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According to media reports, AMFI made multiple proposals to government, ahead of the upcoming Union Budget FY22. The proposals included AMFI urging on the necessity to bring in uniformity in the tax treatment for “Switch” transactions in respect ULIPs and mutual funds to have a level playing field. The MF industry body also proposed to bring parity in tax treatment on capital gains on withdrawal of investments in ULIPs and redemption of MF units. It also proposed to abolish the Securities Transaction Tax (STT) levied at the time of redemption of MF units by the investor.