Personal finance Friday

HDFC MF unveils HDFC FMP 35D October 2010 (1); Religare MF launches Religare Fixed Maturity Plan-Series IV-Plan A (3 Months); Fidelity MF revises exit load structure under Fidelity Gilt Fund; J&K planning to introduce crop insurance scheme

HDFC MF unveils HDFC FMP 35D October 2010 (1)

HDFC Mutual Fund has launched HDFC FMP 35D October 2010 (1), a close-ended income scheme.
The investment objective of the plan 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.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The tenor of the plan is 35 days. The NFO opens on 29th October and closes on 1st November. The minimum investment amount is Rs5,000. CRISIL Liquid Fund Index is the benchmark for the plan. The 35 days plan is managed by Bharat Pareek.

Religare MF launches Religare Fixed Maturity Plan-Series IV-Plan A (3 Months)

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series IV-Plan A (3 Months), a close-ended income scheme.
The investment objective of the plan is to generate income by investing in debt and money-market instruments maturing in line with the duration of the scheme.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend (payout) option. The exit load for the plan is nil. The NFO opens on 29th October and closes on the same day. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.

Fidelity MF revises exit load structure under Fidelity Gilt Fund

Fidelity Mutual Fund has revised exit load structure under its scheme - Fidelity Gilt Fund. As per the revision, scheme will not charge any exit load. Earlier, the scheme charges 0.5% as exit load, if the investment is redeemed within six months from the date of allotment. The revision has been effect from 27 October 2010. The scheme is managed by Vikram Chopra and Shriram Ramanathan.

  J&K planning to introduce crop insurance scheme

The Jammu and Kashmir government is planning to introduce crop insurance scheme for farmers to protect them against losses caused by weather vagaries and other reasons.
"With a view to protect the interests of the farming community, particularly orchardists, government is mulling to introduce crop insurance scheme (CIS) in the state on the pattern of neighbouring states," Minister for Horticulture and Floriculture Sham Lal Sharma said.
Sharma was addressing the officers and farmers at village Zainapora in Shopian district after inaugurating a micro-irrigation scheme set up at a cost of Rs45 lakh.
The minister said all efforts will be done to boost the production of fruits in the state.
He stressed upon the development of hybrid varieties of apples and other fruits that suit the local conditions to compete in the national and international markets.
 

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Tax implications of large cross-border deals to be checked

New Delhi: The finance ministry today said it is looking into tax implications of all large cross-border mergers and acquisitions, against the backdrop of the Supreme Court decision in the Vodafone case, reports PTI.

"The Department of Revenue is looking at all large financial transactions. We are definitely looking at cross-border transactions," revenue secretary Sunil Mitra said on the sidelines of a Federation of Indian Chambers of Commerce and Industry (FICCI) event here.

"Cross-border transactions are a recent phenomenon. They have started since 2006, so there is need to look into these and study these," he added.

Responding to a query on whether the ministry is looking into more companies after the Vodafone tax issue, which embroiled the tax office and the international cellular operator in a major court battle, Mr Mitra said the department has been doing so even before Vodafone happened.

"Vodafone happened in middle of 2007. We have been looking into a number of cases, acquisitions that have happened through overseas transactions," Mr Mitra said.

The government last week asked Vodafone to pay Rs11,218 crore in taxes within a month for the acquisition of Hutchison's stake in the telecom joint venture in India in 2007.

The notice was issued following the Supreme Court directive on 27th September to the Income Tax (I-T) assessing officer to determine and quantify the tax liability of Vodafone within four weeks. Vodafone Essar, however, contested the tax notice.

The case relates to a deal in 2007 when Vodafone, through its group firm Vodafone International Holdings, bought Hutchison Telecommunications India's (HTIL) 67% stake in Hutchison Essar for over $11 billion.

"The tax demand has been raised in pursuance to the direction of the Supreme Court of India dated 27th September to the Income Tax Assessing officer to determine and quantify the tax liability of Vodafone within four weeks," an official has statement said.

Last month, the Supreme Court had refused to stay an earlier high court order, which ruled that Indian income tax authorities have jurisdiction to tax Vodafone on its deal with Hutch.

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Steel ministry for expeditious clearance to Posco project

New Delhi: Concerned over delays in environment clearance to South Korean major Posco's Rs54,000 crore steel project in India, steel minister Virbhadra Singh today said that all “hurdles” should be removed from its way “expeditiously,” reports PTI.

He said the demand for speeding up the proposal is not because of prime minister Manmohan Singh's scheduled visit to South Korea next month, but is in view of new technology the project promises to bring into the country for steel making.

"... Our demand is that hurdles (in environment clearances to Posco) should be removed expeditiously. Whether or not PM goes to South Korea next month, the demand is not dependent on that. We want the technology to come in India as soon as possible," Mr Singh said on the sidelines of a Steel Summit here.

"PM is aware of the matter. The Posco project is pending with the environment ministry for long," he added.

The South Korean steel major had signed a pact with the Orissa government in 2005 for setting up a 12 million tonnes per annum (MTPA) steel plant at Jagatsinghpur in Orissa.

However, the project has failed to take off due to various regulatory hurdles.

The project promises to introduce a new technology for making steel — Finex, through which low grade iron ore and coking coal can be used for steelmaking at much lower cost.

The 72-million-tonne domestic steel industry mainly consumes lumps at present, as it lacks the expensive Finex technology required to refine the fines. About 50% of the iron ore produced in the country is exported and fines constitute 85% of exports.

India produced 230 million tonne of iron ore last fiscal, out of which 106 million tonne were shipped out.

Earlier this week, Mr Singh was peeved by the appointment of “activists” in the forest panel for clearing the project had advised environment minister Jairam Ramesh to be "pragmatic".

The approach has to be pragmatic and not dogmatic; he had said lamenting that known activists were being appointed in such committees.

He was referring to the four member panel comprising three activists — Uma Pingle, Devendra Pandey and V Suresh who have opposed Korean steel giant's project, billed as the largest FDI in India.

Mr Singh had stressed that the prime minister too was keen that the project takes off.

The prime minister is likely to reassure South Korean President Lee Myung-bak that India will address all issues related to Posco project.

Mr Lee is likely to take up Posco’s case with the prime minister during the East Asian Summit in Hanoi, Vietnam.

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