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Saturday, January 22, 2011

Long-term Infrastructure Bonds

History of Infrastructure Bonds

These bonds were earlier offered by financial institutions such as UTI, ICICI and IDBI, and had a lock in period of 3 years. Infrastructure Bonds are not new to India. They have been used by the government in the precedent years, for infrastructure projects. Section 88 of the Income Tax Act offered tax deductions on investments of up to Rs. 30,000, in these infrastructure bonds. However, with the 2005-2006 union budgets, section 88 was scrapped.

This Section 80CCF is valid to Individuals and to Hindu Undivided Family (HUF) only. Deductions could be up to a maximum amount of Rs 20,000 from the taxable income, for any amount invested in long term infrastructure bonds from financial year 2010-11.

Section 80 CCF for Tax Payers-

Section 80C at present offers a maximum deduction of Rs 1 lakh, for investments in Life Insurance premiums, National Savings Certificate (NSC), Public Provident Fund (PPF) and Pension Plans.

The new section 80CCF, will offer a presumption of Rs 20,000, in addition to the deduction of Rs 1 lakh under sections 80C, provided the investments are in selected long term infrastructure bonds. The government has anticipated this section to uphold investments in infrastructure projects in India.

Key Benefits of 80 CCF and Infrastructure Bonds-

• These bonds could be pledged for taking loans from particular banks after the lock in period.
• Investments in infrastructure bonds would require PAN to be mandatory furnished.
• Section 80CCF applicable from start of April 2010 and would be issued in the financial year 2010-11.
• The long term infrastructure bonds will have term of 10 years.
• Minimum lock in period of 5 years.
• Deduction limit of Rs 20,000 in addition to the 1 lakh limit under sections 80C.
• Funds to be in long term infrastructure bonds as specified by the government.
• Exit from the infrastructure bond, after the lock in period, will be either through the secondary market or through buyback option, as specified by issuer.

Some long term Infrastructure Bonds are given below -

• Industrial Finance Corporation of India (IFCI),
• LIC Infrastructure Bond
• Infrastructure Development Finance Company (IDFC) and
• Non-Banking Finance Company (NBFCs) who are classified as an infrastructure finance company by the Reserve Bank of India (RBI)
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Friday, January 21, 2011

UCO Bank drops FPO plan for this fiscal

State-owned UCO Bank has dropped its plan of raising capital through a Follow-on Public Offer (FPO) in this fiscal, saying it is adequately capitalised.

"There is no need for an FPO because the capital requirements have been met with funds from the Government...We will not go for an FPO in the current financial year," the bank's chairman and managing director, Arun Kaul, told the news agency here.

The Kolkata-headquartered bank had drawn-up plans of raising up to Rs400 crore through an FPO which would have seen the Government diluting its stake from 70% to 58.6%.

"The Government has already given me non-equity Tier-I capital that is perpetual debt in preference capital that has strengthened my Tier-I," Kaul said, adding that the bank's capital adequacy stands at a comfortable 13.60% presently.

The bank has gone through the cycle of bulk deposits and credit-propelled growth and will now focus on the retail and mid-corporate segments to grow, Kaul said, adding it is targeting a 20% deposit and credit growth current fiscal.

The focus will be on growing the cheaper CASA (Current And Savings Accounts) deposits to the 27-30% levels in the next 6-12 months from the current 25% through a greater stress on customer acquisition, Kaul said.

The bank's September quarter net profits were down 42% due to concerns about the loan portfolio which led to higher provisioning, Kaul said. There will be "no surprises" on the provisioning front going forward though there will be some pressure on margins as rates are going up, he said.

Kaul said he expects to bring down the bank's gross non-performing assets to the 2% level from the 2.39% as on 30 September, 2010, while net interest margins may slip to three per cent from the current 3.51%.

UCO Bank plans to hire a higher-than-average 2,000 people this fiscal and has also drawn-up plans to add 800 new branches to its existing 2,158 in the next two years, Kaul said.

The bank's exposure to commercial real estate is around 5% of the loan-book and performing well while it has not lent any money to the microfinance sector at all, he said.
Read more »

Thursday, January 20, 2011

Next SLBC meet crucial for UBI & Uco Bank Read more: Next SLBC meet crucial for UBI & Uco Bank

Just when the hangover of the New Year revelry and excursions ends in a week, the two commercial lead banks operating in their respective districts in the state would be flipping through papers or just be seized with giving finishing touches to a matter of different kind other than the handling of their routine banking transactions to tie up the loose ends.

For, at the 34th State Level Bankers' Committee (SLBC) meeting held here on December 13, it was decided that they achieve 100 per cent financial inclusion of the families (households) in their allotted districts by December end last year, since their performance did not match with other banks till September 30. Deputy CM Sushil Kumar Modi had presided the SLBC meet.

For the sake of record, of the seven lead commercial banks involved in achieving 100 per cent financial inclusion of all the families (households) in their allotted villages in the 19 districts during the first phase of the programme, five touched the pole point by September 30.

However, the achievements of the two other lead banks were less than par, as transpired at the SLBC meeting. The five lead banks which touched the pole point first in their allotted districts are State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India (CBI), Bank of Baroda (BoB), and Canara Bank. On the other hand, two lead banks which stood at a touching distance of their counterparts are Union Bank of India (UBI) and Uco Bank.

The 16 districts where 100 per cent financial inclusion of the families concerned have been achieved are Purnia, Saharsa, Supaul (all handled by the SBI), Buxar, Bhojpur, Gaya, Rohtas (all handled by the PNB), Siwan, Gopalganj, Vaishali, Katihar, Madhubani, Saran (all handled by the CBI), Sheohar, Sitamarhi (handled by the BOB), and Sheikhpura by Canara Bank. They together had been allotted 20,039 villages having 67,78,588 households to cover.

On the other hand, the share of the UBI and Uco Bank was 3,297 villages with 6,44,833 households in three districts of Khagaria (under UBI), as well as Munger and Banka under Uco Bank. Their district-wise coverage were Khagaria-99.10 per cent, Munger-98.97 per cent, and Banka-94.51 per cent.

The two banks were asked to achieve financial inclusion of the remaining families by December last year, so that the second phase of the 100 per cent financial inclusion of all the families (households) in the remaining 19 districts could also be initiated to keep the tempo going. The final outcome, however, would be known at the next SLBC meet, the date of which is yet to be announced.
Read more »

Temple town with doorless homes gets a bank with no lock

Shani Shingnapur, the world famous temple town in Maharashtra where houses have neither doors nor locks, now befittingly has its first commercial bank branch - with no locks on its front door!

The public sector UCO Bank is the first to throw open the doors of commercial banking to this unique town of 3,000 people. Bowing to local
religious sentiments, the bank last week decided to open the branch without a lock on its front door.

The people of Shani Shingapur fix only door frames, but no doors to their homes and no locks for their safety lockers because they believe
the temple is a "living abode" of Lord Shani, the ruling deity. And so strong is the belief that no one dares to attempt theft for fear of
inviting Lord Shani's wrath upon himself and his family.

However, as a precautionary measure, some of the six-member staff of UCO Bank posted there take turns to stay within the branch premises all
the time.

"There is no lock on the bank's main entrance. But with cash boxes and other important documents kept inside, security precautions needed to
be taken," said an official.

The inauguration was done a mid fanfare Jan 6 by local legislator Shankarrao Gadak of the Nationalist Congress Party, who is also an important driving force behind the Shani Shingnapur temple.

The bank's branch manager, U.K. Shah said that the first bank in the town has already caught the imagination of the people and that he was optimistic of good growth.

"So far, we have built a customer base of over 200 people and more are coming in. We plan to have our ATM here soon," a proud Shah told IANS Monday.

However, the local and district police are not impressed by the 'lock-less' bank branch and have already sounded a word of the caution to the concerned authorities.

For one, keeping large quantities of cash without security could attract undue attention of undesirable elements, a district police official pointed out.

The other banks in the nearest town Sonai have refused to cooperate with the UCO Bank branch to store its cash overnight on public holidays and weekends.

The UCO Bank's own nearest branch is at Ahmednagar, 40 km away, making it an impractical proposition to transfer huge amounts of cash to and
fro twice a day by road.

The bank authorities discussed security aspects with the police and the local police have offered to provide them armed gunmen - but at a cost of nearly 100,000 per month. This was not acceptable to the bank authorities, an official said.

In spite of repeated attempts by IANS, the UCO Bank authorities in Kolkata and Mumbai regional and zonal offices chose to keep mum on the security considerations for the Shani Shingnapur branch.

A district official said that contrary to the image of the temple town, tourists and pilgrims are blatantly fleeced in the name of religion by nearly 300 touts operating outside the temple precincts.

According to a police official, a couple of decades ago wearing of lungi (coloured dhoti) was suddenly introduced for devotees visiting the temple - without which, the touts claimed, the Sun God would not accept their prayers.

"A single lungi is rented to several pilgrims at exorbitant rates of 200 and more. Since nobody carries a lungi with them, they are forced to rent it. The district authorities have done nothing to stop this menace," the police official said.

On an average, around 5,000 tourists and pilgrims visit the town daily and on weekends the number swells to over 50,000.

By the way, on Oct 25 last years, the first ever case of robbery was recorded by the Sonai police. A Haryana tourist lost swag worth around 35,000, a Sonai police official said.
Read more »

Wednesday, January 19, 2011

Kingfisher issues basket of securities to restructure debt

Private air carrier Kingfisher Airlines today said its board has alloted preferential shares to a consortium of lenders, besides promoter group firms United Breweries (Holdings) and Kingfisher Finvest India Ltd, under a scheme to recast its debt.

According to a filing to the Bombay Stock Exchange, the company has allotted a total of 139.81 crore compulsorily redeemable preference shares (CRPS) of Rs 10 face value -- and a coupon rate of 8 per cent -- to the lenders'' consortium and its promoter group firms to cover its outstanding loans.

Out of these, 75.01 crore CRPS will be issued to the lenders'' consortium -- comprising SBI, IDBI Bank, Punjab National Bank, Uco Bank, United Bank of India, Bank of India, Bank of Baroda, State Bank of Mysore and Jammu Kashmir Bank -- while its promoter group firms will pick up 64.8 crore CRPS.

In addition, Kingfisher has issued 55.31 cumulative redeemable preference shares with a coupon rate of 8 per cent to the lenders'' consortium, besides another 9.7 crore compulsorily convertible preference shares at a coupon rate of 7.5%.

Furthermore, 7.09 crore optionally convertible debentures of Rs 100 each have been issued to a trio of companies: Star Investments Pvt Ltd, Margosa Consultancy Pvt Ltd and Redect Consultancy Pvt Ltd. The committee has alloted over 1.99 crore debentures to Star

Investments Ltd, over 2.49 crore debentures to Margosa Consultancy Pvt Ltd and over 2.59 crore debentures to Redect Consultancy Pvt Ltd, as per the filing. The airline''s debt currently stands at over Rs 6,000 crore.
Read more »

Mutual Funds Industry in India

Mutual Funds Industry in India
Investment in India

India is a potential market for overseas investment and is vigorously welcoming the foreign investors in the market. India among the European investors is measured to be a good investment even with the political ambiguity, bureaucracy dilemma, scarcity of power and infrastructural inefficiencies.

It will come into view as one of the top three promising economies. Once you enter India's marketplace, you will have an ingenious plan that should be supported by a serious thought and careful research. Those who look at India as a long-term growth will gather more profits rather than those who will see only short-term profit making opportunities.

While calculating the prospective and correct estimation and possibilities, one needs to consider such factors as the intrinsic hurdles and qualms of functioning in the Indian system.

Mutual Funds Companies - Some of the Mutual Funds Companies are:-

  • UTI Mutual Fund
  • Fidelity
  • Reliance Mutual Fund
  • Sahara Mutual Fund
  • Kotak Mahindra Mutual Fund
  • LIC mutual Fund
  • Standard Chartered Mutual Fund
  • HSBC Mutual Fund
  • Sundaram BNP Paribas Mutual Fund
  • JM Financial Mutual Fund
  • HDFC Mutual Fund
  • L&T Mutual Fund
  • Merrill Lynch
  • JP Morgan
  • ABN Amro Mutual Funds
  • Tata Mutual Fund
Read more »

Monday, January 17, 2011

Mutual Fund houses in India

Mutual Fund houses in India

In current years, many mutual fund companies have growing up in India. Now the investors have lots choices of mutual fund companies in India. The number of Indians investing their money on mutual fund is gradually increasing. More and more people are being lured by the outlook of handsome profits that investments in mutual funds carry for the investors.

Birla Sun Life Mutual Fund

This mutual fund house starts his mutual fund business very early. It is very popular because of its tax saver mutual funds & ELSS funds. This Mutual Fund has been capable to gain the trust of investors in India and become one of the major mutual fund companies in India. A few of the popular schemes launched by Birla Sun Life have been listed below.

  • Birla Sun Life Tax relief 96
  • Birla Sun Life Infrastructure Plan
  • Birla Sun Life ETF Fund
  • Birla Sun Life capital protection Plan

ICICI Prudential Mutual Fund

The mutual fund division of ICICI Prudential was set up in year 1998. In a very diminutive span of time, ICICI Prudential Mutual Fund has been capable to gain the belief of investors in India and become one of the major fund houses in India. A number of of the admired schemes launched by ICICI Prudential have been listed below.

  • ICICI Prudential Growth plan
  • ICICI Prudential Liquid Plan
  • ICICI Prudential Child Care Plan
  • ICICI Prudential Tax Saver Plan
  • ICICI Prudential Discovery Fund

SBI Mutual Fund

An entirely owned subsidiary of the SBi, the State Bank of India Mutual Fund offers its services to individuals, partnership firms, trusts and societies and corporate in India. The SBI Mutual Fund follows valuable credit management policies to minimize the investor's risks.

Reliance Mutual Fund (RMF) - 

Reliance Mutual Fund was formed for beginning the various schemes under which units were dispersed to the Public. This aims at the capital market and provides investors the opportunities to make countless investments in diversified securities. Reliance Mutual Fund was established under the Indian Trusts Act, 1882. The supporter of Reliance Mutual Fund is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is the trustee.

Other Popular Mutual Fund Companies in India

Several of the other, accepted mutual fund companies in India have been listed below.

  • UTI Mutual Fund
  • Fidelity
  • Kotak Mahindra Mutual Fund
  • LIC mutual Fund
  • L&T Mutual Fund
  • Merrill Lynch
  • JP Morgan
  • Standard Chartered Mutual Fund
  • HSBC Mutual Fund
  • JM Financial Mutual Fund
  • HDFC Mutual Fund
  • ABN Amro Mutual Funds
  • Tata Mutual Fund
  • Sahara Mutual Fund
  • Sundaram BNP Paribas Mutual Fund
Read more »

Sunday, January 16, 2011

Tax-saver Mutual Fund Schemes

Tax-saver Mutual Fund Schemes

The tax-saving mutual fund schemes are one of the important types of mutual funds in India that investors can choose for. Investors in India go for the tax-saving mutual fund schemes for the straightforward basis that it helps them to save money. The tax-saving mutual funds or the equity-linked savings schemes (ELSS) entertain definite tax exemptions under Section 88 of the Income Tax Act. That is one of the reasons why the investors in India add the tax-saving mutual fund schemes to their portfolio. The tax benefit that an investor derives from the tax-saving mutual fund schemes, should be looked upon as an adjoin feature. Investing in equities is a risky plan and remuneration is subject to market fluctuations. Consequently, an investment decision solely based on tax-benefits could prove to be unsafe in the long run. So it's suitable to explore other benefits prior to you decide to put your money on a tax-saving mutual fund scheme.

Check points before investing in tax-saving mutual funds

An individual, who is scheduling to invest in tax-saving mutual fund, should critic a proposition based on the following parameters:-

  • Volatility
  • Investment Approach
  • Performance
  • operating cost

Tax-saving mutual fund houses in India

There are a number of companies in India that tender tax-saving mutual fund. Some of the well-known companies have been listed below.

  • Birla Sun life Mutual Funds
  • State Bank of India Mutual Funds
  • HDFC Mutual Funds
  • Prudential ICICI Mutual Funds
  • Sundram BNP Paribas
  • Standard Chartered Mutual Fund
  • Reliance Mutual Fund
  • Bajaj Capital
  • Franklin Templeton Mutual Fund

Popular tax-saving mutual fund schemes in India

Some of the well-liked tax-saving mutual fund schemes accessible in India have been listed underneath.

  • Birla Sun Life Tax Relief 96
  • Franklin India Taxshield
  • L&T Long Term Advantage Fund
  • SBI Tax Saver Fund
  • HDFC Long Term Advantage Fund
  • Reliance tax Saver Mutual Fund
  • HDFC Taxsaver
  • Magnum Taxgain
  • Prudential ICICI Tax Plan
Read more »

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