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February 27, 1999
UTI US-64 scheme to be restructured
Finance Minister Yashwant Sinha today announced a series of measures to the boost capital market, including restructuring of Unit Trust of India's US-64 scheme.
Presenting the 1999-2000 Union budget in the Lok Sabha, the finance minister said it has been decided to abolish stamp duty on transfer of debt instruments within the depository mode. He said this was intended to modernise the debt market and introducing paperless trading. This would help the infrastructure sector raise finance effectively, he said.
To promote good governance in the corporate sector, the government has also proposed to institute a national award.
Sinha said the restructuring of US-64 scheme would be done on the basis of the Deepak Parekh committee report. The move would lift the cloud of uncertainty from the capital market and restore confidence, he said.
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