FROM THE REPORT
" CHALLENGE OF EDUCATION "
NOV.
1985
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ATTRACTING
“BLACK- MONEY” FOR EDUCATION
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PRESENT SITUATION :
Present
outlay on education is Rs. 3200 Crores. With 1% per annum growth-rate (in
population & enrolment ) the expected outlay by 1990-91 is expected
outlay by 1990-91 is expected to be double i.e. Rs. 6,400 Crores. But with
the desired growth in education this figure is bound to be around Rs. 30,000
Crores.
Black-money
in India is estimated varying between Rs. 37,000 to Rs. 72,000 Crores.
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CHANGE/ ACTION
DESIRED :
To
mobilize the need of about Rs. 30,000 Crores for education we must exert
pressure to channelize the cast reservoir of Black-money.
This
can be accomplished by allowing people/ trust to invest in Educational
Institutions. For such investments/ donations no questions should be asked
with regard to source of income. Further, such investments must be allowed a
return of 5% for 10 tears (exempted from tax) and thereof after 10 % return
with maximum tax- liability pegged at 50% of the profits made.
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ADVANTAGES EXPECTED :
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The resources gap with be bridged
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The “black-money” will get invested in constructive, nation- building,
human-resource development oriented activity – a very noble purpose.
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ACTION BY :
GOI
– Ministry of Finance &
Ministry of Education
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