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No reduction in inflows for mutual funds after LTCG, says AMFI

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Kolkata, Feb 13 (IANS) The mutual funds industry does not see any reduction in the inflows of funds after the proposal of long term capital gains tax (LTCG) and dividend distribution tax (DDT), an official said here on Tuesday.

The industry also expects there would be no level playing field between mutual funds and unit linked insurance plan (ULIP) after the introduction of LTCG and DDT, Association of Mutual Funds of India (AMFI) Chief Executive N. S. Venkatesh said.

“At this particular point of time, we do not see any reduction in inflows in mutual fund industry. We believe it would have been better if long term capital gains tax was not there. However, it has not affected the flows at all,” Venkatesh added.

He added that all financial products should have the same tax treatment and that the mutual fund industry was trying to keep everything (mutual funds, ULIPs) on the level playing field.

Venkatesh also said that SIP inflow would continue to flow even after the proposal of the LTCG.

In his budget announcements, Finance Minister Arun Jaitley proposed tax on long-term capital gains exceeding Rs one lakh at a rate of 10 per cent without allowing the benefit of indexation. All gains up to January 31, 2018 would be grandfathered.

He also proposed to introduce a tax on distributed income on equity oriented mutual funds at a rate of 10 per cent. In a representation to the government, the industry urged the centre to reconsider the long-term capital gains tax and dividend distribution tax.

“There is no level playing field between ULIP and mutual funds after the introduction of the two taxes,” he said.

According to him, the mutual funds industry’s assets under management are at Rs 22.48 lakh crore and the same is expected to be Rs 50 lakh crore in the next four years.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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