Religare Mutual Fund launches 370 days fixed maturity plan

Religare Mutual Fund new issue closes on 21 June 2011

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series VIII-Plan A to F-Plan C (370 Days), a close-ended income scheme.

The investment objective of the plan is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the scheme.

The new issue closes on 21 June 2011. The minimum investment amount is Rs5,000.

CRISIL Short-Term Bond Fund Index is the benchmark index. Nitish Sikand is the fund manger for the scheme.

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New CAG guidelines for govt accounting to be unveiled tomorrow

In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting

New Delhi: The Comptroller and Auditor General (CAG) guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled tomorrow, reports PTI.

In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.

“A move from cash to accrual accounting will be a fundamental change which will help overcome the deficiencies of the present system,” a finance ministry statement said today.

Under the accrual system, transactions will be recorded at the time when economic value is created, exchanged, transferred or impaired, irrespective of whether cash is actually exchanged or not, it said.

“Only accrual accounting captures the full cost of services provided by the government, thereby supporting effective and efficient decision-making,” it said, adding it will also fully disclose information on the assets and liabilities of the government.

The new norms would be unveiled at a national conference of state finance ministers by Union finance minister Pranab Mukherjee.

The present system lacks an adequate framework for accounting of assets and liabilities, depicting consumption of resources and presenting the full picture of the government's financial position at any point of time.

In this system, there is no effective way of tracking assets created out of public money which, in turn, dilutes the accountability of departments for management of government assets, it said.

The deficiencies in the present system result in a lack of transparency, poor stewardship and impaired ability to accurately predict the future cost of a current financial commitment, it added.

The job of steering the transition to accrual accounting was given to the Government Accounting Standards Advisory Board (GASAB) under the office of the CAG.

The GASAB is a high-power advisory body which includes the heads of six major accounting departments of the government of India, namely Indian Audit and Accounts Department, Indian Civil Accounts Department, Indian Defence Accounts Department, Indian Railway Accounts Department and Indian Postal Department.

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SC dismisses bail pleas of Kanimozhi, Sharad Kumar

The CBI opposed Ms Kanimozhi’s plea saying the original documents regarding the illegal financial transaction of Rs200 crore to DMK family-run Kalaignar TV are yet to be recovered and the accused might tamper with evidence if released on bail

New Delhi: In a major setback to DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar, the Supreme Court today dismissed their bail pleas in the second generation (2G) spectrum allocation case, reports PTI.

A special bench of justices GS Singhvi and BS Chauhan directed the two accused to wait till framing of charges before approaching the special Central Bureau of Investigation (CBI) court for regular bail.

The apex court said the CBI court can thereafter decide their bail pleas uninfluenced by the earlier bail proceedings.

The apex court decision to reject the bail would mean that Ms Kanimozhi and Mr Kumar will continue to cool their heels in jail till the time the charges are framed.

The court dismissed the bail application after hearing the CBI and counsel for the accused for over one-and-a-half hour.

During the arguments, the CBI opposed Ms Kanimozhi’s plea, saying the original documents regarding the illegal financial transaction of Rs200 crore to DMK family-run Kalaignar TV are yet to be recovered and the accused might tamper with evidence if released on bail.

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