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.
• 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
When: 10 July 2014