The government sets a panel for 'Elephant Bonds' for infrastructure projects and investing undisclosed income. The panel was headed by;

A government-appointed high-level panel has suggested for issuance of 'Elephant Bonds' for infrastructure projects and people who are declaring undisclosed income will have to mandatorily invest half of that amount in these securities. The duration of 'Elephant Bond' will be 25-years. The 12-member panel headed by economist Surjit Bhalla was set up by Ministry of Commerce and Industries last year. Other members of the panel include Principal Economic Advisor Sanjeev Sanyal, former commerce secretary Rajiv Kher and Chairman of Quality Council of India Adil Zainulbhai. The panel has also recommended a road map for doubling India's exports of good and service to over USD 1,000 billion by 2025.