Black money is the money that is unaccounted for, wherein taxes have not been paid on that money. Sources of black money are often illegal, such as crime – trafficking, illegal trade, fraud – and corruption -bribery, leakages from government programmes; but the source of black money can be legal too. To be black, a money just has to be unaccounted for, and untaxed.
Some black money, especially in the poor classes, is unavoidable in any economy. The black money which the government agencies target is that associated with tax evasion and illicit organised crime such as human trafficking. Legal definitions of black money may vary, for example, under the Black Money Act 2015, the term ‘black money’ covers only the ‘undisclosed foreign income and assets’.
Money laundering is the process wherein proceeds of crime are converted into legal money or asset in order to obscure its origin.
The Ministry of Agriculture and Farmers Welfare (MoAFW) is the apex body for agriculture sector. It supports agricultural research and education, and implements related schemes through the state governments as agriculture is a state subject.
Department of Agriculture, Cooperation and Farmers Welfare
Global efforts for financial stability have picked up after the 2008 global economic crisis, but anxieties about such a crisis, and the organisations for promotion of financial stability, have existed since much before. These organisations facilitate cooperation between governments and central banks with the aim to avert or reduce the likelihood and negative impact of another financial crisis.
The Ministry of Commerce and Industry administers the foreign trade policy and the industrial development policy of the country through its two constituent departments: Department of Commerce, and the Department for Promotion of Industry and Internal Trade (formerly DIPP).
Department of Commerce
The Department of Commerce implements and monitors the foreign trade policy of India. It is entrusted with responsibilities relating to multilateral and bilateral commercial relations, Special Economic Zones, export promotion and trade facilitation, and development and regulation of certain export oriented industries and commodities.
Ministry of Finance is responsible for matters such as taxation, financial institutions, union budget, etc. It is also the cadre controlling authority of Indian Revenue Service, and Indian Economic Service.
Departments and Associated Organisations
The Ministry of Finance comprises of five departments:
Ministry of Housing and Urban Affairs (MoHUA) is the nodal ministry in charge of various aspects of urban development including urban water supply, sanitation, solid waste management, housing and slum development. It is also the apex agency for administration of Real Estate Regulatory Authority Act 2016. The ministry was created in 2017 by merging the erstwhile Ministry of Urban Development and Housing and Ministry of Urban Poverty Alleviation.
Urban development, water supply and sanitation are state subjects. The central government provides guidance, expertise and financial resources to the states for development and implementation of their respective policies on these matters.
Ministry of Human Resource Development (MHRD) is responsible for development of human resources. It implements policies for regulation and promotion of quality education in the country.
Department of School Education and Literacy
Department of Higher Education
Central Advisory Board of Education (CABE) is the highest policy making advisory body with wide representation, to advise the central and state governments in the field of education. It is chaired by the HRD Minister.