Rajan against inheritance tax idea

New Delhi: Strongly disapproving the idea of inheritance tax, Reserve Bank Governor Raghuram Rajan has advocated a "cultural change" which pulls the rich towards philanthropy or giving back to society.

"I would argue rather than a blanket inheritance tax, let's change the culture. Make it such that people don't want to leave a lot of wealth for their children," he said while delivering the keynote address at the DD Kosambi Festival of Ideas in Panaji over the weekend. Specifically speaking on inheritance tax idea, he said: "I think rather than bringing people down, our focus should be on taking people up.