In the present Indian economic scenario, the amnesty schemes like Voluntary Disclosure of Income Scheme (VDIS) are the necessity as an oxygen for a dying person. In the past also VDIS scheme has already been implemented for accelerating the economic growth. Given the current state of the Indian economy, the country can certainly use such boosters!

As the name itself denotes, the VDIS scheme is being offered to the people to disclose and voluntarily declare their income for bringing it to the main stream of the Indian economy. The Indian economy, like a draught river, requires the flood of the savings by way of VDIS.

In my opinion, by framing the scheme of VDIS, there must be the proper classification of the declaration of income and savings and declaration of funds. Declaration of the income must be strictly construed as income earned and savings accumulated out of income by exercising business/profession and other productive exercises.

In the scheme, there must be strict avoidance towards the declaration of the embezzled and scammed funds. The incentive rider for the VDIS may also be set accordingly that the persons who are declaring income must be given immunity against the penal provisions under the Income Tax Act, 1961 including the prosecution and they must be asked to pay flat 50% of the disclosed income/savings.

The income declared under VDIS scheme be subject to 50% flat rate of the tax & under the scheme the balance declared fund after paying the tax be locked in a public debt at least for 10 years, and a person denying the investment be taxed at 100%.

Besides the declaration of funds other than income/savings, the immunity against the penal provisions of the Income Tax Act, 1961 may be given but against the prosecution under Income Tax Act, 1961 and various other Acts, a special scheme may be framed for the immunity for these persons like making them and approver in the cases and through them extending the appendages for bringing into net the other culprits of the scammed funds.

Another scheme may also be framed for repatriation of the Indian funds lying in the foreign countries. Some schemes may also be framed offering the lucrative returns in comparison to the returns in the foreign investments.

All through this, the much needed funds can be collected to give the necessary breakthrough in the Indian economy, along with increasing the employment opportunities by using these collected funds.

The funds collected through VDIS shall certainly increase the opportunities of the employment and in a positive manner, the graph of the socio-economic crimes will also come down.

Therefore, the needed VDIS scheme may act as positive catalyst for the Indian economy for bringing it to self-rotatory stage.