Investing in mutual funds under Rajiv Gandhi Equity Saving Scheme (RGESS) will be open for 30 days after launch, unlike other mutual funds where the subscription period is limited to 15 days. This relaxation has been granted to RGESS to make it attractive for small investors. SEBI has also relaxed the timeframe for refund and issue of statements for RGESS to 15 days, compared to five days for other mutual fund schemes.
With the income-tax department planning to introduce PIN-based verification system for e-filers of income-tax returns, taxpayers filing returns electronically may no longer be required to send copies of their documents to the department. This initiative has been taken to encourage e-filing and to attract more people to file returns. Currently, those filing online returns have to send hard copies to the Central Processing Centre Bengaluru by post within 120 days of filing the e-return. To complete the e-filing process, taxpayers have to track its acknowledgement. It is expected that this year, about 27.5 million people would file income-tax returns online, compared with 21.4 million last year. According to K Satyanarayana, chief commissioner of income-tax, Bengaluru, the electronic PIN-based e-filing will eliminate the need for paper verification in future. The facility is at an advanced stage and may be available to taxpayers in September.
The National Payment Corporation has launched its e-commerce solution, RuPay PaySecure which would enable RuPay cardholders to make online payments. RuPay was, until now, available only through ATMs and at POS (points of sale); it has now developed into a fully developed e-commerce platform.