HDFC Mutual Fund unveils 182 days fixed maturity plan

HDFC Mutual Fund new issue closes on 7th April

HDFC Mutual Fund has HDFC FMP 182D April 2011 (1), a close-ended income scheme.

The investment objective of the plans under the scheme is to generate income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s). The tenor of the plan is 182 days.

The new issue closes on 7th April. The minimum investment amount is Rs5,000.

Crisil Liquid Fund Index is the benchmark index for the scheme. Bharat Pareek and Miten Lathia (for overseas investments) are the fund managers.

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Franklin Templeton introduces family solutions in India

Franklin Templeton Family Solutions is a pre-packaged investment solution positioned at investors seeking convenient ways to plan for their financial goals

Franklin Templeton Investments (India) has launch of Franklin Templeton Family Solutions. This is a pre-packaged investment solution positioned at investors seeking convenient ways to plan for their financial goals and would appeal to investors who want to take advantage of the time-tested model of asset allocation while planning their financial strategy. It helps Indian investors plan and invest for their life goals such as retirement and children along with long term wealth creation.  

Harshendu Bindal, President, Franklin Templeton India said, "This investment solutions package simplifies the investment process for investors who currently have to invest in a range of mutual funds to achieve their life goals. It gives them a ready-made asset allocation that is customised to suit their profile and needs. Moreover, it makes the investment process much easier for investors, on account of its various features such as profiling questionnaire, a single form to capture all long term investment goals. Also it has unique features such as a customised account statement giving the details of the goals, investment details and easy monitoring through a financial advisor."

The Family Solutions Planner will be available on the company website www.franklintempletonindia.com and through most financial advisors. It is a software tool that helps one use various details such as goals, expected inflation, rate of return and formulate a plan to achieve the goal. Three funds are recommended in each portfolio based on the portfolio style (ultra conservative, conservative, moderate, aggressive, highly aggressive) and is investor specific.

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Mop-up exceeds indirect tax collection estimate: Govt

The buoyancy in indirect tax collections during the last fiscal was attributed to partial withdrawal of economic stimulus measures in the Budget 2010-11, wherein finance minister Pranab Mukherjee raised excise duty by 2% to 10% as part of a plan to gradually withdraw the incentives given to industry to combat the impact of the global financial meltdown

New Delhi: The government today said indirect tax collections for FY10-11 have exceeded the revised estimate of Rs3.34 lakh crore for the fiscal on the back of strong economic activities and the partial withdrawal of fiscal stimulus measures, reports PTI.

According to Central Board of Excise and Customs (CBEC) chairman S Dutt Majumder, the finance ministry expects at least Rs7,000 crore more than the revised estimate for the last fiscal.

"... Over and above the revised estimate, we expect Rs7,000 crore minimum, it may be more also," Mr Majumder told reporters on the sidelines of an Assocham event.

He further said the finance ministry has exceeded the revised target by Rs6,000 crore, with the total indirect tax collection at Rs3.40 lakh crore already.

"I expect more. This does not take into consideration customs collection of 30th and 31st March. That should be another Rs1,000 crore," Mr Majumder added.

He said that customs collection up to 29th March this year stood at Rs1.32 lakh crore, while the service tax mop-up was Rs70,200 crore.

The upward revision in the tax collection target was due to robust economic growth in the last fiscal. The country's gross domestic product (GDP) is expected to grow 8.6% in 2010-11.

The buoyancy in indirect tax collections during the last fiscal can also be attributed to partial withdrawal of economic stimulus measures in the Budget 2010-11.

In the Budget 2010-11, finance minister Pranab Mukherjee raised excise duty by 2% to 10% as part of a plan to gradually withdraw the incentives given to industry to combat the impact of the global financial meltdown.

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