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Reliance, ICICI, HSBC to manage EPF corpus
Gold surges to Rs
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Boeing 787 can reduce Air India’s woes
PPF a/c has a ceiling of Rs 70,000 p.a.
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Reliance, ICICI, HSBC to manage EPF corpus
New Delhi, July 16 The 195th meeting of the Trustees’ Board held under its Chairman and Labour Minister Malikarjun Kharge took the decision here yesterday. Meanwhile, the SBI would continue to manage these funds till August 31. A statement issued after the meeting said, “The CBT after consideration of the recommendations of the Finance and Investment Committee approved four fund managers for managing EPFO funds for a period of three years beginning September 1, 2011.” Giving details, Kharge said: "We have taken a decision that for one year we will see their performance. After completion of one year, based on their performance they will be asked to continue," the minister said. As many as 11 bidders had initially expressed interest, of which only 10 were eligible for Request for Proposal (RPF) documents. The selection committee sought the approval of the Central Vigilance Commission as a precaution, the Labour Secretary said. Of the 10 companies shortlisted, only five qualified on technical scores of 65 per cent - State Bank of India, HSBC Asset Management (India ) Private Ltd., Reliance Capital Asset Management Ltd., ICICI Securities Primary Dealership and ICICI Prudential Asset Management Corporation Ltd. after thorough evaluation of the technical bids whose financial bids were then opened. The EPFO had appointed multiple fund managers for the first time in July, 2008, for earning better rate of return on deposits for its over 4.72 crore subscribers. Before that, SBI was the sole fund manager for the retirement fund body since its inception in 1952. Of the total corpus of Rs 3.5 lakh crore and an incremental fund of approximately Rs 60,000 crore per year, 35 per cent will be managed by SBI, 25 per cent by ICICI Securities and the remaining 40 per cent will be managed equally by Reliance and HSBC. The Board had earlier approved a proposal for appointment of Custodian of Securities of EPFO. This measure was taken to separate the custodial services from the Fund managers to bring further transparency in the management of EPFO corpus. The Board will finalise the appointment of New External Concurrent Auditor of Portfolio Managers of EPFO to audit the investment made by the multiple fund managers in its next meeting.
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New Delhi, July 16 Trading sentiments turned bullish as the yellow metal rose to a record high level in global markets, on mounting concern that debt woes in the US will escalate, boosting its appeal as a safe haven. Gold in global markets, which normally sets the price trend on the domestic front, rose to a record $1,594.90 an ounce. — PTI
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Aviation Notes The mid-size (seat range 200-300) Boeing 787, with fuel-friendly design, made a successful touch-down at the Indira Gandhi International Airport (IGIA) on Wednesday morning amid a lot of fanfare and buzz. The non-stop test flight from Tokyo was as solemn, smooth and serene as Boeing 747 was about four decades ago in early 1970s. The new aircraft, vastly different from jumbo-747, initiated into India by Pan Am, can reduce Air India's multiple woes if the national flagship uses and utilises its operations on east and west professionally, commercially and systematically instead of repeating the mistakes it made in the operations of the 747. According to analysts, the new Boeing product can be "true dreamliner" if the management of Air India and government make a demand for four aircraft (each aircraft costs $200 million) in lieu of "delayed delivery" instead of cash compensation of $800 million, which, knowing the management as one does, will be misspent and misutilised. A senior Boeing official, based in this country, is reported to have told a senior Indian pilot: "It is easier for us to provide a product for the delayed delivery instead of cash. But we can translate this into reality if this deal is suggested by the Indian government or Air India, which is the buyer". Another worthwhile suggestion, made by a few well-wishers of the national carrier is that Boeing 747-8 version (four aircraft are flying while rest are on ground) should be returned to the manufacturer and new edition of 787 obtained. Maybe six old 747s will fetch two or three new aircraft. This seems a noble idea. If both these ideas become reality, Air India can get new lease of life with all vigour, valour and vitality. The first of the 27 aircraft, ordered by Air India, is expected to be delivered by October this year. Another 11 aircraft are expected to be handed over to the national carrier before the end of 2012. The remaining 14 will be delivered in phases. According to schedule, Air India pilots’ training on this aircraft will begin from August. The reports says that the technical officials of the manufacturers are in dialogue with Air India, its pilots and also officials of the Directorate-General of Civil Aviation.
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Investor Guidance Q: In a programme on TV, I have seen that we can deposit Rs 1,00,000 in PPF A/c. If it is true, please inform from which date it is applicable? — Ramesh Marwaha A: The maximum contribution that can be made in any PPF account is Rs 70,000 during any financial year. However, note the following very carefully: After having contributed Rs 70,000 to his own account, the taxpayer can make additional contribution of Rs 30,000 to the account of the spouse or the major children, even a married daughter. He will be entitled to claim the full benefit of Rs 1 lakh. Needless to observe that the spouse or the child can also use the account for claiming deduction against own incomes, but within the aggregate limit of Rs 70,000. Form ‘H’ Q: Where is form ‘H’ available for the purpose of continuation of PPF account. My PPF account matured on March’ 11 and I submitted application on 30th June 2011 to renew my account and asked the officer to give me form ‘H’. She said there was no necessity and did not give the same. After some days i.e. today I have invested Rs 60,000 in the account through nearest bank through core banking. Then I read in your book (30th edition of In the Wonderland of Investments) that for post-maturity continuation, Form-H needs to be submitted. If the bank refuses, the taxpayer should write to the MoF. 2. Whom should I address in MoF to regularise the account? I would be grateful for your guidance. — Bhagyashree J. Sane A: You should tell the officer concerned to read Sec. 9(3A) of PPF Scheme. It states that Form-H is to be used to declare the intention of continuing the account with subscription for each extended period. Moreover, as per their Circular, MoF (DEA) 7/21/88-NS-II dt 10.8.90, in its absence, the account will be treated as without-subscription extension. Fresh contributions made to such accounts will enjoy neither the deduction u/s 80C nor the interest. If the officer does not oblige, you should escalate the matter to the bank manager or if need be even contact the head office of the bank. We find that officers of most nationalised banks are blissfully ignorant of the various rules governing the PPF scheme. They tend to invent their own rules causing innumerable problems. Ultimately these get resolved but much valuable time of the officers and the depositors is wasted in the whole process. Rebate u/s 80D Q: My daughter and her son are staying with me and I am paying for their medical insurance and tuition fee for my grandson. Can I claim tax rebate on these items? — Rajinder Singh A: The deduction u/s 80D, in respect of health insurance premia can be claimed by an individual for covering his parents and dependant children but not grandchildren. Similarly, deduction u/s 80C(xvii) can be claimed for payments made towards tuition fees for full-time education of his any two children (but not grandchildren). The authors may be contacted at wonderlandconsultants@yahoo.com
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