Black money refers to money generated through secret, unreported activities to avoid taxes. This creates a parallel economy that runs counter to social objectives. Sources of black money include control/licensing systems, tax structures, political donations, and ineffective tax enforcement. The impacts of black money include misdirected resources, worsened income distribution, large unreported economic segments, and funds transferred abroad, as well as corruption. Estimates put the amount of black money in India at Rs. 3,54,000 crores.
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