Finance Minister Pranab Mukherjee is going to get you hooked to stock market as he has made an important announcement in year 2012 budget speech and key points of the scheme are as appended below:
- He has announced Rajiv Gandhi Equity Savings Scheme by virtue of which he wants to encourage flow of savings in financial instruments and improve the depth of domestic capital market.
- The main aim of the scheme as contended by honorable Finance Minister is to provide 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 lakh.
- An important point to note is the lock in peirod which happens to be three years.
