1. What is black money?
Black money is essentially the currency used in ‘black economy’. Black, shadow, underground, unobserved, unofficial, subterranean, unrecorded, informal, irregular, second, twilight, parallel – are all the synonyms used for the ‘shadow economy’. The shadow economy basically consists of legal and illegal activities outside the reach of the government.
Smith (1985, p.18) provides a very broad definition of the shadow economy as ‘market based production of goods and services, whether legal or illegal, that escape detection in the official estimates of GDP’. Table 1 gives a better view of what a reasonable definition of underground economy includes.
Underground economic activities are all illegal actions that fit the characteristics of classical crime transactions like burglary, robbery, drug dealing, etc.
Informal household economy consists of household enterprises that
(1) are small in terms of persons engaged, and
(2) are not registered......

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Title: Convertibility Of Black Money: Indian Case
Approximate Word Count: 2159
Approximate Pages: 9 (250 words per double-spaced page)

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