Black-marketing is the illegal trade of goods and services with the intention to evade the lawful requirements of such trade. Two such common tactics used are to increase the price beyond the controlled price or lower the price below the normal to evade taxation issues.
What did Quaid say :
A citizen who does black-marketing commits, I think, a greater crime… These black – marketers are really knowing, intelligent, and ordinarily responsible people, and when they indulge in black marketing, I think they ought to be very severely punished because they undermine the entire system of control and regulation of ….essential commodities, and cause….starvation and want and even death.Address, Constituent Assembly of Pakistan, Karachi, 11 August 1947
Some Basic information i think is necessary to share
Are black markets illegal?
A black market is a transaction platform, whether physical or virtual, where goods or services are exchanged illegally. Now, what makes the market “black” can either be the illegal nature of the goods and services themselves, the illegal nature of the transaction, or both.
Why the black market is bad?
The black market’s many drawbacks include the risk of fraud, the possibility of violence, being saddled with counterfeit goods or adulterated products (which is especially dangerous in the case of medications), and the fact that the buyer has no recourse.
What can you find on the black market?
The black market often sets a price for foreign exchange that is several times the official one. Examples of goods traded in the black market are weapons, illegal drugs, exotic and protected species of animals, and human organs needed for transplant surgeries.
What are the causes of black marketing?
The two common causes of black marketing in an economy are:
- Extreme high rates of taxation.
- Excessive regulation of trade and commerce.