Monday, 28 February 2011

Union Budget 2011 - raised income tax limit for general tax payers.

Today, 28th February, 2011 the Union Finance Minister Pranab Mukherjee presented the Budget for the financial year 2011-12. There are a few tax benefits proposed in the budget. The Budget 2011 highlights for tax benefits are as follows:-

Personal Income Tax Exemption limit rose to 180000.

The existing income tax exemption limit for general tax payers is Rs. 160000 and in the budget 2011 the limit is raised to Rs.180000 and the finance minister allowed a relief of Rs. 2000 in Tax (2060 including Education Cess). No doubt this is a relief for many. But the existing income tax exemption limit of woman tax payers is Rs. 190000 and the finance minister did not say anything about raising the exemption limit for woman tax payers.

Qualifying age of senior citizen reduced to 60

The Finance minister proposed the age of senior citizen as 60 for income tax purpose. Earlier the age was 65. Now almost all retired employees will get this benefit. The Income Tax Exemption limit for senior citizen also has been raised to Rs. 250000. At present it is Rs. 240000. So a senior citizen over the age of 65 will get a tax exemption limit of Rs. 10000 (Tax 1030) and the senior citizen those who have completed 60 years will get an additional exemption of Rs. 90000 (250000-160000) (Tax 9270) and they are considered the more benefit people in this budget 2011.

Very Senior Citizen – A new tax category over 80

Finance Minister Proposed a new category of tax payers in income tax is Very Senior Citizen those who have completed the age or 80. The Income tax exemption for very senior citizen will be Rs. 500000. At present they also should pay tax for the income over Rs. 240000. Now they get a benefit of Rs. 260000 and the Tax benefit is 26780 (Tax Rs. 26000 and Education Cess Rs. 780). The people in this new category will get the maximum income tax benefit from the budget 2011.

Other Income Tax Proposals

The other budget proposals related to Income Tax is a new Income Tax return form named ‘Sugam’ to be introduced for small tax payers to make the filing of income tax return more easily. Electronic filing of TDS returns stabilized. Surcharge of domestic companies reduced to 5 percent from 7.5 percent.

Even if there is no big relaxation in income tax, the income tax exemption limit and reduction in the age of senior citizens and the new very senior citizen category are good proposals for individual income tax. But due to the high inflation, the tax payers expected more benefits from the budget 2011. The woman tax payers do not get any benefit in this new budget. We can hope that in the budget discussion session they also will get some benefits.

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Sunday, 27 February 2011

DSP BlackRock FMP - 13M - Series 4

DSP BlackRock Mutual Fund issues a new fund named DSP BlackRock FMP - 13M - Series 4. This Fixed Maturity Plan is a close ended fund with a lock in period of 13 months and the issue price of one unit is Rs. 10 and a minimum required investment of Rs. 5000 and the multiples of Rs. 10 thereafter. The primary investment objective of the Schemes is to seek capital appreciation by investing in a portfolio of debt and money market securities. The Scheme will invest only in such securities which mature on or before the date of maturity of the Schemes. The Schemes may also use fixed income derivatives for hedging and portfolio balancing.

The DSP BlackRock FMP - 13M - Series 4 is an income fund which is already opened in the market on 23rd February, 2011 and the issue will be closed on 03rd March 2011.

The investment strategy of the New Fund is The Investment Manager will invest  only  in  those debt securities that are  rated investment  grade  by  a  domestic  credit  rating  agency  authorized  to  carry  out such  activity,  such  as  CRISIL,  ICRA,  CARE  etc.  Or in unrated debt securities, which  the  Investment  Manager  believes  to  be  of  equivalent  quality.  Where investment in unrated debt securities is sought to be made, specific approval of the  Board  of  Directors  of  the  AMC  and  Trustee  shall  be  obtained  prior  to  the investment.  In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.

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Saturday, 26 February 2011

Summary of Railway budget 2011-12

The railway budget for the year 2011-12 has been presented in the parliament by the Railway Minister Mamata Bannerjee on 26th February, 2011. The important factor is that there is no increase in fare charge of freight charges and this is really a relief for the passengers and other people who can hope that there will not be a special increase of price for the necessary consumer goods due to the increase of railway charges like freight charges. Let us see the important highlights or railway budget 2011-12

Railway fare and freight charges will not be increased.

AC Double Decker services on Jaipur-Delhi and Ahmedabad-Mumbai routes

Introduction of new Super AC Class

Planning to introduce a new portal for e-ticketing to be launched shortly. Booking charges will be cheaper with a charge of only Rs. 10 for AC classes and Rs.5 for others.

Another new portal 9. Pan-India multi-purpose smart card “Go India” to be introduced

Planning to upgrade 236 stations to Adarsh Stations

Proposal of 47 additional suburban services in Mumbai and 50 new suburban services for Kolkata.

Proposal of Two new passenger terminals in Kerala and one each in Uttar Pradesh and West Bengal.

Proposal to conduct Feasibility study to raise speed of passenger trains to 160-200 kmph

There is a plan outlay of Rs. 57630 crores and this is the highest in the history of Indian Railway.

For New lines a sum of Rs. 9583 crores are separated

There is a target of 1300 km new lines, 867 km doubling of lines and 1017 km guage conversion in the year 2011-12

Introduction of 56 new Express Trains, 3 new Shatabdis and 9 Duronto trains

Special package of two new trains and two projects for the States managing trouble free run of trains throughout the year.

Sanction of Anti Collision Devise (ACD) sanctioned in 8 zonal railways.

GPS Based Fog Safe Device to be deployed.

Elimination of All unmanned level crossings.

Setting up of All India Security Help line on a single number.

In next seven years all state capitals in the North-East except Sikkim to be connected.

Proposal of a Bridge Factory in J & K and a state-of-art Institute for Tunnel and Bridge Engineering at Jammu.

Planning to set up of a Diesel Locomotive Centre in Manipur

A Centre of Excellence in Software at Darjeeling proposed under the aegis of CRIS.

Proposal of Rail Industrial Parks at Jellingham and New Bongaigaon

Setting up of additional mechanized laundry units at Nagpur, Chandigarh and Bhopal.

Concession to physically handicapped persons to be extended on Rajdhani and Shatabdi trains.

Concession of 50% to press correspondents with family increased to twice a year.

Concession of Senior Citizens to be hiked from 30 % to 40 %

The ordinary working expenses has been assessed to at Rs. 73,650 crore

An estimate of Gross Traffic Receipts at Rs.106239 crore, and it is the first time the estimate exceeds one lakh crore.

Setting up of 700 MW gas-based power plant at Thakurli in Maharashtra.

During 2011-12, 18000 Wagons to be procured.

A scheme for socially desirable projects, “Pradhan Mantri Rail Vikas Yojana” with Non-lapsable fund proposed.

A proposal of 10,000 shelter units for track side dwellers in Mumbai, Sealdah, Siliguri, Tiruchirapalli

Provision for extension of medical facilities for the dependent parents of railway employees.

An increase of the scholarship for the Girl Child of Group-D railway employees Rs.1200 per month.

Setting up of 20 additional hostels for children of railway employees

Recruitment for 1.75 lakh vacancies of Group C and D including to fill up backlog of SC/ST initiated, 16,000 ex-servicemen to be inducted by March 2011.

Creation of a separate sports cadre

2011-12 declared “Year of Green Energy” for Railways.

Freight loading of 993 MT and passenger growth of 6.4 % estimated for 2011-12.

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Birla Sun Life Fixed Term Plan - Series CR is the New Mutual Fund Offer just launch in the market. The objectuive of the fund is seek to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The Fund house Birla Sun Life Mutual Fund  issued this fund as a close ended fund and the fund is already opend on 22nd  Feburary, 2011 and the closing date is 28th February, 2011. This is a closed ended Income Scheme for 367 days and there is no entry load or exit load for the scheme.

The pruchsae price of one unit in NFO period is Rs. 10 and the minimum required investment is Rs. 5000 and mutliples of Rs. 10 there after.



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Friday, 25 February 2011

Pre Budget Survey - Income Tax limit to be Rs. 3 Lakh

The Pre Budget survey among the CEOs of different business and industrial  enterprises conducted by Associated Chambers of Commerce and Industry of India (ASSOCHAM) reveals that a major portion of the participants wish to get a high income tax exemption limit around Rs. 300000. The main reason is the high rate of inflation for the food and other necessary items. The Times of India reported the news as follows:-

Raise income tax exemption limit to Rs 3 lakh: Survey


NEW DELHI: The government must increase the personal income tax exemption limit to at least Rs 3 lakh from Rs 1.6 lakh at present in the upcoming Budget for giving relief to taxpayers from high inflation, majority of CEOs surveyed by industry body Assocham has said.

"In view of the unprecedented inflation particularly the food inflation, the government must increase the personal income tax exemption limit from the existing Rs 1.6 lakh to at least Rs 3 lakh to give adequate relief to the larger sections of the society, added the majority of the CEOs," the pre-Budget survey said.

The Budget 2011-12 would be unveiled by Finance Minister Pranab Mukherjee on February 28. At present, income up to Rs 1.6 lakh is exempted from tax for individuals. For women and senior citizens, the limit is Rs 1.9 lakh and Rs 2.4 lakh, respectively.

However, under the the Direct Taxes Code (DTC) Bill which was introduced in Parliament last year, the I-T exemption limit is Rs 2 lakh. The DTC is expected to replace the 50-year old Income Tax Act from April, 2012.

The survey further said that due to continuous elevated inflation and high commodity prices across globe, there is a strong case for continuation of stimulus package so that the growth momentum is not spiked.

It was a pre-Budget expectations survey conducted under the Associated Chambers of Commerce and Industry of India (ASSOCHAM) with participation from its 1,000 CEOs. Inflation, particularly food inflation, has been a concern for both the government and the common man. For past the few months, food prices are at high levels.

The WPI inflation for December rose to 8.43 per cent, from 7.48 per cent in the previous month. Food inflation, based on wholesale prices, rose to 17.05 per cent for the week ended January 22, on account of escalating vegetable prices, particularly, onions. It was at 15.57 per cent in the previous week.

Around 84 per cent of the CEOs belonging to large, micro, small and medium enterprises polled in the survey held that stimulus package for textiles, gems & jewellery, construction and real estate, cement and steel, among others, should continue for the next fiscal.

Besides, majority of the CEOs also pressed for larger and faster disinvestment in public sector undertakings, proceeds of which should partly be to fund infrastructure augmentation in PPP projects to help India grow and achieve intended growth rate of close to 9 per cent in next 2-3 years.

Source: Economic Times

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Thursday, 24 February 2011

Ninth Pay Commission Report Approved by Kerala Government

The Government of Kerala Approved the ninth pay revision committee report on 23rd February, 2011. The benefit of the approval of this cabinet sub-committee report will be getting around 489000 government employees all over the state. As per the words of the Chief Minister of Kerala, the new pay scales and new pay will be given to employees on 01st February, 2011 and the arrears from 01st July, 2009 to 31st January, 2011 will be merged with Provident Fund. We congratulate all government employees of Kerala for the pay hike.

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Wednesday, 23 February 2011

Issuing coin of Rs. 150 in India

The Government of India is going to issue coins of Rs. 150 as special coin, which marks the number of year’s taxation in India. This is the first time India will issue the coin of Rs. 150.

Honorable Finance Minister Pranab Mukherjee will release this special coin before the Budget speech and will be brought Rs. 5 denomination, when the completion of 150 years of Income Tax Department (from 1860 to 2010)

The Order has been recently notified by the Department of Economic Affairs under the Finance Ministry.

The new coin made of an alloy of Silver, Copper, Nickel and Zinc, with an international design with 'Satyameva Jayate' and 'India' on the front side while a portrait of 'Chanakya and lotus with honeybee' on the reverse side and Rs 5 coin also will be in the same fashion. There will be 200 coins of Rs 150 and 100 coins of Rs. 5.

As per the words of a Senior IT official, "The Income Tax department celebrated 150 years of taxation in the country last year and that the coins, especially the one in Rs 150 denomination will be minted for the first time,"

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Tuesday, 22 February 2011

How to handle unexpected Income

You may think that what the unexpected income is. You can get unexpected income from different sources. I am not telling about winning from lottery only. That also may be an unexpected income. There are many ways you can get unexpected income. This unexpected income may be one time income or may be a regular income such as promotion, or salary hike. First let us think about the lump sum receipts of unexpected income such as lottery or good harvest from agriculture etc.

Settle your Loan.

In the investment point of view finish your loan is the first priority, when you receive lump sum money. When you pay off your loan priority should be given to the loan with high interest and then come down to lower interest loan.

Make onetime investment

After setting off your loan you can turn to investment side. You can invest your money in any type of investment as per the amount of money you have and the requirement of your money in future. If you want money in near future, just turn to short term investments such as fixed deposits, open ended mutual funds etc., and if you need money only after a long time you can turn to investment in house property, investment in other real estate, long term mutual funds etc.

Invest for children and family

You have to consider your children and care should be taken for their higher education, marriage etc. When you invest, keep in mind these financial needs and act accordingly.

But the things can be change when you get an unexpected regular income such as promotion, salary hike or getting a better job etc., In such cases you have the chance of getting more regular income and you should act accordingly, Here also for the investment view point you may act as follows:-

Increase your EMI

If you have an existing loan, increase the amount of EMI (Equated Monthly Installments) and try to set off the loan early and can save a good portion of interest you have to pay from your regular source of income.

Make regular investments

You can invest your additional income in any good investment methods as per your investment strategy and risk tolerance. You can start an RD (recurring deposit) in any banks or post offices or can deposit in mutual funds through monthly SIP (Systematic Investment Plan) and can also invest in SIS (Systematic investment of shares) etc. Take advantage from the compound interest or compound income system (a powerful money multiplying system) which helps to grow your money with a magnificent speed. Regular investment in PPF also appreciated.

More investment for your children

You can invest for your children and you can increase these investments if you already have such investments. For this purpose also you can go for SIP or ULIP or any other type of investments. Keep in mind that a regular monthly investment of Rs. 2000 will grow around 1250000 in 15 years with 15% interest. Plan your children’s future and invest accordingly.

The above mentioned instructions are only in investment point of view. You may have so many other requirments, when you get some more money. Fix priorities and plan accordingly. If you act wisely, you can make a wonderful financial future with your own money, even if it is very less or not. So invest wisely and secure your future. Start any type of investment (small or big) as early as possible and create an investment habit.

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Monday, 21 February 2011

Job Highlights of Employment News (19th FEBRUARY, 2011 to 25th FEBRUARY, 2011)

There are some important Job Vacancies are advertised in Employment News this week. For the information of our readers and those who are looking for a job we list below the major vacancies, which are advertised in Employment News (19th FEBRUARY, 2011 to 25th FEBRUARY, 2011). We hope that highlights may be useful for them.

  1. Union Public Service Commission (UPSC) notifies the Civil Services Examinatiion-2011.

  2. Vacancy of Assistant Managers (Security) in Grade-‘A’ in Reserve Bank of India Services Board, Mumbai.

  3. Single Window Operator ‘A’ in Clerical Cadre needed by Allahabad Bank.

  4. Applications are invited for the recruitment of Assistant Managers Rural Development by Syndicate Bank invites.

  5. Vacancy of Junior Business Assistants, Junior Operator and Junior Chargeman in Indian Oil Corporation Limited, Mumbai.

  6. Vacancy of Staff Nurses, Junior Engineer Assistant-IV and Lab Analysts in Indian Oil Corporation Limited, Begusarai.

  7. Vacancy of Assistants under Sports Quota in Life Insurance Corporation of India (LIC).

  8. Vacancy of Deputy Managers, Managers and Senior Managers in Bharat Heavy Electrical Limited, Haridwar (BHEL)

  9. Sports Authority of India requires Lower Division Clerks and Junior Accountants.

  10. Applications are invited for the post of Professors, Professors-cum-Directors, Associate Professors, Assistant Professors, Research Associate and Teachers by Maulana Azad National Urdu University, Hyderabad requires

  11. Staff Selection Commission Karnataka-Kerala region invites applications for various posts.

  12. Staff Selection Commission Kolkata Easter region invites applications for various posts..

  13. Vacancy of Kanpur requires Professors, Associate Professors and Assistant Professors in Uttar Pradesh Textile Technology Institute.


If you want to apply for any of the abovementioned Job, please visit the official website of Employment News or read the weekly to get more details about the post.

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Canara Capital Protection Oriented Fund– Series 1- 36 Months (Plan A)

Canara Robeco Mutual Fund Launched Canara Capital Protection Oriented Fund– Series 1- 36 Months (Plan A). This is a close ended income fund which can be redeem only after 36 months from the date of allotment. The offer price of Rs. 10 per unit and the minimum required investment is Rs. 5000.

The objectives of the fund is to provide capital protection through the  investment in high quality fixed income securities which may be matured on or before the maturity of the scheme and also try for capital appreciation through the investments in equity and equity related instruments. Even though the scheme does not give any assurance about the objective of the Fund will be attained and also does not assure or guarantee any returns.

The Scheme already launched in the market on 11th February, 2011 and the issue closes on 24th February, 2011. There is not entry load or exit load for the fund.

Those who are interested to join with the scheme study more about the fund and see whether it is suitable for your investment strategy. You can visit the website www.canararobeco.com for more information.

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Sunday, 20 February 2011

Birla Sun Life Fixed Term Plan - Series CQ

Birla Sun Life Mutual Fund Launched a New Mutual Fund Named Birla Sun Life Fixed Term Plan - Series CQ. The Objective of the New Fund Offering (NFO) is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. This is a close ended Scheme for 369 days from the date of allotement. The issue already opend on 14th February, 2011 and the closing date is 23rd February, 2011. There is no entry load or exit load for the scheme. The minimum required investment is Rs. 5000 and the offer price is Rs. 10 per unit.

The expected minimum subscription (minimum target) of Rs. 1 crore under the scheme during the NFO period. Benchmark Index for the scheme is CRISIL Short Term Bond Fund Index and the fund manager of the scheme will be Mr. Kaustubh Gupta.

If you wish to invest in Birla Sun Life Fixed Term Plan - Series CQ read more about the fund and fund house and the past performance of the fund house, eventhouh it says that the past performance may or may not reflect in future.

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Saturday, 19 February 2011

Pay back your housing loan early instead of investing in Tax saving Schemes.

You may be aware that the interest and Principal amount repayment of housing loan allow you to get tax exemption. You will get tax exemption for the principal amount repayment of housing loan up to Rs. 100000 in a year together with other tax saving investments under section 80C. And also can avail Tax exemption for the interest payment for housing loan up to Rs. 150000 in a year under section 24(b).

You may do some tax saving every year in Life insurance, NSC, PPF and other tax saving instruments. All these schemes allow you to get tax exemption under section 80C, subjected to the total of Rs. 100000. Most of these schemes allow an interest around 8% and most of these interests are taxable. But the interest of your housing loan may be more than 8%. Then why don’t you pay back your housing loan instead of saving in Tax saving investments.

Normally you pay back housing loan in EMIs (Equated Monthly Installments) and the housing loan providers charge interest for the remaining balance every month (on daily basis or as per their terms). Most of the Financial Institutions now allow one lump sum repayment in a year without penal interest, if the payment is from own source of income. If you pay back an additional payment in lump sum, it can be treated as principal amount, because the interest is already charged from your EMI. In such a way you can close your housing loan early than you agree with the loan provider, when you take the loan.

Some investment experts may say that this is not a wise decision, so that the housing loan gives you subsidized interest and you cannot get such a low interest loan from anywhere else. But our opinion is that it is better to repay the housing loan than invest in other tax savings investments which gives you only around 8% interest. If you don’t have any other emergencies, you can redirect the money which you wish to use for tax saving investments, for repaying your housing loan and can get the same tax exemption and an early release from the long term liability of housing loan.

The  Table below Narrates the Gain in interest when you make a yearly pre payment option of Rs. 20000, 30000, 40000 and 50000 each and within the number of months you can finish your loans, total amount of prepayment in each prepayment options and the last column show the amount of gain in interest for each option.

You may have other commitments such as LIC, School Fee and the minimum amount to be invested in PPF etc. and the remaining amount you can repay in housing loan and get the full benefit of section 80C for the repayment of housing loan and reduce your number of installments of EMI. The table shows that if you could pay Rs. 20000 as pre payment every year you can pay off your 20 year loan in 13 years and 6 months with a gain of Rs. 459602 (in interest) in addition to your tax gain. The table is prepared for a housing loan of Rs. 1000000 with 9.5% interest for 20 years and the prepayment is done in the first 6 months and thereafter every 12th month. The figures may be slightly changed with rounding off.

The above mentioned plan is profitable only if you do not require other high interest loan in near future. If you have any other loan with high interest, pay off that loan first instead of paying off the low interest housing loan.

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Online Loan Application and Loan Comparison
Most of us require loan at any stage of life such as purchase a house, for higher studies or ourselves and our children, marriage of children or any emergencies.In this internet era nobody has enough time to compare various loan … Continue reading ?

Loan Insurance or Loan Protection Insurance
You may be aware of loan insurance or loan protection insurance. An insurance which will take care of paying your loan when you become unemployed or met with an accident or due to sickness so that you could not earn … Continue reading ?









































































Yearly  PrePayableprincipalPrincipalTotalTotalGain  in
EMIPaymentMonthsThru EMIprepaidinterestAmt PaidInterest
9322024010000000123711622371160
9322200001627355392644617775141777514459602
9322300001406400003600006584511658451578665
9322400001266000004000005744591574459662657
9322500001145500004500005101121510112727004

Friday, 18 February 2011

Sudar Garments Ltd issues IPO

Sudar Garments Ltd is a leading manufacturer and exporter of garments such as Shirts, Trousers and wide range of Apparels. The company is established in 2002. It has a large manufacturing set ups in Maharashtra and now the products are under the brand name of Glory to Glory. They are  planning to introduce two more brand names called St. Paul and Majesty.

The Company, Sudar Garments Ltd issues Initial Public Offerings (IPO) of 9088000 equity shares with the face value of Rs. 10 each. This is a Book Building IPO with a bid price in the range of Rs.72 to Rs. 77 per share. The minimum bid size is 81 equity shares. The issue size in Rupees is Rs. 65.43 Crore to 69.98 Crore. The IPO opens on 21st February, 2011 and closes on 24th February, 2011.

Out of the total number of shares, 4544000 shares are allocated for Qualified Institutional Investors (QIB), 1363200 shares are allocated for Non Institutional Investors and the remaining 3180800 shares are allocated for Retail Investors.

With the capital accumulated by this issue they wish to expand the existing apparel manufacturing unit, use as working capital and also for setting retail outlets and brand building.

The shares will be listed in BSE (Bombay Stock Exchange) and NSE (National Stock Exchange). The Book Running Lead Manger (BRLM) is Ashika Capital Limited and the Registrar of the issue is Link Intime India Pvt. Ltd. Issuing Bankers are HDFC and Axis Bank.

Hope that this IPO will be accepted by the investors open heartedly and those who wish to invest in garment sector, this is a good opportunity.

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The Shipping Corporation of India Limited issues FPO (Follow on Public Offering)
As we posted earlier The Shipping Corporation of India Limited issues FPO (Follow on Public Offering). The Shipping Corporation of India has been established on 2nd October, 2010 by amalgamating Eastern Shipping Corporation and Western Shipping Corporation.  Now it is … Continue reading ?

Thursday, 17 February 2011

Budget Expectation - Retirement Age may raise up to 62?

As per the previous budget sessions a few people think that the rtirement of Central Government Employees may raise up to 62. It is only an expectation. The website named CENTRAL GOVERNMENT EMPLOYEES NEWS made a post about this matter. Just see the post

Will the Retirement age of central government employees go up from 60 to 62?

As we heard every time before the budget session of parliament, this time also a rumor about raising the retirement age of central government employees from 60 to 62  is spreading here and there among the central government employees. May be the officers at the verge of retirement be happy about this rumor. Otherwise there is no reason to be happy about this rumor.. As India is having 51% of people below the age of 25 years , it is not a good news to millions of jobless people. Sources close to the trade union movements and Federations told that there is no such proposal with the government since none of the workers federations have demanded it.

In 2009, The Manmohan Singh government was serious in weighing the pros and cons of increasing the retirement age for government employees from 60 to 62 years.That time it was believed that the finance ministry had prepared a detailed note on the issue and sent it to the prime minister's office (PMO)  But the government shelved the idea, largely because of fears that a higher retirement age would adversely impact employment generation and create resentment in the bureaucracy because of blocked promotional avenues. At that time, it was the Department of Personnel and Training (DoPT) that was asked by the PMO to study the issue and prepare a report.

The BJP led National Democratic Alliance government had raised the retirement age from 58 to 60, in 1998, a move that benefitted 90,000 government servants and 50,000 defence personnel. At the time, the logic was: the retirement of 140,000 employees would have cost Rs 5,200 crore whereas paying salaries cost only Rs 1,493 crore.

Incase if the decision is finally taken, it will only be the third time the government will have raised the retirement age. Jawaharlal Nehru was the first prime minister to have increased the age of superannuation from 55 to 58 following the 1962 war with China. The Atal Bihari Vajpayee government did it a second time in 1998.

See the Original post

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EPFO board sticks to 9.5% PF interest rate
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Wednesday, 16 February 2011

EPFO board sticks to 9.5% PF interest rate

NEW DELHI: Employee Provident Fund Organisation's Central Board of Trustees, the apex decision making body, on Tuesday stood its ground in the battle with finance ministry.

It backed an earlier decision to pay 9.5% interest to 4.7 crore EPFO subscribers and turned down the suggestion for a fresh look at the proposal for parking funds in the stock market.

The finance ministry had raised questions over EPFO's earlier recommendation to raise the payout from 8.5% to 9.5% and doubted how the provident fund body would find resources to the tune of Rs 1,700 crore to meet the additional burden. It had also said it was not possible to guarantee returns in case EPFO invested a part of the proceeds in the stock market.

The EPFO board had argued that it was not feasible to invest in the stock market unless the ministry was willing to guarantee a minimum return of 15% on investments. Labour secretary P C Chaturvedi cited the 2000-point dip in the Sensex in the last three months to justify the board's stand. Stock markets are considered too risky for PF members' money to be invested.

"They had sought some clarifications, which we've answered. We're confident that the approval will be given," Labor Minister Mallikarjun Kharge, who is the chairman of the board, said.

The board felt that the finance ministry should not have objected to the hike (9.5%) in the rate of interest, which was announced last year, since the government does not need to pay for meeting the commitment.

Earlier, EPFO had looked at its accounts since 1952-53, and concluded that the surplus Rs 1,731 crore could be distributed among members.

The finance secretary had objected to the calculation on surplus in the interest suspense account, arguing that the calculation is not valid till the surplus money has been credited to the 4.72 crore member accounts. Interest suspense account holds the money that has not been credited yet and on the basis of which the higher interest rate was declared.

Chaturvedi said there is no problem in the calculations, irrespective of the money is credited to member accounts.

Original Post: The Times of India

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Tuesday, 15 February 2011

Reliance Gold Saving Fund of Reliance Mutual Fund

Reliance Gold Saving Fund is the New Mutual Fund Offer (NFO) from Reliance mutual fund. The opening date of the NFO is 14th February, 2011 and the closing date is 28th February, 2011 with the initial price of Rs. 10 per unit.


The investors can invest in Reliance Gold Saving Fund without having a demat account. Investors can opt for Lump sum investment or Systematic Investment Plan (SIP). The investor can earn from the investment of physical gold through paper form of investment. The main advantage of Reliance Gold Saving Fund is that the investor should not take the risk of keeping physical gold and at the same time he can gain from the investment of physical gold

Normally, long term taxation benefit for physical gold is available only after 3 years, but here with gold saving fund you can avail long term taxation benefit after one year

The Reliance gold saving fund offer growth plan and dividend plan and the dividend plan also classified into dividend payout option and dividend reinvestment option.

Minimum required investment for lump sum investment is Rs. 5000 and in multiples of Re.1 thereafter. During NFO (New Fund Offering) period the scheme plans to collect around Rs. 1 crore. There is no entry load and the exit load will be 2% if the redemption or switching out is happened within one year of purchase.

You can purchase Reliance Gold Saving Fund in SIP (Systematic Investment Plan) option also. The minimum investment under sip option is Rs. 500 and in multiples of Re. 1 thereafter. Demat account is not necessary for purchasing this Gold Saving Fund and under SIP option you can purchase through ECS.

We hope that through this gold saving fund the common man also can invest in Gold through this fund and can get profit from the investment of gold without the difficulties of purchasing and keeping physical Gold. But just like all other mutual funds you should go through the details before investing with your hard earned money.

Reliance Gold Saving Fund


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Highlights of Job Vacancies in Employment News (12 FEBRUARY 11 - 18 FEBRUARY 11)

The highlights of Job vacancies advertised in the Employment News 12th February, 2011 to 18th February, 2011 as follows. These highlights are helpful for our readers and those who are looking for a job or change of their present job.

  • · Applications are invited for various posts by Union Public Service Commission (UPSC)

  • · Applications are invited for Probationary Officers in Indian Overseas Bank.

  • · Executive Trainees are needed for NTPC Limited.

  • · Vacancies of Junior Engineering Assistant-IV in Indian Oil Corporation Limited, Mathura

  • · Indian Institute of Toxicology Research, Lucknow requires Scientists.

  • Vacancies of Customers Agents in Air India Air Transport Services Limited.

  • · Indian Ordnance Factories, Chanda requires Labourers (Semi-Skilled).

  • · Applications are invited for various posts by Indian Agricultural Research Institute, New Delhi.

  • · Film and Television Institute of India, Pune requires Professors, Assistant Professors, Lecturers, Junior Hindi Translators and Stenographers etc.

  • Vacancies of Artisans in Bharat Heavy Electricals Limited, Ranipur, Haridwar.

  • Vacancies of Assistant Public Relation Officers, Assistant Manager Civil & Management Trainees in Goa Shipyard Limited.

  • Jawaharlal Nehru University invites applications for various posts.

  • Uttar Pradesh Textile Technology Institute, Kanpur requires Professors, Associate Professors and Assistant Professors.


Those who wish to apply for any of the above mentioned posts may visit the official website of Employment News or read the Employment News weekly for more details including qualifications, experiences and other requirements for each post.

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Fresh Issue of FMPs & NFOs

There are a few Fixed Maturity Plans (FMP) and New Fund Offerings (NFO) in the market. The list of such NFOs and FMPs are shown below. Those who are interested to invest any of them can approach your mutual fund agent or log in to concerned websites.





















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































NFOs (New Fund Offerings)
Mutual FundIDFC Infrastructure Fund (Dividend)
Fund NautreDebt-Speciality
Fund HouseIDFC Asset Management Company Private Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
Mutual FundIDFC Infrastructure Fund (Growth)
Fund NautreDebt-Speciality
Fund HouseIDFC  Asset Management Company Private Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
Mutual FundIDBI Monthly Income Plan (Growth)
Fund NautreHybrid
Fund HouseIDBI Asset Management Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
Mutual FundIDBI Monthly Income Plan (Div-M)
Fund NautreHybrid
Fund HouseIDBI Asset Management Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
Mutual FundIDBI Monthly Income Plan (Div-Q)
Fund NautreHybrid
Fund HouseIDBI Asset Management Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
Mutual FundCANARA Capital Protection Oriented Fund Serie-1(36 Months) A(Dividend)
Fund NautreHybrid
Fund HouseCanara Robeco Asset Management Company Ltd
Opening DateFeb 11 2011
Closing DateFeb 24 2011
Min. InvestmentRs 5000
Mutual FundCANARA Capital Protection Oriented Fund Serie-1(36 Months) A(Growth)
Fund NautreHybrid
Fund HouseCanara Robeco Asset Management Company Ltd
Opening DateFeb 11 2011
Closing DateFeb 24 2011
Min. InvestmentRs 5000
Mutual FundCANARA ROBECO Gilt Advantage(Dividend)
Fund NautreDebt-Long Term
Fund HouseCanara Robeco Asset Management Company Ltd
Opening DateFeb 14 2011
Closing DateFeb 21 2011
Min. InvestmentRs 5000
Mutual FundCANARA ROBECO Gilt Advantage(Growth)
Fund NautreDebt-Long Term
Fund HouseCanara Robeco Asset Management Company Ltd
Opening DateFeb 14 2011
Closing DateFeb 21 2011
Min. InvestmentRs 5000
Mutual FundReliance Gold Savings Fund(Dividend)
Fund NautreGold
Fund HouseReliance Capital Asset Management Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
Mutual FundReliance Gold Savings Fund(Growth)
Fund NautreGold
Fund HouseReliance Capital Asset Management Ltd
Opening DateFeb 14 2011
Closing DateFeb 28 2011
Min. InvestmentRs 5000
FMPs (Fixed Maturity Plan)
Mutual FundBirla Sun Life Fixed Term Plan - Series CP (368 Days) (Dividend)
Fund NautreDebt
Fund HouseBirla sunlife Asset Management Co Ltd
Opening DateFeb 8 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBirla Sun Life Fixed Term Plan - Series CP (368 Days) (Growth)
Fund NautreDebt
Fund HouseBirla sunlife Asset Management Co Ltd
Opening DateFeb 8 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBirla Sun Life Fixed Term Plan - Series CQ (369 Days) (Dividend)
Fund NautreDebt
Fund HouseBirla sunlife Asset Management Co Ltd
Opening DateFeb 14 2011
Closing DateFeb 23 2011
Min. InvestmentRs 5000
Mutual FundBirla Sun Life Fixed Term Plan - Series CQ (369 Days) (Growth)
Fund NautreDebt
Fund HouseBirla sunlife Asset Management Co Ltd
Opening DateFeb 14 2011
Closing DateFeb 23 2011
Min. InvestmentRs 5000
Mutual FundBirla Sun Life Short Term FMP - Series 8 (Dividend)
Fund NautreDebt
Fund HouseBirla sunlife Asset Management Co Ltd
Opening DateFeb 15 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBirla Sun Life Short Term FMP - Series 8 (Growth)
Fund NautreDebt
Fund HouseBirla sunlife Asset Management Co Ltd
Opening DateFeb 15 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBNP Paribas Fixed Term Plan Series-21 A(3 Months) (Annual Dividend)
Fund NautreDebt
Fund HouseBNP Paribas Asset Management India Ltd
Opening DateFeb 14 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBNP Paribas Fixed Term Plan Series-21 A(3 Months) (Dividend on Maturity)
Fund NautreDebt
Fund HouseBNP Paribas Asset Management India Ltd
Opening DateFeb 14 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBNP Paribas Fixed Term Plan Series-21 A(3 Months) (Growth)
Fund NautreDebt
Fund HouseBNP Paribas Asset Management India Ltd
Opening DateFeb 14 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundBNP Paribas Fixed Term Plan Series-21 A(3 Months) (Quarterly Dividend)
Fund NautreDebt
Fund HouseBNP Paribas Asset Management India Ltd
Opening DateFeb 14 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundICICI Pru FMP - Series 55 - 1 Year Plan C (Dividend)
Fund NautreDebt
Fund HouseICICI Prudential Asset management company  Ltd
Opening DateFeb 14  2011
Closing DateFeb 22 2011
Min. InvestmentRs 5000
Mutual FundICICI Pru FMP - Series 55 - 1 Year Plan C (Growth)
Fund NautreDebt
Fund HouseICICI Prudential Asset management company  Ltd
Opening DateFeb 14  2011
Closing DateFeb 22 2011
Min. InvestmentRs 5000
Mutual FundICICI Pru FMP - Series 55 - 14 Months Plan A (Dividend)
Fund NautreDebt
Fund HouseICICI Prudential Asset management company  Ltd
Opening DateFeb 7 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundICICI Pru FMP - Series 55 - 14 Months Plan A (Growth)
Fund NautreDebt
Fund HouseICICI Prudential Asset management company  Ltd
Opening DateFeb 7 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundIDBI FMP 367 Days Series I (February 2011) - A (Dividend)
Fund NautreDebt
Fund HouseIDBI Asset Management Co Ltd
Opening DateFeb 10 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundIDBI FMP 367 Days Series I (February 2011) - A (Growth)
Fund NautreDebt
Fund HouseIDBI Asset Management Co Ltd
Opening DateFeb 10 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundIDBI FMP 367 Days Series I (February 2011) - B (Dividend)
Fund NautreDebt
Fund HouseIDBI Asset Management Co Ltd
Opening DateFeb 17 2011
Closing DateFeb 21 2011
Min. InvestmentRs 5000
Mutual FundIDBI FMP 367 Days Series I (February 2011) - B(Growth)
Fund NautreDebt
Fund HouseIDBI Asset Management Co Ltd
Opening DateFeb 17 2011
Closing DateFeb 21 2011
Min. InvestmentRs 5000
Mutual FundIDBI FMP 90 Days Series I (February 2011) - A (Dividend)
Fund NautreDebt
Fund HouseIDBI Asset Management Co Ltd
Opening DateFeb 14 2011
Closing DateFeb 22 2011
Min. InvestmentRs 5000
Mutual FundIDBI FMP 90 Days Series I (February 2011) - A (Growth)
Fund NautreDebt
Fund HouseIDBI Asset Management Co Ltd
Opening DateFeb 14 2011
Closing DateFeb 22 2011
Min. InvestmentRs 5000
Mutual FundIDFC Fixed Maturity Plan - Yearly Series 38 (Dividend)
Fund NautreDebt
Fund HouseIDFC Asset Management Company Pvt Ltd
Opening DateFeb 11 2011
Closing DateFeb 17 2011
Min. InvestmentRs 10000
Mutual FundIDFC Fixed Maturity Plan - Yearly Series 38 (Growth)
Fund NautreDebt
Fund HouseIDFC Asset Management Company Pvt Ltd
Opening DateFeb 11 2011
Closing DateFeb 17 2011
Min. InvestmentRs 10000
Mutual FundReligare FMP Sr v Plan D(Dividend)
Fund NautreDebt
Fund HouseReligare Asset Management Co Ltd
Opening DateFeb 10 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundReligare FMP Sr v Plan D(Growth)
Fund NautreDebt
Fund HouseReligare Asset Management Co Ltd
Opening DateFeb 10 2011
Closing DateFeb 17 2011
Min. InvestmentRs 5000
Mutual FundReligare FMP Sr v Plan E 370 Days(Dividend)
Fund NautreDebt
Fund HouseReligare Asset Management Co Ltd
Opening DateFeb 17 2011
Closing DateFeb 23 2011
Min. InvestmentRs 5000
Mutual FundReligare FMP Sr v Plan E 370 Days(Growth)
Fund NautreDebt
Fund HouseReligare Asset Management Co Ltd
Opening DateFeb 17 2011
Closing DateFeb 23 2011
Min. InvestmentRs 5000
Mutual FundReligare FMP Sr v Plan F 91 Days(Dividend)
Fund NautreDebt
Fund HouseReligare Asset Management Co Ltd
Opening DateFeb 22 2011
Closing DateFeb 23 2011
Min. InvestmentRs 5000
Mutual FundReligare FMP Sr v Plan F 91 Days(Growth)
Fund NautreDebt
Fund HouseReligare Asset Management Co Ltd
Opening DateFeb 22 2011
Closing DateFeb 23 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AD(13 Months) (Dividend)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 16 2011
Closing DateMar 1 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AD(13 Months) (Growth)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 16 2011
Closing DateMar 1 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AE(13 Months) (Dividend)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 16 2011
Closing DateMar 1 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AE(13 Months) (Growth)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 16 2011
Closing DateMar 1 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AG(14 Months) (Dividend)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 14 2011
Closing DateFeb 18 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AG(14 Months) (Growth)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 14 2011
Closing DateFeb 18 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AK(24 Months) (Dividend)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 16 2011
Closing DateMar 1 2011
Min. InvestmentRs 5000
Mutual FundSundaram Fixed Term Plan Series AK(24 Months) (Growth)
Fund NautreDebt
Fund HouseSundaram Asset Management Company Ltd
Opening DateFeb 16 2011
Closing DateMar 1 2011
Min. InvestmentRs 5000

Monday, 14 February 2011

Health Insurance Portability follows mobile portability

The Insurance Regulatory and Development Authority (IRDA) allows the subscribers of Health Insurance Schemes to switch over the insurance providers without losing the cover for Pre Existing Diseases (PED). Now the customer cannot change the provider with existing terms. They have to take a new policy which will not allow any deceases they already have, when the policy with existing insurance provider. This facility is supposed to be started from 01st July, 2011.

Recently the Telecom Regulatory Authority of India (TRAI) allowed Mobile Number portability (switch over the mobile service providers without changing the mobile number) and it is already started in India. This Health insurance portability is helpful to the customers to switch over the health insurance providers with the present terms and conditions. They don’t want to stick around the same insurance providers, if they are not satisfied with the service they are providing.

This is a good movement for the customers. The insurance providers will compete to give better service to customers so that they won’t lose the existing customers and also could get new customers from other insurance providers which give a poor service. This is happened in mobile service also, the mobile phone service providers are now giving a better service than earlier.

From IRDA’s statement "The Authority has examined various issues involved in the portability of health insurance plan and has issued necessary orders for effecting portability which will be implemented from July 01, 2011," and also said that "The accepting insurer shall provide cover, at least up to the sum assured in the previous insurance policy,"

In our opinion this is a good movement and this will help the insurers to get best service and the insurance providers will provide quality service to its customers.

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