Rajiv Gandhi Equity Savings Scheme - 2013 Notification.

[TO
BE PUBLISHED IN PART II, SECTION
3, SUB-SECTION (ii) OF THE  GAZETTE OF INDIA, EXTRAORDINARY, DATED THE
18.12.2013]

Government
of India

Ministry
of Finance

Department
of Revenue

Notification

New
Delhi, the 18th December, 2013.

(Income-tax)

S.O.
_3693 (E).— In exercise of the powers conferred by sub-section (1) of section
80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby
makes the following Scheme, namely:-

1.
Short title, commencement and application. -

1. This
   Scheme may be called the Rajiv Gandhi Equity Savings Scheme, 2013.
2. It
   shall come into force on the date of its publication in the Official
   Gazette.
3. This
   Scheme shall apply for claiming
   deduction in the computation of
   total income of the assessment
   year relevant to a previous year beginning on or after the 1st day of April,
   2013 on account of investment in eligible securities under sub-section (1) of
   section 80CCG of the Income-tax Act, 1961(43 of 1961).

2.
Objective of the Scheme.-The objective of the Scheme is to encourage investment
of savings of small investors in the domestic capital
market.

3.
Definitions. - In this Scheme, unless the context otherwise
requires,-

• “Act”
  means the Income-tax Act, 1961 (43 of 1961);
• “demat
  account” means an account opened with the depository participant in accordance
  with the guidelines laid down by the Securities and Exchange Board of India established under
  section 3 of the Securities and Exchange Board of
  India Act, 1992 (15 of 1992);
• “depository”
  means a company as defined in clause (e) of sub-section (1) of section 2 of the
  Depositories Act, 1996 (22 of 1996);
• “depository
  participant” means a participant as defined in clause (g) of subsection (1) of
  section 2 of the Depositories Act, 1996 (22 of 1996);
• “eligible
  securities” means any of the following, namely :-

(a)
equity shares, on the day of
purchase, falling in the list of equity declared as “BSE-100” or “ CNX-100” by
the Bombay Stock Exchange or the
National Stock Exchange, as the
case may be;

(b)
equity shares of public sector enterprises which are
categorised as Maharatna, Navratna or Miniratna by the Central
Government;

(c) Units of Exchange Traded Funds or Mutual Fund schemes or equity oriented funds, which have eligible securities specified in sub-clause (a) or sub-clause (b) as underlying securities, provided they are listed and traded on a stock exchange and settled through a depository
mechanism