Good news for Indian investors who wants more as well as secure returns, Finance Minister P. Chidambaram is set to launch the much-awaited Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai.
RGESS scheme which aimed to benefit first-time stock market investors by providing tax incentives with savings will be launched next month on February 9.
The scheme offers tax incentives to an individual for investing up to Rs 50,000 in the stock market who has an income of less than Rs 10 lakh.
There would be a limited time period of one year for investors to make investments and get benefits under the scheme, as per notification issued by the Securities and Exchange Board of India (SEBI) on the RGESS.
Seeking to boost Indian stock market portfolio by offering best source of saving, the govt was announced the scheme in the Budget for 2012-13.
As per source report, RGESS is much under keep focusing of mutual fund companies, seeking to consider it with mutual fund schemes. SBI and IDBI and one private fund house DSP Blackrock have filed draft offer documents with SEBI.