Black money is the very popular topic for today for each and everybody. It is good to earn money for spends luxury life but only by the legal way and now they search the Convert Black Money to White after the government notification. The people do many things, they run here and there, do their work in the midnight for earning money. Many of the people earn money following legal activities. Each and everything in this world has two sides. One is positive and the other is negative. God gives us the life of human being and in this world, only human beings are the species which have a mind, they can speak, earn, love etc., which makes them different from other species of this earth. Thus, it is our duty to work legally in this life given by the God.
Black money is the money which is earn by the men illegally. It is earned by followed corruption, stolen of precious things, putting secrecy of taxes to be paid to the Government etc. Now lots of people search the Convert Black Money to White and they require the different ways and there are lots of ways which suggest you how to do it. These circumstances are faced only with the competition between people. Thus, our government does lots of things to convert this black money to white. They are-
- Formulation of Trust and Doing Charity–
This is the best and one of the popular ways of converting black money into white. Given the extra money to the charity fills the requirement of both the sides. Many executive bodies do this to formulate their money. Charity is the organization or group of some people who works for the clearance of problems of the needy ones. Thus, by giving the black money to these charities make directly and indirectly white and ultimate way of Convert Black Money to White.
- Bogus Loan Entry–
It is the prevalent technique of converting black money into white by showing bogus loan entry. Modus Operandi in this technique is the way of giving the cash to the friends or relative and taking a cheque from them. This is a type of bogus loan entry which can convert the black money into white. Sometimes, these friends or relative may return the amount of cash to the one who wants the Convert Black Money to White because they know that income tax department must watch each and every transaction and the tax payer is compulsorily proves each and every tax which he is paying.
- Showing Income as Agriculture Income–
Another prevalent and popular way to converts black money into white is this to show income as agriculture income. People can show there income as agriculture only those circumstances when they have agriculture with their own name and it must contain some work like the plantation, garden, crops etc.. Thus, these works are done continuously followed year by year in the same land having written proof. Therefore this is also the best technique of Convert Black Money to White.
- Paying Bills–
Another most popular type of converting black money into white is by paying bills like electricity, water, telephones etc. Now a day, from the date when the Prime Minister stops to run old currency in India, many of the people follows these techniques of paying extra money to the government or private sectors having zero balance to convert their black money into white. They paid lots of money in lacks in the account of Government with zero bills as advance money. So, this is also the technique of Convert Black Money to White.
- Showing Cash Income from Profession–
Another best way of converting black money as white is showing the cash income as from profession. Thus, the profession like teaching in tuition, act as a private doctor, lawyer, and accountant. In these situations, there is no need to Convert Black Money to White.
- Sale of Personal Belonging like Jewellery–
Exchanging cash to the nearest jewellery shops is also the best option to Convert Black Money to White. This is the concept in which the jeweller may take the cash as black and return in place of it as a cheque or the bill worth rupees that which you have to exchange. Now, in this situation you have to purchase some jewellery from these jewellery shops.
- Converting Black Money by Investments–
Another best to Convert Black Money to White is to pay the instalments of investment in cash to the required party to whom this cash is to be given. Suppose- MR. X wants to pay the amount of 40,000 to the company where he invests having lots of money in black. So, it is the good option to fill the amount of investments instalment in cash to convert this illegal money.
- Getting Black Money as Gift–
This is also the option of Convert Black Money to White. The situation is this, that if someone has a much amount of black money in cash and he has no option to converts it, and the relatives give a gift as providing cheque of that amount which he wants to convert. Thus, providing cheque to the bearer is the best gift from the view of the cash holder. Therefore, it is also the best option.
- Depositing Black Money on Name of Family Members–
This way of Convert Black Money to White and depositing black money to the account of the family member is also good. Through this, the richest person may also deposit the amount of cash to the account of his parents which looks very in the eyes of those parents who are getting the cash. This is the one of the best way and technique of converting cash and also let the parents be feels proud for their child who decides this step.
- By declaring black money–
This is also the best way of the Convert Black Money to White. The best technique in this world is to accept your fault, but the little percent of men have this type of guts of accepting the mistakes done by them. By paying the amount of tax to the government and showing whole income to them is the best way.