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- Business News Update; Foreign ETFs Investment Prohibition | Rupee All Time Low Record
New Delhi16 hours ago
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From next month ie 1st April, you will not be able to invest in those mutual fund schemes that invest money in foreign ETFs ie exchange traded funds. The stock market regulator Securities and Exchange Board of India (SEBI) has banned mutual funds from taking new investments from this date.
Rupee has reached its all-time record low. On Friday (March 22), it saw a decline of 35 paise against the US dollar and closed at an all-time low of Rs 83.48 per dollar.
Cash airline SpiceJet has decided to reduce its weekly flight operations by 26% in the upcoming summer schedule.
Before tomorrow’s big news, today’s big events to keep an eye on…
- The stock market will remain closed today, Saturday (22 March).
Now big news tomorrow…
1. Ban on investment in mutual fund schemes investing in foreign ETFs: SEBI bid – Investment close to upper limit, do not take new investment from 1st April.
From next month ie 1st April, you will not be able to invest in those mutual fund schemes that invest money in foreign ETFs ie exchange traded funds. The stock market regulator Securities and Exchange Board of India (SEBI) has banned mutual funds from taking new investments from this date.
SEBI’s order has come because the upper limit of investment in foreign ETFs is fixed at 1 billion dollars (about ₹ 8,332 crore). Investment in this has now reached close to this limit. Regarding this, SEBI has also written a letter to the Association of Mutual Funds in India (AMFI), the leading organization of mutual fund houses in the country.
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2. Rupee hits record low: 35 break falls against dollar and closes at 83.48, foreign commodities will become expensive
Rupee has reached its all-time record low. On Friday (March 22), it saw a decline of 35 paise against the US dollar and closed at an all-time low of Rs 83.48 per dollar. Earlier on December 13, 2023, the rupee had closed at its lowest level of 83.40 against the dollar.
According to research analyst Anuj Chaudhary, the US dollar strengthened due to the weak euro and pound. The strengthening of the dollar as well as the fall of the Chinese yuan put pressure on the rupee. Apart from this, there is a shortage of dollars in the market, which has also affected the rupee.
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3. SpiceJet reduced flights by 26% in the summer schedule: Blamed on pilot shortages and aircraft prices, the company will operate just 1,657 flights.
Cash-strapped airline SpiceJet has decided to reduce its weekly flight operations by 26% in the upcoming summer schedule. According to the company, due to a shortage of pilots and an increase in aircraft lease prices, there is difficulty in increasing flight operations.
The summer timetable for 2024 will start on 31 March and end on 26 October. During this period, the airline will operate only 1,657 flights compared to 2,240 flights in the current winter schedule.
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4. DGCA fines ₹ 80 lakh on Air India: The airline did not give adequate rest to the crew, also wrongly entered training records.
The Directorate General of Civil Aviation (DGCA) has imposed a fine of Rs 80 lakh on Air India. This fine has been imposed for a breach of rules relating to Flight Duty Time Limits (FDTL) and Fatigue Management System (FMS).
DGCA had conducted an unannounced inspection of Air India in January to see if it was complying with FDTL and FMS rules to ensure a high level of safety. During the inspection, DGCA found that the company was operating flights contrary to rules.
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5. Lawsuit against Apple in America regarding iPhone monopoly: The company said – Based on facts and law, this is wrong, we will defend it.
America has filed a lawsuit against Apple. The tech giant has been accused of monopolizing the smartphone market and stifling competition. Apple has denied these allegations against it after the lawsuit was filed.
In the lawsuit, the Justice Department also alleged that the company abused its control over the iPhone App Store. It talks about taking illegal steps to make competitors’ products less attractive.
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6. Kia K4 premium sedan revealed: The company will present it at the New York Auto Show on March 27, competing with the Honda Civic.
The car manufacturer Kia has revealed its second generation K4 in the global market. This sedan is based on the company’s new ‘Opposites United’ design. Although the technical specifications of the car have not been revealed. The company is preparing to display it at the New York Auto Show on March 27.
Sales of the car may begin in America by the end of this year, where it will compete with Honda Civic, Toyota Corolla and Hyundai Elantra. No information has been given on whether this premium sedan will be launched in the Indian market. Currently, Kia is preparing to launch the new sub-4 meter Clavis SUV here.
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Now read the news you need
Create a large fund by depositing small amounts: Investing in mutual funds through SIP reduces the burden on the pocket and reduces the risk; better get back on
If you are planning to invest in mutual funds, then investing through a Systematic Investment Plan ie SIP can be a better option. Through this, you can easily create a large fund by depositing small amounts.
There are some misconceptions in people’s minds about investing money in mutual funds through SIP. We tell you some important things related to SIP. So that you too can invest in mutual funds without hesitation…
Click here to read the full news…
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