BibTeX:

@article{IJIRSTV4I3022,
     title={Black Money and it Eradication for Sustainable Economic Development},
     author={Priya Kumari and Ashok Kumar Saha},
     journal={International Journal for Innovative Research in Science & Technology},
     volume={4},
     number={3},
     pages={125--127},
     year={},
     url={http://www.ijirst.org/articles/IJIRSTV4I3022.pdf},
     publisher={IJIRST (International Journal for Innovative Research in Science & Technology)},
}

The money is in circulation but none accounted is generally termed as Black money or black money runs the non-accounted parallel economy is a global dilemma. It is not only a concern of a single country but it is a common challenge like terrorism, poverty, racial discrimination or recession in the era of globalization. Recently, it has observed that the black money based parallel economy jeopardise the health of the global economy as we have inter- dependent, inter- connected chained world economy in the present times of globalization. Series of studies have been conducted and revealed some bolt from the blue facts and figure in India. In the last decade alone, India has lost approximately $125 billion in non-accounted or illegitimate money or sometimes claimed that the black money even exceeds 10% of Gross Domestic Product in India. The transformation of manual or cash based system to processing of digital based transaction will ease the economic pressure on Indian economy as well it will contribute in the world economy so there is an important role of Digital based economic transactions(DBET) in the globalized economic system. The connection of Digital based economic transactions (DBET) will lead to an amazing output in the form of Revenue generation for the Government. This enhancement in the public revenue generation will lead to end less benefits and mass of India will reap the benefits of it and foster sustainable economic development. This type of economic system will endow with the arsenals of circulation of accounted money; fair collection of revenue streaming, accounted economic transactions will yield the benefits in terms of poverty alleviation, health for all, education to mass, Hygienic and sanitation facility, drinking and safe water can be availed to all. When it comes to flow of black money world -wide, India is ranked in eighth. The flow of black money can seriously affect the entire economic system of India. Black Money causes the prices of commodities to increase to a level beyond normal. People with black money are able to give bribes to the administrators and politicians for getting whatever they want. To control the generation of black money there should be a strong and appropriate legislative framework. The triangle of Economic transaction, Digital based economic transaction and tax system will emerge as a triangle and curb the horrible demon shaped black money parallel economy and fiasco for sustainable economic development.

Black Money, Eradication, Sustainable Economic Development