By Lal Goel
Today the entire world is engulfed by Coronavirus. All countries are fighting this pandemic on two fronts, Medically and Economically. India is also trying her best in both the front. Due to the timely lockdown government succeeded in keeping the mortality rate very low in comparison with many other countries. On the economical front, we are lagging behind because of the financial state of the country. India has to cater basic necessities to economically backward, Migrants, Poor, Lower Middle, Middle, Upper Middle as well as rich class. The first and foremost task now is the continuity and stability of businesses. For this purchasing power of the public has to increase. This is only possible if the Government spends money on Infrastructure and development work in full swing, allow all private and public sector to run industries in full capacity and MSME to function normally. This Government requires at least 10% of its GDP to induct in the system. This seems to be an impossible target but this can be achieved if we adopt and implement the following.
ISSUANCE OF BONDS
- Govt can issue 10 years total tax-free bond
- One can invest any amount in bonds
- No question should be asked about the source of income
- No limit on tax exemption like 80C
- Lock-in period one year
- Bonds will be listed after one year on stock exchanges
- Every year tax-free dividend will be paid to the registered holder of bonds equivalent to the average GDP of our country
- After 10 years bonds will be redeemed (Tax-free redemption)
- In this way, Govt can raise approx 25 lakhs crores( Last year tax collection was about 11 lakh crores. If 50% of assesses take these bonds the collection will be approx 25 lakhs crores as main tax collection is from HNIs, Corporates & PSUs
- These Bonds will be tradable, transferable & sellable after the lock-in period
RELIGIOUS TRUSTS
- Govt can pass an ordinance and take 90% of the money of all Religious Trusts as well as 90% of Gold and Ornaments held by Religious Trusts(All Religions).
- (Optional) Govt can issue redeemable bonds of 20 years against the Cash & Gold
AMNESTY FOR ECONOMIC OFFENDERS
Govt can come out with amnesty scheme for economic offenders by charging 100% principal amount
AMNESTY FOR LOAN DEFAULTERS
Govt can give an amnesty scheme for NPA by charging 25-40% of the principal amount. By this way can mobilise approx 2 lakhs crores. The funds mobilized in this way should be used for the benefit of the public at large. After all, this fight is not between anyone but between Satan and Humanity…(To be continued)
About the Author
Mr. Lal Goel is the Chairman of the Organ Donation Foundation with more than five decades of Business Experience. He is also the Chairman of Global Youth Activity Network (GYAN), a newly formed entity to promote Indian Youth to take up leadership roles. He has created a transformation in organ donation awareness in India and has traveled across the country and overseas to involve leaders from various areas in his organ donation awareness campaign. He has done more than a hundred TV episodes in his Organ Donation Awareness Campaign and COVID 19 Series.
