Personal finance Wednesday

Deutsche MF revises exit load structure under Deutsche Money Plus Fund; Coal India to list IPO on 4th November; Reliance Mobile launches 'Festive Dhamaka' offer; MTNL introduces Trump-One For All 3G prepaid plan

Deutsche MF revises exit load structure under Deutsche Money Plus Fund

Deutsche Mutual Fund has revised exit load structure under its scheme-Deutsche Money Plus Fund. As per the revision, scheme will charge 1% as exit load, if the investment is redeemed within four months from the date of allotment. Currently, the scheme charges 0.25% as exit load, if the investment is redeemed within seven days from the date of allotment. The revision will be effective from 4th November. The scheme is managed by Kumaresh Ramakrishnan and is benchmarked against CRISIL Liquid Fund Index.

Coal India to list IPO on 4th November

Coal India Ltd will list its initial public offering (IPO) on Thursday, 4th November. The company had fixed its issue price at Rs245 per share, which was at the higher end of the price band of Rs225-Rs245. For retail investors, the issue price was 5% lower. The IPO was oversubscribed by 15.28 times (2.31 times in retail).

Reliance Mobile launches 'Festive Dhamaka' offer

Reliance Communications has introduced two 'Festive Dhamaka' offers for its GSM & CDMA subscribers. Till 30th November, new subscribers will get free calling benefits to any local Reliance mobile between 11:00 pm and 6:00am. The offer will be valid for a month.
Existing subscribers get Rs52 talk time plus extra 52 minutes with recharge of Rs52, Rs121 talk time plus extra 121 minutes with recharge of Rs121 and Rs301 talk time plus extra 301 minutes with recharge of Rs251. Free minutes can be used for any local call throughout the day. These products have 3, 7 and 15 days validity respectively. The new Festive Dhamaka offer is available for all Reliance subscribers (GSM & CDMA) across all plans.
The offer is available through e-recharge in all retails outlets serving Reliance GSM & CDMA customers including the company's retail outlets of Reliance mobile stores and Reliance World outlets across India.

MTNL introduces Trump-One For All 3G prepaid plan

Mahanagar Telephone Nigam Ltd (MTNL) has introduced new Trump-One For All 3G prepaid plan with 50p/min tariff for voice and 3G video calls and some festival benefits for its existing and prospective subscribers in Delhi telecom circle.
MTNL's Trump One For All prepaid pack comes at first recharge coupon of Rs50 which provide flat 50 paisa/minute tariff for local/STD voice and video calls to any network. The incoming/outgoing voice calls while national roaming will be charged at 50paisa/minute with in BSNL/MTNL network. The tariff validity will be 365 days from the date of activation.


Electricity fund proposal awaits Cabinet approval

New Delhi: The Centre's proposed Rs1,00,000 crore National Electricity Fund to finance development of power transmission and distribution (T&D) network will go for Cabinet approval after the Expenditure Finance Committee gives its go-ahead, reports PTI.

"We have sent the proposal (of National Electricity Fund) to the Expenditure Finance Committee (EFC) for their approval.

After they approve it would go to the cabinet," member Planning Commission B K Chaturvedi told PTI.

The Planning Commission, last year, had announced setting up of NEF to finance the development of power transmission and distribution network by state utilities so as to reduce T&D losses.

The Plan panel has suggested that the government should provide interest subsidy aimed at bearing part of the interest cost by the Centre. For example, if a state utility plans to raise funds at 10% interest rate, 4% of that would be borne by the government.

"We have suggested that the (interest) subsidy should be based on the norms of the (state) utilities," Mr Chaturvedi said.

State-run Power Finance Corporation and Rural Electrification Corporation are likely to be the nodal agencies to finance state utilities.

The support of World Bank and Asian Development Bank could be sought for improving electricity transmission and distribution network in the country.

As per government estimates, power T&D losses in the country may exceed Rs68,000 crore by the end of the current financial year (2010-11).

Meanwhile, the power ministry is also mulling setting up of a fund for financing projects with a corpus of Rs50,000 crore.

The proposal is at a nascent stage and the ministry is yet to workout the modalities.


DoT extends subscriber verification deadline to 31st Dec

New Delhi: The Department of Telecommunications (DoT) today extended the deadline for re-verification of subscribers by telecom operators to 31 December 2010, reports PTI.

"The service providers approached DoT in October for extension of time. They stated that creation of infrastructure for re-verification had taken some time," DoT said in a statement.

Now since the re-verification activities are in full swing, the operators need some more time to complete the process, it added.

DoT had asked telecom operators to complete re-verification of its subscribers over a window of one year starting from 1 November 2009 and had fixed 31st October as the deadline.

"After consideration of all relevant aspects and consultation with security agencies, the time limit has been extended till 31 December 2010," it said.

In the wake of security concerns, the telecom ministry has also proposed introducing new subscriber verification norms. One of the proposals states that telecom operators should send SIM cards to subscribers by registered post or through messengers on the rolls of the company.

On average, telecom operators add 10-12 million subscribers every month. In August, operators notched up 18.18 million new subscribers, taking the total number of mobile users in India to 670.60 million, as per the latest data from the Telecom Regulatory Authority of India.


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