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August 28, 2005
Vishy's Indian English Dictionary: black money
black money./blæk·muh·NEE/. Akin to dark matter that makes up most of the universe but isn't actually detectable by our instruments of observation, black money is money that powers the Indian economy, but isn't subject to the mere trifles of accounting or tax audits. Remittances and receipts for big-ticket items are hardly ever publicly disclosed in full. The official cost for an item is expressed in so-called 'white money'. In truth, the seller usually charges the buyer some more money under the radars of accountniks. The white and black portions of a remittance are always on separate checks. The particularly paranoid seller may choose to receive the black portion entirely in cash to reduce its traceability. The 'black' designation is also used idiomatically, as in, "This apartment will cost 35 lakhs, 25 of those in black."
Untaxed black money powers a parallel economy in India and fuels some exorbitantly affluent lifestyles that occasionally make outsiders forget that India is a developing country. Men of industry are reminded how un-self-made they are as they periodically draw grudgingly from their pools of black money to pay protection money to various goons. Black money also fuels the astonishing pace with which Bollywood makes movies. Occasionally, pangs of guilt seize a businessman as he approaches his demise and coerce him to bring his black money into whiteland by donating generously towards constructing hospitals and libraries for public welfare, or temples for private salvation.
To give credit where it is due, black money's stranglehold on India's economy has shrunk considerably in the last decade or so due to increased calls for transparency and government measures extending clemency over declared assets. Nevertheless, on occasion, it makes one wonder where all the crores of rupees being doled out on Kaun Banega Crorepati? (India's Who Wants to Be a Millionaire?) come from.
Posted by Vishy at August 28, 2005 07:22 PM