98 SOCIAL SCIENTIST such bonds".4 Further, "no inquiry or investigation shall be commenced against any person under any such law on the ground that such person has subscribed to or otherwise acquired Special Bearer Bonds.9'5 Finally, "the fact that sucli a person has subscribed to or has otherwise acquired Special Bearer Bonds shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under such law".6 Immunity In other words, any person found in possession of the special bearer bonds is immune, to the extent that his undisclosed assets are in the form of such bonds, to any further investigation by the tax enforcement agencies. This exemption is valid as long as bonds are alive, that is, until 1991. After this period, when the bonds are redeemed, it will not be possible for the beneficial y, in ordinary circumstances, to avoid disclosing the redeemed value of assets for purposes of assessment. This immunity will not, of course, be available to an individual who holds undisclosed assets in a non-bond form. During the ten year period of its life, the special bearer bonds will not be taken into account for computing the capital assscts of an individual, nor will they be included in the assessment of total assets for purposes of wealth tax.7 When transferred from one individual to another, the special bearer bonds will be exempt from gift tax.8 They will therefore be a part of the revenue earning structure of the government, fitting into the category of exempted items. Further, by way of incentive, the premium earned upon the redemption of the bonds will be exempt from income tax.9 Sections 3 (2) and 4 of the ordinance spells out the safe-gards that the government has taken against possible misuse of the scheme. First, there is no exemption from certain sections of the Indian Penal Code, nam ely, Chapters V and VII, nor from the Prevention of Corruption Act, 1947. Second, it will not be possible for an individual, once he is charged with the possession of illegitimate assets, to avoid action being taken against him by converting such discovered assets into bonds. Third, no individual who has assets disclosed to the tax authorities can seek co avoid tax by converting these into bonds. Given these, the main features, it is possible to deduct the expectations of the government from the scheme. It is obviously expected that a significant part of the present stock ofillcgiti-timate money will be drawn out into the open in the form of bonds.