Huge Platinum Mine found in Tamil Nadu

The Geological Survey of India (GSI) has found two significant platinum prospects in Tamil Nadu, according to Santha Sheela Nair, Secretary of the Union Ministry of Mines. The two prospects are in Sittampundi of Namakkal district (covering Karungalpatti, Chettiyampalaiyam and Tasamapalaiym blocks) and Mettupalayam of Coimbatore (Solavanur, Mallanayakkampalaiyam and Karappadi blocks).

Describing them as “good discoveries,” Ms Nair told reporters on Thursday that “we are at the scientific stage where there is an evidence of substantial deposits of platinum which needs to be explored further to understand the exact location and quantities.”

The GSI was engaged in the exploratory work for the last three years. As of now, exploration was carried out up to 30 metres. If explored further, – say 200 to 300 metres , scientists of the GSI were of the view that "the potential will be even greater, both in quantity and quality,” the Mines Secretary said. Earlier, in the presence of Chief Minister M. Karunanidhi, Ms. Nair and senior officials of the State government at the Secretariat, GSI Director-General N.K. Datta and Tamil Nadu Minerals (TAMIN) Chairman and Managing Director K. Manivasan signed a memorandum of understanding.

Ms. Nair said the MoU was signed to facilitate further exploration of mineral development of the State. By associating with the GSI, the TAMIN would be able to diversify its activities. At present, the organisation was focussing on granites.

Pointing out that there were greater possibilities for collaboration with the State agency, N.P. Nathan, senior scientist in the GSI, said other minerals such as limestone, magnesite and iron ore could be covered. The Union Secretary reiterated that many more levels had to be crossed before reaching the stage of mining. Under the existing constitutional framework, mineral wealth belonged to States, which would receive royalties. Durai Murugan, Law Minister, and K. Shanmugam and Rajeev Ranjan, Principal Secretaries for Finance and Industries, were present when the MOU was signed.

Actual Petrol Cost - Action Required

With the prices of petrol going up almost 4-5 times a year, people face it difficult consuming it. Poor public, do strike for day or two and settle down to do their regular work. Government has to take necessary steps in reducing the petrol price. Why I tell government has to take is because more than 50% of Pertol price we pay is taken by government as taxes. Why dont the government stop taking tax for Petrol, which is almost a great relief for public. I am damn sure, whichever government passes this bill, will rule India forever.

Lets see how much tax are we paying for 1litre of pertol in various metros.

	Delhi	Kolkatta	Mumbai	Chennai
Petrol Price	47.43	51.15	51.68	51.59
Sales Tax/VAT	7.90	10.80	11.22	11.64
Excise Duty	14.78	14.78	14.78	14.78
Custom Duty	1.73	1.73	1.73	1.73
Price Without tax	23.02	23.84	23.95	23.44

1. Anybody has an idea what are the alternate ways to avoid this tax, please tell it in comments so that government can act on it.
2. Anybody has an idea of what does government do with this tax amount, also tell it in comments, so others know.

Debt Mutual Funds - Low Risky

Debt Mutual fund is designed especially for the low risk investor who aims at capital preservation with decent returns on investment. Debt Funds invest in long-term borrowing of the government or corporate issuers at fixed rates of interest. These funds earn their returns from the interest payments that they receive from bonds / gilts and the fluctuations in the market price of their holdings.

You can have limited exposure to these funds to add a balance to your portfolio. An ideal investment portfolio would have around 10-15% exposure to these instruments. Debt funds give you Capital Appreciation and Regular Income

Capital Appreciation: Debt funds buy either listed or unlisted debt instruments at a certain price and sell them. The difference between the cost and sale price accounts for the appreciation or depreciation in the funds value. A debt instruments market price depends on the interest rates of its underlying assets and also any up or downward movement in the credit ratings of its holdings. Let us say our debt fund owns a security that yields a 10% interest. If the market interest rates fall, new instruments that hit the market would reflect the changed interest rates and offer lower returns. This would result in an increase in our funds price as the higher yield would raise our instruments value. As a result the NAV of our fund would increase which provides us with the capital appreciation

Regular Income: Similar to the interest that banks offer us on our deposits, debt funds also earn a regular interest from the fixed income securities they are invested in. This income gets added to the debt fund on a regular basis. This income would be shared with us, thereby providing us with regular income

The tax advantage: Debt funds have to be looked beyond the rate offered on the investment. Dividends from debt mutual funds are taxed at a rate lower than highest marginal tax rate. The long term capital gains can also be paid after indexation benefit. Investors holding debt funds over one year time frame are taxed only for capital gain at a lower rate compared with bank deposits which are taxed at marginal rate of taxation. Long term capital gains, no TDS on redemption proceeds for resident investors and dividends being tax-free in the investor’s hands subject to distribution taxes.

The list of Debt Mutual Funds available currently for purchase

Category	Scheme Name	Launch Date	Min. Inv.
Debt - Floating Rate	Templeton FRIF - LTP (G)	18-Feb-02	10,000
Debt - Floating Rate	Templeton FRIF - STP (G)	18-Feb-02	100,000
Debt - Floating Rate	HDFC Float Rate Inc-LTP (G)	8-Jan-03	5,000
Debt - Floating Rate	HDFC Float Rate Inc-STP RP(G)	8-Jan-03	100,000
Debt - Floating Rate	ICICI Pru Floating RP - B (G)	28-Mar-03	1,000,000
Debt - Floating Rate	DSP-BR Floating Rate Fund (G)	12-May-03	5,000
Debt - Floating Rate	Birla SL FRF - LTP - RP (G)	4-Jun-03	5,000
Debt - Floating Rate	Birla SL FRF - STP - RP (G)	4-Jun-03	5,000
Debt - Floating Rate	JM Floater Fund - STP (G)	25-Jun-03	5,000
Debt - Floating Rate	JM Floater - LTP - RP (G)	25-Jun-03	5,000
Debt - Floating Rate	Kotak Floater STP (G)	7-Jul-03	5,000
Debt - Floating Rate	UTI Floating Rate -STP-RP (G)	29-Aug-03	5,000
Debt - Floating Rate	Tata Floating Rate - STP (G)	22-Dec-03	10,000
Debt - Floating Rate	Tata Floating Rate - LTP (G)	22-Dec-03	10,000
Debt - Floating Rate	LIC MF Floating Rate (G)	29-Mar-04	5,000
Debt - Floating Rate	SBI Magnum Income-FRP -STP (G)	14-Jul-04	2,000
Debt - Floating Rate	SBI Magnum Income-FRP-LTRP (G)	14-Jul-04	2,000
Debt - Floating Rate	ICICI Pru Floating RP - C (G)	30-Jul-04	30,000,000
Debt - Floating Rate	ICICI Pru Floating RP - A (G)	30-Jul-04	10,000
Debt - Floating Rate	IDFC MMF-Invest. - RP A (G)	30-Jul-04	5,000
Debt - Floating Rate	Kotak Floater LTP (G)	6-Aug-04	5,000
Debt - Floating Rate	Reliance Floating Rate (G)	27-Aug-04	25,000
Debt - Floating Rate	ICICI Pru Floating RP-LTP B(G)	4-Sep-04	1,000,000
Debt - Floating Rate	ICICI Pru Floating RP-LTP A(G)	4-Sep-04	15,000
Debt - Floating Rate	Principal FRF- FMP RP (G)	6-Sep-04	5,000
Debt - Floating Rate	Principal FRF- SMP RP (G)	6-Sep-04	5,000
Debt - Floating Rate	JM Floater - LTP- Premium (G)	5-Oct-04	5,000
Debt - Floating Rate	HSBC FRF - LTP (RP) (G)	8-Nov-04	10,000
Debt - Floating Rate	HSBC FRF - STP (RP) (G)	8-Nov-04	100,000
Debt - Floating Rate	Can Robeco Float Rate-STP (G)	22-Feb-05	5,000
Debt - Institutional	ICICI Pru STP - Inst. Plan (G)	24-Feb-03	25,000
Debt - Institutional	ICICI Pru Income-Ins. Plan (G)	15-Mar-03	25,000
Debt - Institutional	IDFC MMF - TP - IP B (G)	3-Apr-03	10,000,000
Debt - Institutional	JM Short Term Plan - Inst (G)	4-Apr-03	100,000
Debt - Institutional	L & T Freedom Inc STF-IP-G	10-Apr-03	1,000,000
Debt - Institutional	Birla SL Saving Fund - IP (G)	16-Apr-03	50,000,000
Debt - Institutional	Principal Income STP- Inst (G)	8-May-03	1,000,000
Debt - Institutional	Principal Income-Inst Plan (G)	8-May-03	1,000,000
Debt - Institutional	Sundaram Bond Saver - IP (G)	18-Aug-03	5,000,000
Debt - Institutional	HSBC Income STP- Inst Plan (G)	15-Sep-03	5,000,000
Debt - Institutional	SBI Premier Liquid - IP (G)	21-Nov-03	5,000,000
Debt - Institutional	IDFC GSec - PF Inst B (G)	17-Mar-04	2,500,000
Debt - Institutional	IDFC MMF - TP - SIP C (G)	1-Apr-04	50,000,000
Debt - Institutional	DWS Insta Cash- Inst (G)	25-Jun-04	10,000,000
Debt - Institutional	IDFC MMF-Invest. - IP B (G)	30-Jul-04	10,000,000
Debt - Institutional	Tata FRF- Short Term Inst. (G)	31-Aug-04	10,000,000
Debt - Institutional	Fortis Short Term Income -IP (G)	3-Sep-04	10,000,000
Debt - Institutional	Principal FRF- FMP -Inst (G)	6-Sep-04	10,000,000
Debt - Institutional	Principal FRF- SMP - Inst (G)	6-Sep-04	10,000,000
Debt - Institutional	HSBC FRF- LTP (Inst Plan) (G)	8-Nov-04	5,000,000
Debt - Institutional	HSBC FRF- STP (Inst Plan) (G)	8-Nov-04	5,000,000
Debt - Institutional	Sundaram Flexible Inc -IP (G)	24-Dec-04	10,000,000
Debt - Institutional	Sundaram Flexi Inc-STP-IP (G)	24-Dec-04	10,000,000
Debt - Long Term	JM Income Fund (G)	12-Dec-94	5,000
Debt - Long Term	Birla SL Income Plus -B RP (G)	21-Oct-95	5,000
Debt - Long Term	Templeton (I) Income Fund (G)	3-Jan-97	10,000
Debt - Long Term	Birla SL Income Fund (G)	3-Mar-97	5,000
Debt - Long Term	HDFC High Interest (G)	27-Mar-97	5,000
Debt - Long Term	Templeton India IBA (G)	23-Jun-97	10,000
Debt - Long Term	Sundaram Bond Saver (G)	18-Dec-97	5,000
Debt - Long Term	Reliance Income Fund (G)	31-Dec-97	5,000
Debt - Long Term	Escorts Income Plan (G)	18-May-98	1,000
Debt - Long Term	UTI Bond Fund (G)	17-Jun-98	1,000
Debt - Long Term	ICICI Pru Income (G)	19-Jun-98	5,000
Debt - Long Term	SBI Magnum Income Fund (G)	30-Nov-98	2,000
Debt - Long Term	Kotak Gilt Invt - Regular (G)	5-Jan-99	5,000
Debt - Long Term	LIC MF Bond Fund (G)	9-May-99	5,000
Debt - Long Term	Templeton (I) Govt Sec -CP (G)	21-Jun-99	10,000
Debt - Long Term	ICICI Pru Gilt (IP) (G)	9-Aug-99	5,000
Debt - Long Term	ICICI Pru Gilt (TP) (G)	9-Aug-99	25,000
Debt - Long Term	UTI G-Sec Investment (G)	4-Sep-99	1,000
Debt - Long Term	Tata Gilt Sec Fund (G)	6-Sep-99	1,000
Debt - Long Term	DSP-BR Govt. Sec. (G)	23-Sep-99	5,000
Debt - Long Term	JM G-Sec Fund (RP) (G)	29-Sep-99	5,000
Debt - Long Term	Birla SL Gilt Plus-Regular (G)	11-Oct-99	5,000
Debt - Long Term	Birla SL Gilt Plus-PF Plan (G)	11-Oct-99	5,000
Debt - Long Term	Birla Sun Life GSec - LTF (G)	28-Oct-99	25,000
Debt - Long Term	LIC MF Govt. Sec. Fund (G)	29-Nov-99	10,000
Debt - Long Term	Can Robeco Gilt PGS (G)	14-Jan-00	10,000
Debt - Long Term	L & T Gilt - Inv Plan (G)	29-Mar-00	10,000
Debt - Long Term	IDFC SSIF - RP A (G)	7-Jul-00	5,000
Debt - Long Term	HDFC Income Fund (G)	11-Sep-00	5,000
Debt - Long Term	Reliance Medium Term Fund (G)	18-Sep-00	5,000
Debt - Long Term	IDFC SSIF - STP Plan A (G)	13-Dec-00	5,000
Debt - Long Term	SBI Magnum Gilt - LTP (G)	1-Jan-01	25,000
Debt - Long Term	Escorts Gilt Fund (G)	21-Mar-01	1,000
Debt - Long Term	HDFC Gilt Fund - STP (G)	25-Jul-01	5,000
Debt - Long Term	HDFC Gilt Fund- LTP (G)	25-Jul-01	5,000
Debt - Long Term	Taurus Short Term Income (G)	18-Aug-01	5,000
Debt - Long Term	Taurus Gilt Fund (G)	18-Aug-01	5,000
Debt - Long Term	Principal GSec- Inv. Plan (G)	23-Aug-01	5,000
Debt - Long Term	Templeton (I) G-Sec - LTP (G)	24-Dec-01	10,000
Debt - Long Term	UTI Gilt Advantage - LTP (G)	28-Jan-02	5,000
Debt - Long Term	Templeton (I) ST Income (G)	31-Jan-02	5,000
Debt - Long Term	Sahara Gilt Fund (G)	6-Feb-02	5,000
Debt - Long Term	Baroda Pioneer Gilt Fund (G)	14-Feb-02	2,000
Debt - Long Term	ICICI Pru Long Term Plan-RP (G)	26-Mar-02	5,000
Debt - Long Term	ICICI Pru Flexi Inc -Prem (G)	21-Sep-02	5,000
Debt - Long Term	HSBC Income Fund - IP (G)	3-Dec-02	10,000
Debt - Long Term	Franklin (I) International	20-Dec-02	100,000
Debt - Long Term	DWS Short Maturity - RP (G)	21-Jan-03	5,000
Debt - Long Term	DWS Premier Bond - RP (G)	21-Jan-03	5,000
Debt - Long Term	Birla SL Short Term Opp-RP (G)	9-May-03	25,000
Debt - Long Term	Tata Gilt High Fund (G)	10-Jul-03	10,000
Debt - Long Term	UTI-Gilt Adv -LTP PF(PDAR) (G)	26-Sep-03	5,000
Debt - Long Term	UTI Gilt Advantage-LTP PF(G)	26-Sep-03	5,000
Debt - Long Term	Tata Gilt RP (28/02/13) (G)	29-Sep-03	50,000
Debt - Long Term	Tata Gilt RP (28/02/25) (G)	29-Sep-03	50,000
Debt - Long Term	Tata Gilt RP (28/02/11) (G)	29-Sep-03	50,000
Debt - Long Term	Tata Gilt RP (28/02/10) (G)	29-Sep-03	50,000
Debt - Long Term	SBI Magnum Income Plus-SP (G)	22-Oct-03	25,000
Debt - Long Term	Kotak Gilt-Inv PF & Trust (G)	11-Nov-03	5,000
Debt - Long Term	ICICI Pru Gilt Inv Plan - PF	14-Nov-03	25,000
Debt - Long Term	SBI Magnum Gilt LTP - PF (G)	28-Nov-03	25,000
Debt - Long Term	SBI Magnum Gilt LTP-PF 1Yr (G)	28-Nov-03	25,000
Debt - Long Term	SBI Magnum Gilt LTP-PF 2Yr (G)	28-Nov-03	25,000
Debt - Long Term	SBI Magnum Gilt LTP-PF 3Yr (G)	28-Nov-03	25,000
Debt - Long Term	LIC MF Govt. Sec Fund-PF (G)	24-Dec-03	25,000
Debt - Long Term	SBI Dynamic Bond Fund (G)	13-Jan-04	5,000
Debt - Long Term	ICICI Pru Gilt (TP) PF	31-Jan-04	25,000
Debt - Long Term	IDFC GSec - PF- RP A (G)	17-Mar-04	5,000
Debt - Long Term	ING Gilt-PF Dynamic (G)	31-Mar-04	30,000
Debt - Long Term	Templeton (I) Govt Sec- PF (G)	7-May-04	25,000
Debt - Long Term	Birla SL Dynamic Bond -RP (G)	24-Sep-04	5,000
Debt - Short Term	L & T Triple Ace (G)	31-Mar-97	2,000
Debt - Short Term	DSP-BR Bond Fund - Retail (G)	7-Apr-97	5,000
Debt - Short Term	Tata Income Fund (App.)	26-Apr-97	5,000
Debt - Short Term	L & T Freedom Inc -STF -G	27-Nov-97	3,000
Debt - Short Term	Kotak Gilt Savings Plan (G)	5-Jan-99	5,000
Debt - Short Term	ING Income Fund (G)	7-May-99	5,000
Debt - Short Term	DSP-BR Treasury Bill Fund (G)	23-Sep-99	5,000
Debt - Short Term	Birla SL Gilt Plus-Liquid (G)	11-Oct-99	5,000
Debt - Short Term	Birla SL G-Sec - STF RP (G)	28-Oct-99	25,000
Debt - Short Term	Kotak Bond (Regular) (G)	29-Nov-99	500,000
Debt - Short Term	Kotak Bond (Deposit) (G)	29-Nov-99	5,000
Debt - Short Term	Principal Income Fund (G)	25-Oct-00	5,000
Debt - Short Term	SBI Magnum Gilt - STP (G)	1-Jan-01	25,000
Debt - Short Term	ICICI Pru Short Term Plan (G)	19-Oct-01	5,000
Debt - Short Term	Birla SL Saving Fund - RP (G)	22-Nov-01	5,000
Debt - Short Term	HDFC High Interest - STP (G)	6-Feb-02	5,000
Debt - Short Term	Sahara Income Fund (G)	6-Feb-02	3,000
Debt - Short Term	Templeton (I) Govt Sec -TP (G)	11-Feb-02	5,000
Debt - Short Term	Baroda Pioneer Income (G)	14-Feb-02	2,000
Debt - Short Term	IDFC GSec -Inv Plan -RP A (G)	21-Feb-02	5,000
Debt - Short Term	IDFC GSec - STP -RP A (G)	21-Feb-02	5,000
Debt - Short Term	HDFC Short Term Plan (G)	28-Feb-02	5,000
Debt - Short Term	Birla SL Short Term - RP (G)	18-Apr-02	5,000
Debt - Short Term	Kotak Bond-Short Term Plan (G)	22-Apr-02	5,000
Debt - Short Term	Principal Income Fund-STP (G)	25-Apr-02	5,000
Debt - Short Term	JM Short Term Plan (G)	24-Jun-02	5,000
Debt - Short Term	IDFC Dynamic Bond -RP A (G)	26-Jun-02	5,000
Debt - Short Term	Tata Short Term Bond Fund (G)	8-Aug-02	10,000
Debt - Short Term	ING Short Term Income (G)	16-Aug-02	5,000
Debt - Short Term	DSP-BR Short Term Fund (G)	4-Sep-02	5,000
Debt - Short Term	Can Robeco Income (G)	7-Sep-02	5,000
Debt - Short Term	Tata Income Plus - Plan B (G)	21-Nov-02	100,000
Debt - Short Term	Tata Income Plus - Plan A (G)	21-Nov-02	5,000
Debt - Short Term	HSBC Income Fund - STP (G)	3-Dec-02	100,000
Debt - Short Term	Reliance Short Term Fund (G)	17-Dec-02	50,000
Debt - Short Term	Tata Gilt Sec - SMF (G)	10-Jan-03	10,000
Debt - Short Term	DWS Insta Cash Plan (G)	21-Jan-03	100,000
Debt - Short Term	IDFC MMF - TP - RP A (G)	19-Feb-03	5,000
Debt - Short Term	LIC MF Savings Plus Fund (G)	4-Jun-03	5,000
Debt - Short Term	UTI Short Term Income - RP (G)	24-Jun-03	30,000
Debt - Short Term	IDFC SSIF -MTP - RP A (G)	27-Jun-03	5,000
Debt - Short Term	Tata Dynamic Bond- Plan A(G)	2-Sep-03	5,000
Debt - Short Term	Tata Dynamic Bond- Plan B(G)	2-Sep-03	100,000
Debt - Short Term	Can Robeco Treasury Adv-RP (G)	12-Sep-03	5,000
Debt - Short Term	DWS Ultra STF - RP (G)	20-Oct-03	5,000
Debt - Short Term	HSBC Gilt Fund - STP (G)	2-Dec-03	5,000
Debt - Short Term	UTI G-Sec Fund - STP (G)	9-Dec-03	1,000
Debt - Short Term	SBI Magnum NRI - STB Plan (G)	13-Jan-04	50,000
Debt - Short Term	Fortis Flexi Debt Fund-RP (G)	3-Sep-04	5,000
Debt - Short Term	Fortis Short Term Income -RP (G)	3-Sep-04	100,000
Debt - Short Term	Reliance NRI Income Fund (G)	1-Nov-04	50,000
Debt - Short Term	Kotak Flexi Debt (G)	30-Nov-04	5,000
Debt - Short Term	Sundaram Flexi Inc-STP-RP (G)	24-Dec-04	5,000
Debt - Short Term	Sundaram Flexible Inc -RP (G)	24-Dec-04	5,000