Question
What is meant by
(i) Black money
(ii) Electronic money
(i) Black money
(ii) Electronic money
✓
Answer
(i) Concept of black money: Black money is unaccounted money which is illegally obtained and not declared for tax purposes. It encourages illegal activities, corruption, bribes, etc. This creates an obstacle to economic development.
(ii) Electronic Money: It is also called E-money. It is a monetary value that is stored and transferred electronically through mobile phones or tablets or smart cards or computers. It is backed by Central Bank and is used for purchases and other transactions globally.
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