The Giving Pledge.

Less than two months back the Gates and their friend Warren Buffet, challenged the wealthiest people in the US to give away the bulk of their money to charity, the billionaires are starting to roll in and so far nearly 50 of them have enrolled and signed the pledge.

Of course, most of these are billionaires who are already doing a lot of Charity - but, now, some are pledging half or all their wealth!

"The Giving Pledge" is an effort to invite the wealthiest individuals and families in America to commit to giving the majority of their wealth to philanthropy.

The philanthropy advisers will create a series of at least two dozen documents advising donors of all levels on how to make the most effective use of their giving, all of which will be available for free on the Rockefeller website.

While the Giving Pledge is initially focused on the US, the Rockefeller philanthropy programme is targeting Europe and Asia, both initiatives may well end up having a more global scope.

Can you imagine the scene in India?

Most people in India who have earned their money legally are already doing some charity. Some publicise it, other's don't. Most other's who earn it illegally do deposit in "hundis" of temples, which are managed by trusts. These trusts work like magic, because the money does a disappearing act - and you don't see it anymore!

I hope some organisation of repute comes up with the above pledge and starts governing it like the Rockefeller in US. This should be managed by men of repute, so the preamble of the constitution of such a trust should disqualify any politicians from coming close to it - in any way, other than a being a donor, because, let's face it, they have the loot with them.

Now, most of the illegal wealth made by the Indian crooks - gangsters and politicians included, is lying outside the country in banks located in safe havens - (nearly 1.4 trillion Dollars). That is an amount all the rest of the world's billionaire's will not be able to match! Even a fraction of it coming back will be enough to wipe out our BPL, if properly administered!

Shouldn't the IT, Enforcement Directorate and Finance Ministry make some concessions to let these people get this wealth back to India - no questions asked - if it is for this purpose? The problem is, how will the politicians and their party expose their loot? That's a thought.