Record investment in mutual funds through SIP

Investments in mutual funds through Systematic Investment Plan (SIP) increased to an all-time high of Rs 16,042 crore in September. In the first six months of the current financial year, Rs 90,304 crore was invested in mutual funds through SIP.

However, investment in equity mutual funds has declined last month. According to the Association of Mutual Funds in India (Amfi), investment in equity mutual funds declined by 30 per cent on a monthly basis to Rs 14,091 crore in September.

Investments were affected by the perception of risk aversion in the stock market. However, September is the 31st consecutive month of net inflows. The equity category segment got a boost from six new funds in September, which raised Rs 2,503 crore.

Investigation into relations between Adani Group and Gulf Asia Fund continues
Market regulator SEBI is investigating the links between Adani Group and Gulf Asia Trade and Investment Fund. The fund has been formed in the British Virgin Islands and is owned by Dubai businessman Nasser Ali Shaban Ahli. Two sources said, SEBI is investigating whether there has been a violation of rules related to share ownership in this case.

GST authority imposes Rs 36,844 fine on LIC
New Delhi. The GST authority has imposed a penalty of Rs 36,844 on Life Insurance Corporation of India (LIC) for short tax payment. The insurance company on Wednesday said it has received a demand order for GST collection along with interest and penalty for Jammu and Kashmir.

According to the notice dated October 9, 2023 of the State Tax Officer, Srinagar, LIC paid 12 percent GST instead of 18 percent on some bills (invoices).

The tax authority has issued demand order and penalty notice for 2019-20. In this, GST is Rs 10,462, penalty is Rs 20,000 and interest is Rs 6,382. LIC said there has been no impact on its financial, operational or other activities.

Private banks should make more efforts to reach the schemes to the people: Karad
Nationalized banks are doing a good job in taking the Centre's financial schemes to farmers, traders and street vendors, but private sector banks need to do more.

Union Minister of State for Finance Dr. Bhagwat Karad said on Wednesday that the Central Government runs many financial schemes like Pradhan Mantri Jan Dhan Yojana, PM Swanidhi through banks.

Government banks play an important role in taking these schemes to the last person of the society, but private banks are not working as per expectations. The minister said, a meeting will be held with private banks by the end of this month and necessary instructions will be given to them in this regard.

Also enumerating the achievements, Karad said that till now more than 50 crore bank accounts (zero-balance) have been opened under the Pradhan Mantri Jan Dhan Yojana.
The NPA of the corporate sector is also continuously declining. Indian economy has jumped from 10th place to 5th place.