#* How is black money generated?
Illegal activities like crime, drug trade and corruption, or
Failing to pay dues to the public exchequer in one form or another.
In the second case, activities might be legal but the perpetrator may simply have failed to report the income generated to avoid paying tax.
It should be noted that not all the unaccounted money is black. It is only that money which was legally required to be disclosed, but was not disclosed. Income tax provisions permit income below a certain threshold without disclosure.
Certain sectors are more vulnerable to black money issues. These include real estate, bullion and jewellery, financial markets, public procurement, the non-profit sector, informal sector and cash economy.
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