Reliance Mutual Fund floats Dual Advantage Fixed Tenure Fund-I-Plan J

Reliance Mutual Fund new issue closes on 25th April

Reliance Mutual Fund has launched Reliance Dual Advantage Fixed Tenure Fund-I-Plan J, a close-ended income scheme.

The scheme seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the Scheme along with capital appreciation through equity exposure. The tenor of the plan is three years.

The new issue closes on 25th April. The minimum investment amount is Rs5,000.

Crisil MIP Blended Fund Index is the benchmark index. Shailesh Raj Bhan and Anju Chajjer are the fund managers.

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Dhanlaxmi Bank revises short term deposit rates

Dhanlaxmi Bank has revised interest rates on its select short term deposits and special medium term deposit scheme

Interest rates on select short term deposits will be reduced by 75 to 275 basis points for deposits of less than Rs15 lakh and for deposits of Rs15 lakh and above and up to and inclusive of Rs1 crore.

Interest rates on special medium term deposit of 500 days will be increased by 50 basis points to a peak rate of 9.50% p.a. for deposits of less than Rs15 lakh while 500 days deposits above Rs15 lakh, interest rates will be increased by 25 basis points to 9.60% p.a. The new rates are effective 11 April 2011.  

For short term deposits with maturity period between 46-90 days, the bank will offer revised interest rate of 6.25% p.a. as against 9% p.a. at present. Similarly, for maturity period between 91-179 days interest rates will be revised to 6.50% p.a. from the current 8.75% p.a. While for deposits with maturity period of 180-365 days, rates will be revised to 8.50% p.a. from 9.25% p.a. Senior citizens will be eligible for an additional rate of 0.50% p.a. for tenures starting from 180 days and above (except for 500 days deposits).

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No online payment for forex trade: RBI to credit card firms

The Reserve Bank of India has asked credit card issuing companies not to permit payments for illegal online forex transactions

Amid introduction of illegal online forex trade by certain companies, the Reserve Bank of India (RBI) has asked credit card issuing companies to not permit payments for such transactions.

The regulations under Foreign Exchange Management Act (FEMA), 1999, do not permit resident Indians to trade in foreign exchange in domestic or overseas markets.

The RBI's instruction comes in the wake of introduction of overseas foreign exchange trading on a number of Internet and electronic trading portals, luring the residents with offers of guaranteed high returns based on such forex trading.

Several people have lost heavily in forex trade through Internet portals in the recent past.

"The advertisements by these Internet or online portals exhort people to trade in forex by way of paying the initial investment amount in Indian rupees," the RBI said.
Many companies even engage agents who personally contact gullible people to undertake forex trading and investment schemes and entice them with promises of disproportionate or exorbitant returns, the RBI said.

Such companies ask public to make the margin payments for such online forex trading transactions through credit cards or deposits in various accounts maintained with banks in India, the RBI said.

"...the card issuing companies who may also be advised to remain alert against permitting payments for such unauthorised transactions," the central bank said.

The apex bank said it has also observed that accounts are being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin and investment money.

The banks have been asked to exercise "due caution and be extra vigilant" in respect of such transactions, the RBI's circular said.

Any resident Indian collecting or remitting such payments outside India is liable to be proceeded against with, for contravention of FEMA and violation of regulations relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards, the circular added.

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