DSP BlackRock Mutual Fund launches three months plan

DSP BlackRock Mutual Fund new issue closes on 24th February

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-3M-Series 30, a close-ended income scheme.

The primary investment objective of the schemes is to seek capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The schemes may also use fixed income derivatives for hedging and portfolio balancing. The tenor of the scheme is three months.

The new issue opens on 22nd February and closes on 24th February. The minimum investment amount is Rs10,000.

CRISIL Liquid Fund Index is the benchmark index. Dhawal Dalal is the fund manager.

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Birla Sun Life Mutual Fund unveils 367 days plan

Birla Sun Life Mutual Fund new issue closes on 28th February

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CR, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 367 days.

The new issue opens on 22nd February and closes on 28th February. The minimum investment amount is Rs5,000.

Kaustubh Gupta is the fund manager. CRISIL Short Term Bond Fund Index is the benchmark index.

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Food subsidy bill to rise by 27% to Rs74,231 crore this fiscal

The food subsidy bill rose due to an increase in procurement of foodgrains for the central pool, higher minimum support price and additional allocation of rice and wheat to the poor via ration shops and open market

New Delhi: The country's food subsidy bill is expected to jump by 27% to Rs74,231 crore in the 2010-11 fiscal, the Lok Sabha was told today. This is due to a rise in support price and higher procurement and distribution of foodgrains via ration shops, reports PTI.

Last year, the government's food subsidy bill stood at Rs58,242.45 crore.

"The amount allocated for food subsidy during 2010-11 is Rs59,354.56 crore... Based on the actual offtake, an additional requirement of Rs14,877.63 crore has been sought for the current year," food minister KV Thomas said in a written reply.

The food subsidy bill rose due to an increase in procurement of foodgrains for the central pool, higher minimum support price and additional allocation of rice and wheat to the poor via ration shops and open market, he said.

The procurement cost of foodgrains has gone up but the selling price of rice and wheat via ration shops has been kept unchanged since 2002, he added.

The minister said the subsidy bill also increased due to higher offtake of subsidised foodgrains under the public distribution system and other welfare schemes.

Currently, the government supplies 35 kg of rice or wheat at subsidised rates to 6.52 crore families living below poverty line (BPL) every month. Wheat is supplied at Rs4.15 per kg and rice at Rs5.65 a kg to BPL families.

Depending on the foodgrains availability, the Centre also supplies subsidised rice and wheat to 11.5 crore families living above poverty line (APL). Wheat and rice are sold to them at Rs6.10 a kg and Rs8.30 a kg, respectively.

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