ICICI Bank launches NRI remittance service; L&T offers tax saving infrastructure bonds; Axis MF launches Axis Gold ETF; Birla Sun Life MF floats Birla Sun Life Short Term FMP-Series 1; SBI Mutual Fund unveils SBI Debt Fund Series-90 Days-35; LIC premium income rises more than Rs1,000 crore from two new ULIPs
ICICI Bank launches NRI remittance service
ICICI Bank has launched I-Express, an instant cross-border money transfer option for non-resident Indians (NRIs).
The service would be available through the ICICI Bank's select partners in the Gulf countries, the Bank said in a statement.
I-Express facility offers the remitter - the option of visiting any partner outlet for instant credit into the beneficiary account maintained with ICICI Bank in India.
Under this service, the funds would be instantly remitted and the beneficiary could withdraw the money immediately, the Bank said.
"ICICI Bank not only offers funds transfer facility into the accounts of beneficiaries held in its own branches in India, but also helps in crediting funds into accounts of beneficiaries held in over 65,000 branches of other Indian banks," an ICICI Bank spokesperson said.
L&T Infrastructure Finance offers tax saving infrastructure bonds
L&T Infrastructure Finance has introduced tax saving infrastructure bonds. The Long Term Infrastructure Bonds have four different investment options. The face value of each bond is Rs1,000 and applicants will have to subscribe to a minimum of five bonds. All the four options have a 10-year tenor. All the bonds will be listed on National Stock Exchange (NSE) and can be traded after the initial lock-in of five years.
Series 1 and 2 will pay interest rate of 7.75% per annum and have a buyback facility after seven years, while series 3 and 4 will pay an interest of 7.5% per annum and have a buy back facility after five years. The issue closes on 2nd November.
Under section 80CCF of the Income Tax Act, investment amount of up to Rs20,000 would be eligible for deduction from taxable income. This limit of Rs20,000 per annum is in addition to Section 80C, 80CCC and 80CCD. All funds raised by the bonds would be utilised to finance various infrastructure projects.
Axis MF launches Axis Gold ETF
Axis Mutual Fund launches Axis Gold ETF, an open-ended exchange traded fund (ETF). The investment objective of the Scheme is to generate returns that are in line with the performance of gold. Each unit of the ETF will be approximately equal to 1gm of gold.
The Scheme opens on 20th October and closes on 3rd November. The Scheme then reopens on or before 16 November 2010. The exit load for the Scheme is nil.
Each unit of the Scheme will be issued at a face value of Rs100 plus premium equivalent to the difference between the allotment price and the face value of Rs100.
The units of the Scheme will be issued, traded and settled only in dematerialised form.
The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore. In case of authorised participants, it is 1kg gold per application. The corpus of the Scheme will be invested in gold bullion-fineness (or purity) of 995 parts per 1,000 (99.5%) or higher.
Domestic Price of Gold is the benchmark index. The Scheme will be managed by Anurag Mittal.
Birla Sun Life MF floats Birla Sun Life Short Term FMP-Series 1
Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 1, a close-ended income scheme. The Scheme will invest in debt securities and money market instruments.
The Scheme will have growth and dividend (payout) option. The Scheme will have duration of 139 days from the date of allotment. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The Scheme opens on 20th October and closes 22nd October. The exit load for the Plan is nil. The minimum investment amount is Rs5,000. The minimum target amount under the Scheme shall be Rs10 crore.
CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.
SBI Mutual Fund unveils SBI Debt Fund Series-90 Days-35
SBI Mutual Fund has launched SBI Debt Fund Series-90 Days-35, a close-ended income scheme. The investment objective of the Scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money market instruments maturing on or before the maturity of the Scheme.
The Scheme will have growth and dividend (payout) option. The Scheme opens on 20th October and closes 21st October. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.
CRISIL Liquid Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.
LIC premium income rises more than Rs1,000 crore from two new ULIPs
Life Insurance Corporation (LIC) of India has crossed the Rs1,000 crore mark under its two new unit-linked insurance plans (ULIPs)-Pension Plus and Endowment Plus. The total premium income under these two plans was around Rs1,282 crore on 18th October. These new plans were introduced in September following the new guidelines laid down by the Insurance Regulatory and Development Authority. Pension Plus was launched on 2nd September. It is a unit linked deferred pension plan. About Rs150 crore of premium has been collected under the Plan from more than 30,000 policies. Endowment Plus was launched on 20th September. More than Rs1,000 crore has been garnered from the plan from more than 2 lakh policies in 29 days.
On 30th September, the new business premium income of the Corporation was Rs23,321 crore from 1.45 crore policies. The first premium income has registered an impressive growth rate of 83.07%.
New Delhi: Street vendors will now enjoy the benefits of cashless-based health insurance scheme, the proposal for which was approved by the government today, reports PTI.
The insurance scheme under the Rashtriya Swasthya Bima Yojana (RSBY) presently covers below poverty line (BPL) families only.
The Union Cabinet today approved the proposal of the ministry of labour and employment for extending RSBY to street vendors whose number according to a 2001 report is over 42 lakh.
The government proposes to cover all registered street vendors under RSBY by 2013-14, out of which 4.21 lakh are proposed to be covered in the current financial year, said an official release.
The premium for the insurance scheme will be paid by the central and state governments in the ratio of 75:25. For the North Eastern States and Jammu and Kashmir, the expenditure would be shared in the ratio of 90:10.
The total expenditure on the part of the central government during the current year will be around Rs20 crore.
The recurring expenditure after 2013-14 will be around Rs200 crore annually, the release said.
Beneficiaries under RSBY are entitled to a cover of up to Rs30,000 for most diseases that require hospitalisation.
The cover extends to five members of the family, which includes the head of the household, spouse and up to three dependents.
According to the labour and employment ministry, till 15th October this year, 27 states were in the process of implementing the scheme.
The scheme has been operationalised in 24 States with more than 1.95 crore smart cards having been issued to more than seven crore persons.
New Delhi: The government today announced a marginal hike of Rs20 a quintal in the support price of wheat to Rs1,120, but prices of masoor and gram dals have been raised sharply by up to Rs380 a quintal to encourage farmers to grow more, reports PTI.
The Cabinet Committee on Economic Affairs (CCEA) today approved the minimum support price (MSP) of rabi crops of 2010-11, home minister P Chidambaram told reporters.
The MSP of wheat, a major rabi crop, was at Rs1,100 per quintal in the last season.
MSP is the price that the government pays to farmers while procuring their produce. The Centre procures wheat and rice from farmers for public distribution system (PDS).
As per the latest revision, the MSP of masoor dal has been raised by Rs380 per quintal to Rs2,250 and that of gram by Rs340 per quintal to Rs2,100 a quintal.
The government has raised the MSP of pulses substantially this year to boost production and cut dependence on imports.
The agriculture ministry is targeting to increase the pulses production to 16.5 million tonnes in 2010-11 from about 14.5 million tonnes in the previous year. India, the world's largest producer of pulses, imports 3.5-4 million tonnes to meet domestic demand of 18-19 million tonnes.
The CCEA also approved increase in mustard MSP by Rs20 to Rs1,850 per quintal. Safflower MSP has gone up to Rs1,800 from Rs1680 a quintal. Barley MSP has been increased to Rs780 from Rs750 per quintal.
The hike in MSP is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
Higher support prices for kharif pulses had resulted in a sharp jump in acreage and production is estimated to rise to 6 million tonnes in the kharif season of the 2010-11 crop year from 4.3 million tonnes in the year-ago period.
When asked about nominal hike given in mustard by Rs20 a quintal, Mr Chidambaram said, "In some of these cases market prices are much higher than MSP. The MSP is based on CACP recommendations. If there is shortage, what would happen (is that) the market prices would be much more higher".
In the case of cereals, Food Corporation of India (FCI) and other designated state agencies will continue to provide price support to the farmers as in the past.
Co-operative major Nafed will continue to be the nodal agency for procurement of oilseeds and pulses and losses, if any, will be fully reimbursed by the Centre.