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News Misc. - Direct Tax

  • Feb 08, 2019
  • 27-year-old rule changed: Disclosure limit on MF, stock investment up for bureaucrats

    The government on Thursday revised a 27-year-old cap on investment in the stock markets by bureaucrats to six months of basic pay. Under the 1992 rule, Group A and B officials had to intimate the government in a form if the total transaction in shares, debentures or mutual funds exceeded Rs 50,000 in a financial year. The limit has now been raised to over five-six times, considering the salary structure of government executives. The limit was Rs 25,000 for Group C and D officers. New orders have revised these limits, saying the intimation should be sent to the prescribed authority by government servants if the total transactions in shares, securities, debentures and mutual funds exceeds six months of basic pay of the government servant in a calendar year (to be submitted by January 31 of the subsequent calendar year).