There is no uniform definition of black money in the literature or economic theory. In fact, several terms with similar connotations have been in vogue, including ‘unaccounted income’, ‘black income’, ‘dirty money’, ‘black wealth’, ‘underground wealth’, ‘black economy’, ‘parallel economy’, ‘shadow economy’, and ‘underground’ or ‘unofficial’ economy.
All these terms usually refer to any income on which the taxesimposed by government or public authorities have not been paid. Such wealth may consist of incomegenerated from legitimate activities or activities which are illegitimate per se, like smuggling, illicit trade inbanned substances, counterfeit currency, arms trafficking, terrorism, and corruption.
In its 1985 report as ....
