ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Life Insurance-From Classes to Classes

offered as a gift by the government to the dethroned princes by another act of Parliament. This has gone practically unnoticed. The payment is completely tax-free and if it is 'grossed' up, by applying the appropriate lax rates, the pretax income would work out to a fabulous figure of well over Rs 75-80 crores. Or again, taking even the most modest yield, investment of the sum offered to the former princes would provide a safe assured annual income of about Rs 1 crore without sweat or toil! In this sense, privy purses have not been abolished but are being continued in perpetuity.

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