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RGESS norms to come by end of July

Under RGESS, 50% tax deduction would be allowed to retail investors for investment up to Rs. 50,000

July 17, 2012 4:52 IST | India Infoline News Service
The Finance Ministry is expected to come out with details of the Rajiv Gandhi Equity Savings Scheme (RGESS) by the end of July. To enhance savings and attract retail investment in capital markets, former Minister for Finance, Pranab Mukherjee in 2012-13 Budget had announced RGESS.

Under RGESS, 50% tax deduction would be allowed to retail investors with annual income less than Rs. 10 lakh, for investment up to Rs. 50,000, with a lock-in period of three years. The objective of RGESS is to channelise household savings into stock markets.

A retail investor can avail the scheme only once in a life time. To make the scheme more attractive for retail investors, the finance ministry is also considering reduction in the lock-in period under the scheme to one year from the proposed three years.

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