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Counterfeit Currency and Black Money – A Practical Response

Black-Money
Hilights


Money, Finance & Taxation,Public Arena

Summary:

Counterfeit Currency debases the value of the lawful currency, increases inflation and acts against economic progress. Counterfeiting Currency and circulating it is a crime and, if done in a Country by another Country, is an act of War. Demonetization of all high value currency and encouraging digital payments is an effective counter response. Simplifying the taxation system (GST) and even removing Income Tax would result in greater revenues to the Government and remove the concept of ‘Black’ money.

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