Mohandas Pai Calls for Repeal of Angel Tax and Establishment of ₹50,000 Crore Startup Fund to Boost India’s Startup Ecosystem

Mohandas Pai, a well-known personality in India’s IT and financial worlds, has joined the list of stakeholders that have publicly called for the Modi 3.

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It explained that the current government needs to make certain bold moves to reignite the startup scene across the country.

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The Angel Tax is one topic Pai expressed deep concern in his more recent call for action.

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The Angel Tax was imposed in the year 2012 with an aim to address the magnitude of money laundering which was being camouflaged under high startup valuations.

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But has remained a significant irritant for Indian startups, and a source of ambiguity, that is, it has cut investment; flows.

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It is charged based on the amount of capital raised by the unlisted companies that use the sale oft shares at more than the fair value of the shares.

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