Money & Banking
India to receive $70 billion remittances in 2012

Worldwide remittances will reach $534 billion in 2012 with India topping the list of developing countries says a World Bank report

Washington: India will receive record $70 billion remittances in 2012, topping the list of developing countries which are expected to receive a total of $406 billion this year, the World Bank has said, reports PTI.


After India, China will stand second with $66 billion, followed by Mexico and the Philippines with $24 billion each, a latest report by the bank said on Tuesday.


In all, worldwide remittances -- including those to high-income countries -- will reach $534 billion in 2012, according to a newly updated World Bank brief on global migration and remittances.


Other large recipients are Nigeria ($21 billion), Egypt ($18 billion), $14 billion each for Pakistan and Bangladesh, followed by Vietnam ($9 billion) and Lebanon ($7 billion).


Officially recorded remittance flows to developing countries are estimated to grow by 6.5% over $351 billion in 2011, with India again topping the chart with $58 billion, followed by China ($57 billion), Mexico ($24 billion) and the Philippines ($23 billion).


Worldwide remittances, including those to high-income countries, are projected to grow to $685 billion in 2015.


According to the World Bank, remittances to developing countries are expected to rise 8% in 2013 and 10% in 2014 to reach $534 billion in 2015.


In its report, the World Bank notes that the true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger.


"Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery. The size of remittance flows to developing countries is now more than three times that of official development assistance," the Bank said.


Kasab, the lone surviving 26/11 terrorist, hanged

Kasab's hanging came after President Pranab Mukherjee rejected his mercy petition on 8th November

Mumbai: Ajmal Kasab, the lone Pakistani gunman caught alive after the Mumbai terror attack, was hanged to death at the Yerawada central prison in Pune in a top-secret operation Wednesday morning, less than a week before the fourth anniversary of the carnage, reports PTI.

25-year old Kasab was hanged at 7.30am (local time), Maharashtra Home Minister RR Patil said in Mumbai shortly after the hanging. Pakistan government was kept informed about the execution.

Maharashtra Chief Minister Prithviraj Chavan Kasab was buried inside the Yeravadi jail premises. Kasab did not have any last wish or a will, Chavan told reporters in Mumbai.

The execution in the Mumbai attack trial brought closure to many people affected by the audacious strike by 10 terrorists of Pakistan-based terror outfit Lashkar-e-Taiba (LeT) in which 166 people were killed. Nine LeT men were killed during the 60-hour siege which began on the night of 26 November 2008.

Kasab was executed after he exhausted all legal remedies available to escape the noose with President Pranab Mukherjee rejecting his mercy plea on 5th November.

Kasab, who has been lodged at the Arthur Road prison in central Mumbai ever since his arrest soon after the terror attack, was whisked out of his heavily-guarded cell in the intervening night of 18th and 19th November, a senior police official said. The team, along with Kasab, reached Pune's Yerwada jail in the wee hours of 19th November.

"The President rejected the mercy petition on 5th November. I signed it on 7th November and on 8th November, the Maharashtra government had been communicated to take action. It was decided that he would be executed on 21st November at 7.30am and accordingly the whole process has been completed today," Union Minister for Home, Sushilkumar Shinde said, adding secrecy about the hanging was a key.

External Affairs Minister Salman Khurshid said according to legal requirements, India informed Pakistan Government and Kasab's family about the "inevitable event" of his execution.

"We attempted to convey to Pakistan's Foreign Office that this decision has been taken and the execution will be done this morning. Since those were not accepted by Foreign Office, by fax we indicated the information to them," he said in New Delhi.

Meanwhile, relatives of victims and survivors of the Mumbai 26/11 strike felt that justice has been done with the hanging of Pakistani terrorist Ajmal Kasab, saying it will serve as a lesson to terrorists that India is determined to act firmly against them.

K Unnikrishnan, father of National Security Guard commando K Unnikrishnan, who was killed in the Taj Hotel strike, said, "The way in which the execution has been done, it is a model way.

"Before anybody could react to the rejection of the mercy petition (of Kasab), everything is over. That is the thing which I cherish," he said.

Smita Salaskar, wife of slain encounter specialist Vijay Salaskar who fell victim to the bullets of terrorists during the carnage, said, "Though the execution was delayed, Kasab was finally hanged. With this hanging, homage has been paid to my husband."

Eknath Omble, brother of assistant police sub-inspector Tukaram Omble who died while capturing the terrorist, said, "I am proud and very happy that my brother's efforts have paid off."

"We are very happy and satisfied. Ajmal Kasab should have been hanged in public, but I know our law does not permit this," he said.

Vinita, wife of police officer Ashok Kamte, who died fighting the terrorists, expressed satisfaction over the hanging of Kasab, saying though belated; the government had done justice to the families of the martyrs.

"Though it took a long time, justice has been done to us. The authorities maintained extreme secrecy to carry out the execution and we are satisfied," she said.

13-year-old Devika Rotwan, who was shot in the right leg in the terror attack, said, "I am very much happy that Kasab has been hanged. But I would have been happier if this would have been done in public. It is a good news that a terrorist has been hanged... Wish this should have been done on the anniversary of the attack this year."

Devika, who studies in Class IX now, had gone to the CST with her family members and was waiting for a train, when two terrorists opened fire.

Ragini Sharma, whose Railway ticket collector husband S K Sharma was killed in the strike, said, "The first thing that comes to my mind is what happened is good. We are happy that we have got justice."

Vishnu Zende, an announcer at the Chhatrapati Shivaji Terminus, the railway station here which was one of the targets of the attack, said, "I had never thought that I would get to hear this news like this.

"I am very happy that he has been hanged. All the people who died in the terror attack have been given tribute by hanging him," Zende, who had helped save many lives by making announcements over the public address system in the station about the strike, said.

Bhisham Mansukhani, who escaped the attack at the Taj Hotel, told PTI, "I am taken aback! It is surprising! I feel the death penalty is more of a political thing. I think by executing the death penalty the government is trying to earn brownie points and use this as a tool to brandish this during elections."

Mansukhani was on the roof-top of the Taj Mahal hotel in Colaba in south Mumbai on the dreadful night of 26th November.

Kuresh Zorabi, whose bakery opposite Chabad House (Nariman House) in south Mumbai, was splattered with bullet holes in the 26/11 attack, said, "It is surprising and shocking, but at the same time I am little disappointed that all this was kept secret. This is difficult to digest for a second. I am thrilled that Kasab has been hanged. This will serve as a lesson to terrorists that India can take strict action against them."

For terror attack victim Sarika Uphadyay, "It is definitely a time for is like Diwali! We have been waiting for this since the past four years and finally it has happened. Feeling sad that this was kept as a secret."

Sarika was at the Leopold Caf for a dinner with her friend Anamika Gupta, where Kasab and his other accomplice opened fire. "I am finding it hard to digest that he has been hanged to death. He and his accomplices had brought the city of Mumbai to a halt, killed so many innocent people...I think he should have been hanged in Mumbai and not in Pune," she said.


Motilal Oswal MOSt Prime Equity: Nothing new to offer

Motilal Oswal is planning to launch a new scheme which has a similar investment objective as those of other schemes. With so many similar schemes to choose from, investors would opt for a scheme with a proven track record

Motilal Oswal Mutual Fund plans to launch an open-end equity mutual fund scheme—Motilal Oswal MOSt Prime Equity Fund. This scheme would invest around 65% to 100% of its assets in blue chip companies. There are a minimum of 30 schemes with the same objective and this scheme from Motilal Oswal will add to the list. The new scheme of Motilal Oswal may find it difficult to lure in investors considering there are other large-cap oriented schemes with a proven track record, having a similar investment objective.

Recently, Indiabulls Mutual Fund launched its first equity scheme—Indiabulls Blue Chip Fund in February this year. The scheme has been able to accumulate an asset size of just Rs5.70 crore as on 31 October 2012. However, a scheme from India Infoline Mutual Fund—IIFL Dividend Opportunities Index Fund, which was launched four months later in June 2012, has accumulated a fund corpus of Rs22.86 crore. Though there are other similar dividend schemes available in the market, this scheme maps the CNX Dividend Opportunities Index, offering something new for investors.

Motilal Oswal, a new comer to the fund industry, has a couple of exchange traded funds (ETFs) under its belt, both having a track record of less than three years. The two schemes, put together, have accumulated assets under Rs250 crore. How have they performed over the past year? Both the schemes have a track record of less than three years and hence we cannot comment much on the fund management performance. The table shows their performance over the one year period ended 15 November 2012.


Scheme Name

Launch Date

Expense Ratio

1 Year


MOSt Shares M100





MOSt Shares M50






Read: Best mutual funds for any season

How have other large–cap oriented schemes performed in the past? For large-cap oriented schemes investing in blue chip stocks, the returns tend to be stable and less volatile compared to other multi-cap equity diversified schemes. Therefore over a long-term one can expect reasonable returns from the scheme depending on the stocks picked by the fund manger. Another important factor to keep an eye on is the expense ratio. A high expense ratio may eat into the returns of a scheme. Below is how some of the schemes with a similar investment objective have performed in the past (arranged alphabetically):

The new scheme from Motilal Oswal also has an high minimum investment amount of Rs10,000. The scheme which has kept its expense ratio at 2.50% will be benchmarked to the S&P CNX Nifty. Rajnish Rastogi who manages the other two ETFs would be the fund manager of the scheme.



Suiketu Shah

5 years ago

If Motilal Oswal is serious about getting customers,he shd refund with apology to the army elderly person who is fighting court case against them since 4 yrs and being harassed.

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