Planning Commission will soon take up with finance ministry ways of setting up of 500 billion rupees debt fund. It has been recommended by a government approved panel to set right country's infrastructure. Planning Commission sources said, the plan panel will also discuss the changes required in legislation for setting up the fund. Sources said that the fund would be operated outside government and help in bridging the funding gap in infrastructure and for this changes are needed in SEBI rules, the RBI Act and Income Tax Act. A committee headed by HDFC Chairman Deepak Parikh was set up by Planning Commission last month to look into the possibility of creating the fund to support private investment in the infrastructure sector. It submitted its report last week. The panel, which submitted its report last week, it maintained that the proposed fund can tap World Bank, Asian Development Bank, non-resident Indians apart from domestic lenders and insurers and the money could be lent to companies engaged in building power, road, port, airport and other infrastructure projects. The panel also suggested the government exempt the interest income of the proposed fund from withholding tax. AIR correspondent reports that India now spends about 7 percent of gross domestic product in infrastructure and this ratio has to go up to at least 9 percent in the coming years for double-digit growth of economy.