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Nirmala Sitharaman also hinted that there could be some ‘grandfathering option’ that could be made available to investors who have made long term investments, keeping in mind the previous tax regime.
“Whenever government policies are made…there is a whole lot of grandfathering processes to which we settle. I don’t think that we have been indifferent to that or overlooking that,” Sitharaman said.
Infact, with the twin tax system, the taxpayers have wider investment options, including stock markets and debt instrument in bond market, where returns are equal or more than traditional modes of savings, she said.
“Those who feel who can save only with the exemptions, they can continue to be in old system. Those who feel, they can make considered decision about the money which is now available in their hand, they have the choice where they want to put their income. Savings need not be necessarily through banks or fixed deposits, post office. Savings can now go to the stock market, shares or by debt in bond market, for which returns are equal or higher,” she pointed out.
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