Government looks to spur long-term savings by making them more attractive than gold

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The finance ministry is reviewing the entire gamut of savings and taxfree investment regime for the forthcoming budget to make them more attractive for investors than gold, two government officials familiar with the development said. The ministry is currently mulling a higher Section 80C exemption limit, including the Rajiv Gandhi Equity Savings Scheme within this section and extending it to all taxpayers, tax benefit for pension products of mutual funds, and removing long-term capital gains tax and withholding tax exemption for investments in corporate and infrastructure bonds.

There is a need to spur long-term savings by making it an attractive proposition for investors.

Net financial savings of households declined to 7.8% of GDP in 2011-12 from 9.3% of GDP a year ago and 12.2% in 2009-10, worrying policymakers and prompting a rethink on the need to incentivise savings through tax benefits.

As higher inflation reduced surplus, buying gold to hedge against rapidly rising prices reduced savings in financial assets.

In the current financial year up to December, India had imported $38 billion worth of gold.

Bonanza for Taxpayers?


Raise the 1 Lakh tax rebate limit under section 80C of the Income-tax Act
OFFER tax incentives for pension products of mutual funds
MERGE Rajiv Gandhi Equity Savings Scheme with 80C
REMOVE long-term capital gains tax from corporate bonds
GIVE withholding tax exemption to corporate bonds

 

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