What Is Black Money?
Black money includes all funds earned through illegal activity and otherwise legal income that is not recorded for tax purposes. Black money proceeds are usually received in cash from underground economic activity and, as such, are not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through money laundering.
Black money to the white process by a business
People use all illegal methods to convert black money to white. There is a method called mixed sales; it is the most famous way to make black money white. This article is written to expose how people convert black money to white. I no way encourage taxpayers or anyone to use the below methods.
What is the most popular formula, Whitening black money?
Mixing illicit money sources with legit ones is a popular method because it’s hard to detect, especially if there is a large cash component in the legal business. In today’s world, people choose an online business. A travel agency could be a smart business for whiting black money. I am not saying invest in a travel agency; I am saying people utilise this system in an online travel portal.
STEP 1: Illegal money is mixed with actual sales by investing in the company’s bank account. The cash deposit will be justified as legitimate business income, say, cash receipts in a business.
STEP 2: The company rollover the money, and with the money flow, it will be white. And the certain amount a person can make white every month, and an annual business audit will be audit as per business policy. Sometimes black money holder offer a company an extra percentage to utilise the other person’s business. It depends on the deal; how you operate a business with mixed sales tactics.
STEP 3: Black has become white, and promoters can use it to buy assets. In our society, many people are businessmen with that process, which is a smart and effective path.
Why do people choose Online Travel Agency (OTA) for whiting money?
There are a few points of view people choose an OTA or invest in an Online Travel Agency. Travel agents’ products are Flights, Hotels, Tours etc. And with those sales, you can operate a business in the travel industry. Here are a few points with the details:
- Air ticket prices are high and travel agents get a 7% commission. So if anyone discounts more than 7% in an OTA (Online Travel Agency), it is easy to increase sales, and with that, a business could take control of sales from the aviation industry.
- Hotels & Tours are other products where you can give attractive offers and promotions. Most travel agents promote cheaper because the money burns into the mixed sales policy.
- With OTA software, people markup the price into the online travel portal and sell those deals and services. A businessman makes a business, and a black money holder makes white with that system!
How do I make an OTA software or Online Travel Agency?
Suppose you are interested in OTA software or an Online Travel Agency business. In that case, you could take a travel business consultancy or order your online travel booking portal from a travel technology company. For a demo, you may check this demo online travel portal or website. Flight and Hotel system connected with Travel API solutions; Tour and visa portal is uploading solutions. Every solution has a separate payment gateway where the company receive money from a user. Many travel technology companies support making online travel agencies, but the top travel technology company is “zoo Travel Technolgy”. Their supports are the best in the travel solutions market, but they don’t offer black money white services. They sell OTA Software (Online Travel Agency Software) in the global travel industry. For details, visit their website and google about them!
I don’t recommend readers follow any of these methods for black money conversion. This article is just for exposing loopholes in our system. So, the RBI and the government can act appropriately by formulating strict rules to remove black money from Bangladesh. I am against black money and black money generation ideas. Suppose you have information about people holding black money and trying to launder it. Please contact Rapid Action Battalion or RAB. If I have missed other methods people use to convert their black money into white money, I request you to share them in the comment section. Let’s fight against black money and corruption. If you are truly Bangladeshi and against Black Money and corruption, share this post on Facebook and Twitter. Show your love and devotion to our Nation, Bangladesh.
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