The government has confirmed that only five percent of LIC will be sold on NSE/BSE. Since LIC could be valued between $150-200 billion (Rs 10-15 lakh crore), the math is obvious. But why should we slice LIC’s offering in two tranches, separated by several months? Instead, why don’t we sell half the issue in India, and simultaneously sell the other half overseas? That could raise close to $10 bn on LSE/NYSE – now add $10 bn from Sovereign Dollar Bonds and $30 bn from a tweak to capital gains tax rules. Bingo! $50 bn flow into India, bond yields soften, and the rupee appreciates against the dollar.