P Chidambaram to launch Rajiv Gandhi Equity Scheme in Mumbai today !
Finance Minister P Chidambaram will launch the Rajiv Gandhi Equity Savings Scheme, RGESS in Mumbai today. The scheme, which is aimed at attracting first time investors in stock markets, was announced in the Budget 2012-13. Under the scheme, an individual with an income of less than Rs 10 lakh would get tax incentives for investing up to Rs 50,000 in the stock market.According to notification issued by SEBI, there would be a lock –in period of one year on investments made under the scheme. The scheme was notified by the Department of Revenue, Finance Ministry on November 23 last year.
Besides, the Finance Minister will also inaugurate the Equity Trading Platform of the MCX Stock Exchange (MCX-SX) tomorrow. The exchange will, however commence trading in equities from Monday, February 11. With the launch of equity trading platform, the MCX-SX would become a full fledged stock exchange.
Later in the evening, Mr. Chidambaram will also launch the ambitious IL&FS Infrastructure Debt Fund.The fund will be on a trust model and would invest in projects in the field of power, port, roads and also healthcare and education sector.
During his visit to Mumbai, Finance Minister will also inaugurate the new corporate centre of Punjab National Bank and hold interactions with head of top bankers and fund managers.