From UPSC perspective, the following things are important :
Prelims level : Elephant Bonds
Mains level : Curbing black money
- A high level government-appointed committee on trade and industry has suggested it to issue ‘Elephant Bonds’ to people for declaring undisclosed income to mandatorily invest 50%.
- Elephant Bonds are the 25-year sovereign bonds in which people declaring undisclosed income will be bound to invest 50 per cent.
- The fund, made from these bonds, will be utilized only for infrastructure projects.
- It is like an Amnesty scheme to help State treasury raising tax revenues, adding beneficiaries in tax base who have not declared their assets previously.