Personal finance Monday

DSP BlackRock MF launches DSP BlackRock FMP-3M-Series 21; IDFC Mutual Fund unveils IDFC Fixed Maturity Plan-Monthly-Series 25; Reliance MF floats Reliance Fixed Horizon Fund-XVI-Series 1; Pranab Mukherjee launches LIC's 'Swavalamban' Pension scheme

DSP BlackRock MF launches DSP BlackRock FMP-3M-Series 21

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-3M-Series 21, a close-ended income scheme. The Scheme has a maturity of three months from the date of allotment. The investment objective of the Schemes is to seek capital appreciation by investing in debt and money market securities. It is envisaged that 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 Scheme offers two options - growth and dividend (payout). During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The issue opens on 27th September and closes on 28th September. The minimum investment amount is Rs10,000. Dhawal Dalal is the fund manager. CRISIL Liquid Fund Index is the benchmark index.

Dhawal Dalal, senior vice president & head-Fixed Income, DSP BlackRock Investment Managers, says, "The FMPs with three months maturity are ideal investment avenues for investors, who have short-term cash surplus and are looking to take advantage of attractive money-market rates. These plans also provide good yield pickup of around 75 basis points over average returns of liquid funds/liquid plus funds."

IDFC Mutual Fund unveils IDFC Fixed Maturity Plan-Monthly-Series 25

IDFC Mutual Fund has launched IDFC Fixed Maturity Plan-Monthly-Series 25, a close-ended income scheme. The investment objective of the Scheme is to generate income by investing in debt and money-market instruments maturing on or before the maturity of the Scheme.

The Scheme offers growth and dividend options. The exit load for the Scheme is nil. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The issue opens on 27th September and closes on the same day. The minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore. CRISIL Composite Bond Fund Index is the benchmark index.

Reliance MF floats Reliance Fixed Horizon Fund-XVI-Series 1

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVI-Series 1, a close-ended income scheme. The investment objective of the Scheme is to generate regular returns and growth of capital by investing in government securities and other fixed income/debt securities maturing in line with the time profile of the Scheme with the objective of limiting interest rate volatility. The tenor of the Scheme is 369 days from the date of allotment.

The Scheme has two options - growth and dividend (payout). The exit load for the Scheme is nil. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The issue opens on 27th September and closes on 28th September. The minimum investment amount is Rs5,000. The minimum target amount is Rs20 crore. CRISIL Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager for the Scheme.

Pranab Mukherjee launches LIC's 'Swavalamban' Pension scheme

Union Finance Minister Pranab Mukherjee launched 'Swavalamban', a pension scheme for the unorganised sector at Raghunathganj, in Murshidabad, West Bengal on 26th September. The minister also distributed PRAN (Permanent Retirement Account Number) cards to a few beneficiaries. Swavalamban Yojana is administered by Pension Fund Regulatory and Development Authority (PFRDA) and Life Insurance Corporation of India (LIC) is the facilitator.
The scheme aims to cover the unorganised sector under the New Pension System from 60 years. Members of unorganised sector aged between 18 years to 55 years shall be included under the Scheme that provides for minimum monthly contribution Rs100, minimum annual contribution Rs1,000 and maximum annual contribution Rs12,000 per member.

Under the Scheme, government contribution will be Rs1,000 per annum for financial 2010-11, and this Scheme shall be available for another three years.

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Govt imposes anti-dumping duty on chemical from China

New Delhi: The government has imposed anti-dumping duty of up to $0.671 per kg on imports of a chemical used in the manufacture of household cleaning products from China to protect the domestic industry, reports PTI.

“The anti-dumping duty imposed... shall be effective up to and inclusive of 20 March 2011, and shall be payable in Indian currency,” a notification by the Department of Revenue said.

The restrictive duty on ‘Sodium Tripoly Phosphate’ would range from $0.307 per kg to $0.671 per kg, it said.

The Directorate General of Anti-Dumping and Allied Duties (DGAD), a nodal agency under the commerce ministry, had recommended imposition of the duty after an investigation.

While the commerce ministry recommends anti-dumping duty, the finance ministry imposes it.

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