Let us revise all CSR policies nowThe cost of getting the finally approved COVIDF-19 vaccine to every Indian is expected to cost a neat Rs.,80000 crores. The Government has to freeze all non-essential expenditure and act very fast. The funds available in PM Cares fund may not be totally sufficient. Hence, we need out of the box solutions.
For instance, we can create a super-duper NRI Fund, where funds mobilized through approved bank channels will result in total exception of income tax for family members, who will be paying income tax. For example, if my brother who lives and works in USA contributes, Rs.one lakh to the cause, the same Rs.1 lakh will be totally exempt from my tax and my wife's total income tax. Which means, the amount will act as an incentive to the family to contribute. Or alternatively, the entire amount can be set off against tax payable by the particular NRI for purchase of gold or real estate or whatever, provided the proper documentation is done.
Secondly, profitable companies can be motivated to contribute upto six percent of their turnover and the total amount should be exempt from all taxes. Any individual who makes a contribution of Rs. one to five lakhs or even ten lakhs (the IIT and IIM/ISB guys with five years of experience earn salaries of over one crore in many cases), should be allowed total income tax deduction for only this year. And of course, the Govt of India should go after the corrupt Ministers in States like Tamil Nadu( the worst corrupted State in India today) to unearth all the black money and make use of it for funding the cause. Please do note that all ministers combined have black money and property in benami names in Tamil nadu and most parts of other States as well, and the amount is in the region of Rs.1,50,000 crores. All this is in the public domain.
Let the Government of India take drastic action and revise all CSR policies. Right now.