Union Budget 2104-15: Financial Sector

Union Finance Minister, Arun Jaitley on 10 July 2014 presented Union Budget 2014-15. the union budget to energize capital markets introduced uniform KYC norms and inter-usability of the KYC records across the financial sector, one single operating demat account and Uniform tax treatment for pension fund and mutual fund.

Capital Market
• Ongoing process of consultations with all the stakeholders on the enactment of the Indian Financial Code and reports of the Financial Sector Legislative Reforms Commission (FSLRC) to be completed.
• Government in close consultation with the RBI to put in place a modern monetary policy framework.
• Following measures will be taken to energize Capital markets:
 1. Introduction of uniform KYC norms and inter-usability of the KYC records across the entire financial sector.
 2. Introduce one single operating demat account
 3. Uniform tax treatment for pension fund and mutual fund linked retirement plan