9 ms·
Black money is clearly a problem in India "Black money" will always exist as long as goods and services humans find valuable are illegal. Altering legal trans
by myowncrapulence 10y ago
Black money is clearly a problem in India
"Black money" will always exist as long as goods and services humans find valuable are illegal. Altering legal transactions to thwart "illegal" transactions will actually make it easier for illegal transactions to hide in plain sight as legitimate transactions are pushed into loopholes which look "illegal".
- algesten 10y agoI think he means transactions not being accounted for properly, not necessarily for illegal goods. At least my experience of India is that there are quite a lot of deals being made that never show up in any government tax books.
- the_watcher 10y agoThis is mainly what I was referring to. Obviously black markets are essentially impossible to eradicate without the elimination of any sort of legal restrictions. But it seems like a big problem for India is that otherwise legal transactions are happening in cash, and off the radar of the required tax authority.
- the_watcher 10y agoI wasn't commenting on whether this solution is a good one. It seems like a really poor one to me. Your comment that black markets/money will always exist as long as things people find valuable to be illegal is very true! That said, that doesn't mean that their existence (and particularly the size of it relative to the legitimate economy) isn't a problem for governments.