What is Black Money?
Generally, Black Money is defined as unaccounted-for and untaxed cash generated by dealings in a black economy, black market, or organized crime such as; embezzlement, drug money or bank robbery. As a whole any form of huge amount of money obtained in cash unaccounted-for. Holders of black money try to convert it into legitimate (‘clean’ or ‘white’) money through money laundering.
One major ways of money laundering is to move the funds from one place to another, which will need the money to be coated by either security stamps, stained mark or coated with black/grey/red or white coated firm for easy and swift transportation. In this form of money laundering the used of a SSD Solution Chemical will be needed to clear off the coated firm on the money to make it usable.
The black money is accumulated by some companies embezzlers, government officials, criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society. Around 17.4 trillions of dollars are supposed to have been accumulated by the criminals for vested interests worldwide, though written petitions in the supreme court estimate this to be even larger than above mentioned.
The total amount of black money deposited in foreign banks by Individuals is unknown. Some reports claim a total of US$6.06 – $7.4 trillionsis held illegally in Switzerland. Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of various countries is about US$20 trillions. In February 2012, the director of India’s Central Bureau of Investigation said that Indians have US$900 billion of illegal funds in foreign tax havens, more than any other country. In March 2012, the government of India clarified in its parliament that the CBI director’s statement on $900 billion of illegal money was an estimate based on a statement made to India’s Supreme Court in July 2011.
In March 2018, it was revealed that the amount of black money currently present in Swiss and other offshore banks is estimated to be US$17.4 trillions dollars with all these amount expected to be cleaned with the ultimate use of the super ssd solution chemical.