Here, I define black money as that where there is no EQUAL trade of value.
Eg. If I buy a car, and pay 5 lakhs, and think I have got value for 5 lakhs, then it is a WHITE/PURE transaction.
If I feel value is less than 5 lakhs, then the difference is BLACK MONEY. Alternatively, if the car-dealer sold it for less value than it was worth (!!), then again the difference is BLACK MONEY.
Now, money was initially born as a medium of exchange for trading in items of the same VALUE. This replaced barter trade, where again, it was supposed to be exchanging goods of the same value.
Now, how much BLACK MONEY is out there? And what's my definition of VALUE? It's a personal call. So, this question can never have a unique answer. Ok.
