The gambling industry is facing its own problems.
A report by the National Crime Records Bureau (NCRB) last month said that there were 5.34 million “black money” transactions in the country in 2016-17, and that the government was aware of the issue.
A further 8.3 million transactions were unaccounted for, the report said.
There has been no official response from the government.
But it is not just a problem of black money, but also illegal gambling.
“We are aware of black economy but have been unable to control it.
This is not a black market problem, but a legitimate business issue,” a senior bureaucrat told IANS.
The NCRB said that the Indian government was not making any progress in reducing black economy.
“While we have been able to reduce the black economy by making it more transparent, there are still significant barriers to getting black money out of the black market,” it said.
“The issue is also not a government problem but a business problem.”
The black money issue is often traced back to the government’s anti-corruption drive.
In 2014, then Finance Minister Arun Jaitley had announced the creation of a task force, which would be tasked with tackling black economy in the government-run economy.
A senior government official said the task force was a continuation of the anti-graft drive that had already started.
However, there is a lot of work to be done.
“It is very difficult to identify all black economy businesses.
The task force is only targeting black economy companies that are involved in illegal activity,” the official said.
In November last year, the then finance minister also announced that the country’s banking regulator would be formed to tackle black money.
An NCRB report in March 2017 said that about 5.9 million transactions between November 2017 and April 2018, were linked to black money and money laundering.
According to the report, in 2015-16, the total amount of black cash was about Rs 1,800 crore.
More than 90 percent of these transactions were linked with illegal business activities.
Experts say that as the economy grows, more black money is created, which leads to more problems.
“It’s a double whammy for the black money system.
It becomes more difficult to track it down.
This has a knock-on effect on the black economies,” said Shilpa Rao, a senior economist at the Confederation of Indian Industry.