Friday, March 16, 2012

Rajiv Gandhi Equity Savings Scheme Launched

A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget 2012-13 to encourage flow of saving in financial instruments and improve the depths of domestic capital market. 
The Union Finance Minister ShriPranab Mukherjee in his Budget speech in LokSabha today said that the scheme allows for income tax deduction of 50 per cent to new retail investors, who invest up to Rs 50,000 directly in equities and whose annual income is below Rs 10 lakhs. The scheme will have lock-in period of three years. The details will be announced in due course. 
Source : PIB

1 comment :

Shankar said...

Finance minister has forgotten one thing. This scheme to be availed by individual investors, they should first have income.Finance minister is required to ensure people to have sufficient money for investment.Or else, this scheme will also go like any other scheme within a year or two.

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