The Finance Bill 2013-14 proposes liberalisation of the Rajiv Gandhi Equity Savings Scheme(RGESS) that was launched in FY 2012-13. The first time investors will now be allowed to invest in mutual funds as well as listed shares. This investment can be done not in one year alone, but in three successive years. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that the income limit is also being proposed to be raised from Rs.10 lakh to Rs.12 lakh.

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(Release ID :92739)

RGESS liberalisation allows first time investors to invest in mutual funds and listed shares over three successive years. Rajiv Gandhi Equity Savings Scheme is liberalised to permit first time investors to invest in mutual funds and listed shares and to spread eligible investments across a three year investment window; the income eligibility ceiling is proposed to be raised to broaden participation.