Birla Sun Life MF new issue will close on 29 September 2011
Birla Sun Life Asset Management Company Ltd (BSLAMC) has launched Capital Protection Oriented Fund Series 7, an alternative to the traditional investment options like traditional deposits. This is a 36 month close-ended scheme which offers protection to the invested money by investing into high quality bonds (debt) till the end of tenure and exploring capital growth prospect by investing a part of the capital for equity market exposure.
A Balasubramanian, CEO, BSLAMC, said,“ The company intends to provide a platform which aims to help investors protect their capital and at the same time allows them an opportunity to invest a small portion of their capital for equity market exposure,” he said.
This product is designed to keep the investors’ money safe. At the same time it allows the investor an opportunity to take a small exposure to equity market through investing in premium of exchange traded index options. The returns of such funds are also more tax – efficient as compared to traditional deposit.
BSL CPOF Series 7, has been rated CARE AAAmfs (so) by CARE. The fund offers growth option only with minimum application amount of Rs5,000 and multiples of Rs 10 thereafter during the new fund offer period. The new issue will close on 29 September 2011.
The fund is benchmarked against CRISIL Balanced Fund Index and shall be managed by Satyabrata Mohanty and Ajay Garg.
Government tries to distance itself from hike as Trinamool demands rollback and CPI(M) describes it as a callous step
New Delhi: Responding to the resentment expressed over the yesterday’s hike in petrol prices, the government today distanced itself from the decision, saying the call was taken by oil marketing firms.
"So far as petrol prices is concerned, petrol has been deregulated. It is oil marketing companies' review," union finance minister Pranab Mukherjee said when asked about the Rs3.14 per litre hike announced by the oil companies last evening.
Mr Mukherjee was talking to journalists after a function this morning in the national capital to launch the book “Land of Two Rivers”, by Nitish Sengupta.
On Thursday, state-owned oil companies hiked petrol prices, explaining that depreciation of the rupee had increased the cost of crude oil imports. This is the second major hike in four months. In May, the price of petrol was increased by Rs5 a litre, PTI reports.
UPA ally Trinamool Congress has already demanded a rollback of the petrol price hike, whereas the CPI(M) said it was a "callous" decision and it demanded restoration of the administrative regulation of petrol pricing. The CPI(M) said the petrol price hike would have a cascading effect on price rise.
The RBI in its monetary policy review today said the petrol price hike would push WPI inflation up by seven basis points and would have a cascading effect.
Petrol prices were freed from government control in June last year.
Industry sources said the reduction amounts to withdrawal of the stimulus package given in 2008-09 after the global financial crisis. The DEPB rates were revised upward as a stimulus in view of the slowdown in demand
New Delhi: As a setback to exporters, shipments of 1,100 items will be entitled to lower tax refunds from 1st October when curtains draw on the popular Duty Entitlement Pass Book (DEPB) scheme, reports PTI.
On export of these items, the tax refunds would be reduced by 1%-3%, finance secretary RS Gujral said while unveiling the transitory scheme for the DEPB scheme.
“As a transitory arrangement, these items will suffer a modest reduction in the existing DEPB rate to the extent of 1%-3%...” he said.
Industry sources said the reduction amounts to withdrawal of the stimulus package given in 2008-09 after the global financial crisis. The DEPB rates were revised upward as a stimulus, they said.
Since tax incentives for these goods will now be available under the Duty Drawback Scheme (DDS), the total number of items under the DDS would increase to about 4,000 from present 2,835.
While different avenues are available to exporters for refund of the duties, the DEPB is the most preferred route for its flexibility and attractive rates which average about 8%.
The government had spent Rs8,700 crore last year on DEPB refunds and engineering, chemical, pharma, textile and marine products have been the major beneficiaries.
With the withdrawal of the DEPB scheme, the government’s revenue forgone will be less, CBEC SD Majumdar said.
Since the DEPB scheme will not continue beyond 30th September, it has been decided to provide a smooth transition for these items (mainly engineering, chemical, pharma, textile and marine) while incorporating these in the drawback schedule.
Besides, the tax refunds for the items already under the DDS have also been reduced.
“The reduction is mainly on account of the reduction in basic customs duty on crude petroleum from 5% to nil as well as a reduction in central excise duty on diesel from Rs4.4 per litre to Rs2.4 per litre,” he said.
Of the 1,100 being shifted to DDS, there would be a ceiling of 5.5% tax refund rate on 660 items. However, the ceiling would not apply to 340 items including worsted woollen yarn, blanket, nylon twine, cut polished chat stones and polyester metallised film.
Though exports have shown a remarkable performance, growing by 54.2% between April-August 2011 to $134.5 billion, there are concerns that the momentum may not be sustained in the wake of increasing economic problems in the US and Europe.