In a move to close in on black money and money laundering the government has announced a slew of measures. The Union Cabinet approved the introduction of Prevention of Money Laundering (Amendment) Bill, 2008 in Parliament.

For the common man black money is a myth. It is the undeclared wealth acquired without paying income tax or any other government levies associated with it. When a Bollywood star charges Rs 1 Crore for a movie, he/she receives the amount by only signs a receipt for, say Rs 50 Lakh. He/She pays IT only on Rs 50 Lakhs and balance of the money is black money which enters the shady world of money laundering.

Casinos and Payment Gateways were being used extensively for such deals. With the introduction of Prevention of Money Laundering (Amendment) Bill all casinos, payment gateways like Mastercard, Visa and Western Union and even Credit Card deals will be monitored by law. These organizations will be required to report details of all suspected transactions to the government.