What is the white money?
money that is earned legally, or on which the necessary tax is paid. Compare. black money.
What does white money mean?
Meaning of white money in English
white money. noun [ U ] /ˌwaɪt ˈmʌn.i/ us. /ˌwaɪt ˈmʌn.i/ money that is earned legally, or on which the necessary tax is paid.
What are the advantages of white money?
White money is legally earned money, and on which tax payment is necessary. White money is the transparent layer between the Individual's income and government. It can be accounted and invested. white money reduces unfair trade practices.
How black money is converted to white in India?
CASE 1: Go to a Jeweler. Give him the amount you want to convert your cash into white. he would give you a cheque back for the same amount less 4%. He would give you a purchase bill to show that you have sold silver utensils to him.
What is GREY money?
Grey Money is related from tax evasion. For example, gray money includes illicit deduction or funds hidden in an offshore bank. The Grey market, also referred to as the parallel market, is a market where a product is bought and sold outside of the manufacturer's authorized trading channel.
Where did white money come from?
Whitemoney is of Igbo descent from Enugu State, southern region of Nigeria, but he grew up in Kaduna State, northern region Nigeria. Growing up, Whitemoney didn't go further than NECO level in his academic pursuit.
Why money is the most powerful?
Money provides the service of reducing transaction cost, namely the double coincidence of wants. Money originates in the form of a commodity, having a physical property to be adopted by market participants as a medium of exchange.
What is domestic black money?
Black money includes all funds earned through illegal activity and otherwise legal income that is not recorded for tax purposes. Higher amounts of black money in the economy often lead to increased corruption.
What are 3 advantages of money?
- It ensures your freedom and autonomy. ...
- It's legal tender. ...
- It ensures your privacy. ...
- It's inclusive. ...
- It helps you keep track of your expenses. ...
- It's fast. ...
- It's secure. ...
- It's a store of value.
Is black money illegal in India?
Counterfeit notes are currency notes that are illegally printed by unauthorised agents. Black money is hidden from government authorities and is not reflected in the GDP of India, national income, etc.
Is black money a crime in India?
in relation to undisclosed foreign income/assets is a Scheduled Offence under the Prevention of Money Laundering Act, 2002 (PMLA), regarding which suitable action is taken by Directorate of Enforcement (ED) for identification of proceeds of crime generated, provisional attachments and filing of prosecution complaints ...
What is the problem with black money in India?
Black Money refers to funds earned on the books but concealed from the tax authorities. The generation and circulation of black money is a serious problem for the economy. It deprives the government of tax revenue and generates inflationary pressures. It fosters corruption and illegal activities.
What does blue color money mean?
Blue Seal US Dollars (Silver Certificates)
These notes were backed by the nation's stockpile of silver bullion and could be redeemed for their silver value. They evolved from exchange for silver dollar coins to an exchange for actual silver bullion.
What is the term blue money?
blue money (uncountable) (slang) Money in the form of hundred-dollar bills.
What is the actual color of money?
When paper notes were introduced in 1929, the U.S. Bureau of Engraving and Printing opted to use green ink because the color was relatively high in its resistance to chemical and physical changes. Also, at the time, green pigment was available in large quantities for quick printing.
How much did White Money win?
Whitemoney has emerged winner of the 6th season of the Big Brother Naija reality tv show. Whitemoney is the BBN Season 6 Winner on October 3, 2021.
Which season is White Money?
The winner of Big Brother Naija Season 6, Hazel Oyeze Onuo, popularly known as White Money, after leaving the Big Brother's House has established himself in many fronts.
How do people have so much money?
Have multiple streams of income. Many self-made millionaires have money coming in from several places, including their salaries, dividends from investments, income from rental properties and investments they have made in other business enterprises, to name a few examples.
Why can't money buy happiness?
Happiness is Doing What You Love.
Happiness comes from doing the things you love, not from your bank account balance. As for the passions that require money, such as travel and sporting adventures, budgeting and prioritizing will enable you to spend money on what is important to you.
Why does money exist?
Money is a medium of exchange with a recognized value that was adopted to make it easier for people to trade products and services with each other. The history of money crisscrosses the world as various cultures recognized the need to simplify trade by introducing a single, portable token of value into the process.
Which country has most black money?
China is ranked as the number one country for its illicit financial outflows. The country's illicit financial outflows between 2001 and 2010 were US$2.74 trillion. With US$476 billion as unlawful financial outflows, the country is ranked number two for its illegal fiscal outflows worldwide.
Why Swiss bank is famous for black money?
Swiss banks have long been known for their strict banking secrecy laws, which make it difficult for foreign governments to access information about their clients' accounts. This has made Switzerland a popular destination for individuals and companies looking to hide their wealth and avoid taxes in their home country.
What does black mean money?
Meaning of black money in English
money that is made from illegal trade or criminal activity: Tax authorities are trying to stop the flow of black money into undeclared bank accounts. (Definition of black money from the Cambridge Business English Dictionary © Cambridge University Press)
Why cash will never go away?
With so much business still conducted in cash, don't expect it to disappear any time soon. Besides, some customers cannot pay with anything but cash, since they are unbanked or under-banked.
