The fund will deploy at least 95 percent of its assets in the investment universe of companies specified under Rajiv Gandhi Equity Savings Scheme (RGESS).
While it was launched with much fanfare, the RGESS never seems to have struck a chord with taxpayers.
Noting that "limited number of individuals availed this deduction", the Union Budget 2017-18 today proposed to rationalise this tax benefit introduced in Finance Act, 2012 and phase it out from assessment year 2018-19.
AMFI has proposed for debt linked savings scheme under Sec 80 CCC of Income Tax Act. â€œWe have proposed for debt-linked savings scheme (DLSS) to be included under the Sec 80 CCC limit,â€ said a mutual fund source who is also in the AMFI committee
The government may announce a new scheme or overhaul the structure of Rajiv Gandhi Equity Savings Scheme (RGESS), which has found few takers
LIC Nomura Mutual Fund launches LIC Nomura MF Exchange Traded Fund - CNX Nifty and an open ended exchange traded fund with an objective to provide returns that closely correspond to the total returns of securities as represented by CNX NIFTY Index, subject to tracking errors.
Birla Sun Life Mutual Fund launches Birla Sun Life Focused Equity Fund â€“ Series 5, a close ended equity scheme that aims to generate capital appreciation, from a portfolio of equity securities specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2013 (RGESS).
Union budget may take some pro-people steps. One may see measures such as increase in section 80C limits, increased incentives to home buyers, increasing minimum exemption limit among others.
Union Budget 2015 will be announced on 28 February 2015. Here is what one may get from the upcoming budget.
LIC Nomura Mutual Fund launches LIC Nomura MF Rajiv Gandhi Equity Savings Scheme - Series 3, a close ended equity scheme, that aims to generate capital appreciation, from a portfolio that is substantially constituted of equity securities which are specified as eligible securities for Rajiv Gandhi Equity Savings Scheme (RGESS).duration of 3 years.
The Rajiv Gandhi Equity Savings Scheme (RGESS) is a stretcher case, but the Congress party â€“ which introduced it in the 2012-13 UPA budget, refused to let go despite a change in finance ministers.
Sundaram Mutual announces the launch of its two new tax savings Fund Offerings namely; Sundaram Long Term Tax Advantage Fund (Series I) and Sundaram Top 100 (Series IV)
You can claim exemption under Sec 80C by investing in ELSS schemes. This benefit limit has been enhanced to Rs 1.5 lakh in budget 2014. Even at year end by investing as a lumpsum in these schemes you are eligible for the exemption. But whenever you are taking the decision ensure you go deep in analysing it.
According to Nitin Raheja, Director of AQF Advisors, RGESS is a good beginning for people because the kind of tax benefit that one is getting itself adds to your return on day one as such.
There are often questions in the mind of investors whether a mutual fund that they have chosen for the purpose of investment will get the benefit of Section 80C deduction.
The mutual fund industry has seen significant fall in redemptions in March. According to Nimesh Shah, MD and CEO, ICICI Prudential AMC, whenever the market corrects, MF redemptions decline, so this is just a one month phenomenon, it has nothing to do with fundamental change.
Market regulator Sebi is looking at how interest of RGESS investors can be safeguarded with regard to I-T relief even if fund houses return their money for failing to raise the targetted amount.
Former Finance Minister Pranab Mukherjee, now safely out of the finance ministry, blamed financial illiteracy for the Indian infatuation with gold.
The Sebi board met today in Delhi to take steps to broaden the debt markets and give a boost to the Rajiv Gandhi Equity Savings Scheme (GRESS), reports Nayantara Rai of CNBC-TV18.
Allowing MF houses to launch RGESS has given MF industry a good opportunity to attract long-term investors. However, it seems MF houses have still not learned lessons from their past mistakes. They still want to use the old trick of paying high commissions to distributors. Will it lead to mis-selling of RGESS? Read this space to know more.
Market regulator Sebi's board will meet tomorrow to take forward a number of proposals announced by Finance Minister P Chidambaram in his Budget speech for attracting more domestic and foreign investors to the capital markets.
The board of Sebi is scheduled to meet on March 8, 2013. In the meeting the board is likely to take a decision on issues including mutual funds regulations for products under the Rajiv Gandhi Equity Saving Scheme (RGESS) and steps to broaden and regulate the debt market, reports Nayantara Rai of CNBC-TV18.
In an interview to CNBC-TV18 personal finance expert, Sumeet Vaid of Freedom Financial Planners shared insights on Rajiv Gandhi Equity Savings Scheme or RGESS.
the Finance Minister has confined the fiscal deficit to 5.2 per cent in FY13 and as expected, this arithmetic achievement is in line with his topmost agenda of averting a country rating downgrade: IIFL
The four major macro concerns that have been weighing on the confidence of investors and rating agencies for the last several months are India's high fiscal and current account deficits and the dwindling savings and investment rates. And in my opinion, the Budget has effectively addressed all these issues.