Term 'black money' is racist, should be changed: Members in RS

The term 'black money ' is racist and should be changed, according to members of bitter rivals Trinamool Congress and CPI(M) who raised the issue in Rajya Sabha on Wednesday.

Participating in a discussion on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, Derek O'Brien (TMC) stressed that the term black money should be changed as "dirty money".

Tracing the history of coining the term 'black money' to Europe several centuries ago, he said, money that appeared in black as it was mixed with copper while minting was called as black money.

CPI(M) leader Sitaram Yechury also underscored that the term black money was "racist" and it should be replaced with some other term.