Black money indicates the accumulation of income which is not figured in the account book. It is the aggregated income which are taxable but not reported to the tax authority. That’s why it can betermed as hidden money. As a result ‘black money’ can not legally take part in the declared and formal business transaction in the economy. It is, therefore, mainly used for kind of unauthorised and
unchallenged transactions or in posh living which, in turn, causes high rise to black market operation. The other terms for this kind of economic activities are informal, irregular, underground, hidden,
unofficial, dual, unrecorded, untaxed and unmeasured economy. It is also called Shadow Economy.
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