Black Money in India: What are regulation laws?

Therefore, before we crackdown the black money issue in India, it would be informative to look at some of these laws and acts compiled by Rediff, which regulates black money:

Prevention of Money Laundering Act, 2002: This is a money laundering law that is formulated to check hoarding of black money. People who are proved to be holding black money are liable to punishment. The act says that whosoever directly or indirectly attempts to indulge in any activity that is connected to proceeds of crime and projecting it as unattained property shall be guilty of offence of money laundering. They would be liable to three years of rigorous imprisonment along with fine and declaiming the money that they laundered.

Prevention of Corruption Act: Any public servant of any level who accepts a gift or any kind of gratification from a second party apart from the legal remuneration will be subject to the act. He/she shall be punishable to an imprisonment for term not less than six months and can go up to five years or more along with fine.

Narcotic Drugs and Psychotropic Substances Act of 1985: This act has been enacted with a view to make stringent provisions for the control and regulation of operations relating to narcotic drugs and psychotropic substances.

Also Read: 'Child Mortality Rates Falling In The Developing World'
Can NDA Outperform UPA-2 With New Cabinet