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.
