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A small suggestion to eradicate black money from the system... maybe the last amnesty scheme by GOi
As per the scheme, the government can think of launching 0% Infra bonds with a lock-in period for 6-7 years .These bonds will have a 0% rate of interest for at least for 6-7 years . As per the scheme any individual should be allowed to invest unlimited cash in these bonds ( no questions asked by the IT authorities ) Further the owner of these bonds should be allowed to raise a loan from banks by pledging these bonds with a 50% hair cut in the first year & gradually decreasing the hair cut in following years ( banks are safe as the money is already with the government)
It’s a win win situation for all as the government reduces its cost of borrowing, helping it to maintain / reduce fiscal deficit & spend on big infra projects it aims to. In a way the government gets 42 to 49% tax considering that it’s raising money at 7% interest PA now & not paying interest for 6-7 years. The bond holder converts his money by not paying anything upfront. When the bond holder raises money by pledging these bonds the money comes back in the economy as he can spend on capex or invest in real estate socks or bullion (removing the cash from these sectors) & helping the economy grow further.
@PMOIndia @FinMinIndia @nsitharaman @FinancialTimes @EconomicTimes @bhupendrachaube @pranjalsharma @NKSingh_MP @AnilSinghvi_
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