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From womb to tomb, you have to pay bribes: R Vaidyanathan

Interview with Professor, Capital Market Studies, Indian Institute of Management-Bangalore

R Vaidyanathan, professor, Capital Market Studies, Indian Institute of Management-Bangalore and the author of several studies on black money talks to Praveen Bose about the problem. Vaidyanathan says that corruption generates black money. But not all black money is bad. Edited excerpts: A basic question: what's black money? Why is it bad and why should we worry about it? Income that's illegally obtained or not declared for tax purposes is black money. Corruption generates black money. But not all black money is bad. For instance, during a consultation with a doctor, if his fees ...