you think black coequals cash in circulation, it's time to Magnify your lenses!

4. The parts of shadow economy are Traders resorting to under-invoicing, professionals showing only 30% of their output, latent funding of election campaigns, hawala system, parking of funds in tax havens, shell companies and Swiss Banks; to smuggling, and other illegal activities.

5. It's the money flowing unobserved like the ants in their holes.

6. Haze and vague surrounds the estimates of black money. Studies reveal that black money in India might range from 7% to 120% of the GDP (2009-10).

7. Financial inclusion, cashless transactions, ceilings on cash dealings are some ways to curb black money.

8. It's a whole different economy to be tackled and requires much more than the efforts already in place.