Money For Students and Children

Money is essential for survival and achieving dreams, but some people earn it through illegal means like corruption, money laundering, or not paying taxes. Black money refers to income earned through misuse of power or position, without proper documentation or tax paid. Money laundering converts black money to white by disguising its illegal source. The government is taking steps like linking bank accounts to identification numbers to track transactions and catch illegal activity. Earning money through legal employment offers a safer option compared to riskier business or corruption.

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Money For Students and Children

Uploaded by

lim amy

We take content rights seriously. If you suspect this is your content, claim it here.

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Download as DOCX, PDF, TXT or read online on Scribd

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Money for Students and Children

Money is an essential need to survive in the world. In today’s world,

almost everything is possible with money. Moreover, you can fulfil any of
your dreams by spending money. As a result, people work hard to earn it.
Our parents work hard to fulfil our dreams.

Furthermore various businessmen, entrepreneurs have start up

businesses to earn profit. They have made use of their skills and
intelligence in getting an upper hand in earning. Also, the employee sector
works day and night to complete their tasks given to them. But still, there
are many people who take shortcuts to success and get involved in
corruption.

Black money is the money that people earn with corruption. For
your information corruption involves the misuse of the power of high
posts. For instance, it involves taking bribes, extra money for free services,
etc. Corruption is the main cause of the lack of proper growth of the
country.

Moreover, money that people having authority earns misusing their

powers is black money. Furthermore, these earnings do not have proper
documentation. As a result, the people who earn this do not pay income
tax. Which is a great offence and the person who does this can be behind
bars.

In simple terms, money laundering is converting black money into

white money. Also, this is another illegal offence. Furthermore, money
laundering also encourages various crimes. Because it is the only way
criminal can use their money from illegal sources. Money laundering is a
crime, and the people who practice it are liable to go to jail.
Therefore the Government is taking various preventive measures to
abolish money laundering. The government is linking bank accounts to
AADHAR Card. To get all the transaction detail of each bank account. As
a result, the government comes to know if any transaction is from an
illegal source.

Also, every bank account has its own KYC (Know your Customer)
this separates different categories of income of people. Businessmen are in
the high-risk category. Then comes the people who are on a high post they
are in the medium-risk category. Further, the last category is of the
Employee sector they are at the lowest risk.

White money is the money that people earn through legal sources.
Moreover, it is the money on which the people have already paid the tax.
The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the

safest way to earn money is in the employment sector. But your income
will be limited here. As a result, many people take a different path and
choose entrepreneurship. This helps them in starting their own company
and make profitable incomes.

Every person in this world works hard to earn money. People try
different method sand set of skills to increase their incomes. But it is
always not about earning money, it’s about saving and spending it. People
should spend money wisely. Moreover, things should always be bought by
judging their worth. Because money is not precious but the efforts you
make for it are.