10 Legal Ways Rich People Adopt to Convert Black Money to White

10 Legal Ways Rich People Adopt to Convert Black Money to White

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10 Legal Ways Rich People Adopt to Convert Black Money to White

10 Legal Ways Rich People Adopt to Convert Black Money to WhiteAfter the demonetization of Rs500 and Rs1000 notes in India normal people are standing at bank queues and Riches are searching how to convert black money to white money. Here we are providing the 10 Legal Ways Rich People Adopt to Convert Black Money to White so that people of India can sleep easily without any tensions. Many big industries and factories have paid their workers and laborers their salaries in advance for many months. They are making fool of poor people because they don’t know what black money is.

Black money is the tax avoided Income. Black money can be earned from both legal and illegal ways. How black money is generated? Black money is generated when the goods are sell off without invoice or without mentioning in the account books. The cash that is generated by black money cannot be stored in the banks so people store it in their homes locker suitcase etc. Here are the ways through which you can spend and covert that black money to white money.

10 Legal Ways Rich People Adopt to Convert Black Money to White

#1. Fake Loan Entry

Fake loan method is the most famous ways to turn black money into white. In this case people give black money to their friends or relatives and in return take a cheque from them and do a fake loan entry. This is a fake loan entry to convert black money into white.

Fake Loan Entry

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#2. Charity and Donations

Another method people adopt to convert black money into white is they form their own charity organizations and funding societies on the name of others. They provide charity to the organization in black money and it converts into white when it reaches the charity party.

Charity and Donations

#3. Income From Profession

Another popular way to convert black money to white is this that people show their black money as earning by profession. People show their Income from tutions, professional fee in cash and pay no tax. This is nothing but converting black money to white.

 Income From Profession

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#4. Sale Of Jewelry

This is the most adopted method by people to easily convert black money to white without any risk. People go to their known jewelers and give them the black money they want to convert in return the jeweler will give the bill of the sold jewelry and the black money is converted to white and you don’t have to pay any tax.

Sale Of Jewelry

#5. Black Money As A Gift

This is the simple and quick to convert black money to white. If you’re relative have white money and you have a black money. Your relative will issue a cheque by saying that is a gift and you issue black money to your relative in return.

Black Money As A Gift

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#6. Agricultural Income

Agricultural Income is exempted from tax policies and all the money related to sale of agricultural products is exempted from tax. So the people take some agricultural land and from traders and show their black money as the sale from agricultural goods

Agricultural Income

#7. Spending Money On Weddings And Functions

It’s so simple and obviously will be known by everyone if u have attended the lavish weddings where money is spent like water that money is the black money that is spend on marriage functions.

Spending Money On Weddings And Functions

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#8. Spending Money On Elections

According to the Indian election rules maximum Rs 70 lacks can be spend by the Lok Sabha member. But it’s so obvious that they do not spend Rs 70 lakhs, in fact they spend 70%more of 70 lacks and their all black money is converted into white easily.

Spending Money On Elections

#9. Depositing Black Money On Name Of Family Members

It is one of the most used methods by people to People to convert black money to white. It is observed that people open bank accounts of their relatives and deposit their black money I their accounts and which is converted easily to white.

Depositing Black Money On Name Of Family Members

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#10. Declaration Of Black Money

We recommend that declaration of black money is the best method to convert black money to white as the authorities will charge a tax on that black money and the remaining money is the white money which is all yours.

Declaration Of Black Money

These were the detailed list of 10 Legal Ways Rich People Adopt to Convert Black Money to White after demonetization of the Indian notes notes. For more latest information you can bookmark this page by pressing Ctrl+D.

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