New Delhi, Feb 23, 2015: Mr. Nilesh Sathe, MD & CEO, LIC Nomura Mutual Fund on budget expectations
Expectation from Mutual Funds
- Simplification of rules for Investments by NRI from US in Indian Mutual Fund schemes
- Make Indian equity market accessible to overseas market participants like in other Asian countries.
- Separate regulator for Mutual fund to focus on the growth and penetration of Mutual Fund.
- SIP in equity ETF and Index related funds should be made eligible investments under section 80 CC and the exclusive limit should be given up to Rs. 50000
- Some allowance should be given to AMCs for opening offices in tier2 and tier 3 cities to promote MF business in these areas.
Expectation from General Budget
- Focus on Reforms like road map for implementing GST which will give higher revenue to both centre and state.
- Subsidies will reduce by will reduce due to nil under recovery by Oil companies in respect of petrol and diesel
- Additional revenue of Rs 50000 cr by way of increase excise duty on petrol and diesel done during current year.
- Custom duty on crude oil of 5% may be restored back in the current budget which will give addition revenue.
- Access on direct tax and services tax may be levied to generate revenue for Clean India Campaign.
