BNP Paribas Mutual Fund new issue closes on 11th July
BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 22 B, a close-ended income scheme.
The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme. The tenure of the scheme is 369 days.
The new issue closes on 11th July. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Alok Singh is the fund manager.
Earlier, IRDA had announced that it would implement health insurance portability from 1st July
Insurance Regulatory and Development Authority (IRDA) has postponed implementation of portability of health insurance policies across non-life insurance companies to 1st October.
Earlier, IRDA had announced that it would implement health insurance portability, which allows a customer to shift from one insurer to another while retaining the policy, from 1st July.
IRDA has embarked upon providing a web-based facility for insurers to feed in all relevant details on health insurance policies issued by them to individuals which will be accessed by the new company to which a policyholder wishes to port his policy.
Such a system will enable the new insurer to obtain efficiently data on history of health insurance of the policyholder wishing to port. Such a facility is necessary to enable the smooth running of the system.
"The web-enabled facility is being established by IRDA and the Authority will implement portability of health insurance policies across non-life insurers in the country not later than 1 October 2011," IRDA said in a release.
IRDA said the modalities of portability to be effective and consumer friendliness have been discussed with the non life insurers in the country.
“With transportation costs likely to rise due to the cascading impact of higher diesel prices, we estimate the combined direct and indirect impact at around 110 basis points,” Nomura said in a research note
New Delhi: The government’s decision to raise prices of petroleum products will push up inflation to over 10% in the coming months, reports PTI quoting global banking giant Nomura.
“We estimate the hikes are likely to push the June wholesale price index (WPI) inflation above 9.5% and July WPI inflation above 10% y-o-y,” Nomura said in its research note.
The wholesale price index, used to measure rise in prices of a range of products in a consumer basket, stood at 9.06% in May. WPI in April was recorded at 8.66%.
The government had last week announced an increase in diesel prices by Rs3 per litre, domestic LPG by Rs50 per cylinder and kerosene by Rs2 per litre.
“With transportation costs likely to rise due to the cascading impact of higher diesel prices, we estimate the combined direct and indirect impact at around 110 basis points (bps),” Nomura said.
It said that the Reserve Bank of India (RBI) might come in with another 25 basis points rate hike in its first quarterly monetary review on 26th July.
The RBI has hiked key policy rates 10 times since March 2010 to rein in inflation, which it expects to remain at an average of 9% till September on account of high global commodity prices.
Besides, to help reduce the losses of domestic oil marketing companies, the government had slashed indirect taxes like customs and excise duties on crude oil and products, which will cause a revenue loss of Rs49,000 crore in the current fiscal.
Nomura revised its fiscal deficit projection for the year 2011-12 from 5.2% to 5.5% on account of expected lower indirect tax collection.
“The cut in indirect taxes means a further reduction in revenue that we had not accounted for. Taking into account lower tax revenues and a higher subsidy bill, we revise our forecast of the fiscal deficit to 5.5% of GDP in FY11-12 from 5.2%,” Nomura added.
However, the government has kept its fiscal deficit target for this fiscal at 4.6%.