Millions of people are facing pay cuts or less work, so how can you make your money go further?
Former India all-rounder Yuvraj Singh on Monday said pressure of being a big money buy in the Indian Premier League (IPL) is felt when you don't perform and people talk about all that moolah going to waste, all the time.
Yuvraj still holds the record of being IPL's most-expensive buy. The 2011 World Cup hero went for a whopping Rs 16 crore to Delhi Daredevils (now Delhi Capitals) in the 2015 auctions. Yuvraj did not have a good IPL that year, managing 248 runs in 14 matches at 19.07.
"The pressure is felt because of the big money. I won't say it changes a player. Now when you climb the success ladder, people try to drag you down," Yuvraj said during an Instagram Live with former teammate Mohammad Kaif.
"See the point is...pressure is there because when you get out and don't perform they say he is getting so much money and not performing. Negative news sells more and those things affect you. My advice to all youngsters would be to stay away from TV and newspapers," said the 38-year old, regarded as one of the all-time best white-ball batters.
Australian quick Pat Cummins became the second most-expensive buy in the popular T20 league in the 2019 auctions where Kolkata Knight Riders shelled out Rs 15.50 crore for him. The IPL is postponed due to the COVID-19 pandemic.
Yuvraj also spoke about his fielding and how he became such a great fielder. Yuvraj and Kaif were India's two best fielders during their playing days.
"I was very athletic. I was quick. But fielding i did not have too much idea. In the first Ranji match I was playing, I was 15-16 years. I misfielded and next day article came out Yuvraj Singh 'gateway of India'.
"My father read that. He said now I will see how you don't improve your fielding. Then I started getting better and body also got stronger."
Talking about the famous 2002 NatWest Series final win against England where Yuvraj and Kaif shared a match-winning 121-run stand for the sixth wicket, Yuvraj said: "My lesson from that game was that you can't relax at any time. England had thought they had won the game. You can't give up. You have to keep trying."
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We believe that the most important lesson our generation has learnt is that basic is good; enough for fashion labels to have a sub-category of basic apparel and Instagram to source gifs and stickers that say "basic". This (should) transcend to food as well, because at the end of the day, nothing beats sasta and tikau. And so, Kalina's Chindian eatery, King Chilli, has risen above the glitzy culinary offerings of BKC that are high on the glam quotient but not easy on the pocket.
We have been ordering in from what is easily one of the neighbourhood's favourite haunts for months. But a week ago, we learnt that it has launched in a new avatar with a larger dining area not far from the space it started in five years ago. So, on a Sunday night, we finally step out to pay the place a visit.
At the corner of St Mary's Chowk, a brand new shade covers the space. Potted plants line the shack-like eatery and a tawdry magenta curtain, which we identify — having spotted hawkers selling it for '150 at the roadside Monday market — serves as the door. Inside, chairs and tables that evoke the memory of Nilkamal furniture makes for the seating space, along with three booths with slightly plusher sofas that offer some privacy but are rickety all the same.
We join a queue that comprises Catholic aunties in their Sunday frocks and roadside Romeos in their Gully-Boy-inspired garb waiting outside the restaurant. The crowd is substantial, but fast moving, so we get a table in five minutes.
Tom yum
Our partner, who is whining about a sore throat, calls for a tom yum soup (Rs 139) while we order the crackling spinach chicken (Rs 285) and kung pao potato (Rs 174) to begin with, and a chicken in chilly oyster sauce (Rs 295), veg pad Thai noodles (Rs 190) and chicken North East pot rice (Rs 249) for the mains.
Kung pao potato
We find how nothing about the tom yum soup being Thai cute: adrak replaces galangal, nimbu takes the place of kaffir lime and its identifiable piquant broth-y flavour has transformed into a chatpata and fiery soup with a strong kick of spice. The addition of finely chopped dhaniya is equally endearing. Tom yum or not, it works. The chicken appetiser is enjoyable in that the meat itself is juicy and hot. The crackling spinach that it comes with is nice, too, but perhaps could have been elevated with a stronger dose of garlic. We relish the kung pao potatoes and find the use of wedges quite cool: it adds a certain girth to the dish. The lightly toasted whole cashews lend a mild sweetness, marrying the dish with its inherent tanginess.
Chicken in oyster chilli sauce
The pot rice has a smoky hotness that is likely to have come from the overuse of chilli powder. This dish leaves two out of the four people at the table gasping for breath. We are still undecided about the preparation and could only safely say that we did not hate it. The pad thai noodles are a slight let-down having been overcooked this time. However, the chicken in oyster chilly sauce, a staple for us from the eatery, helps liven up the noodles.
We eat quickly despite the shortcomings of the mains and that's where King Chilli actually passes the test. It's the kind of eatery that may have a few botch-ups, but will remain the go-to place (as is evident from the queue even as we leave the restaurant an hour and a half later) for Kalina's humble diners, including us. What we mean is, where else could we have afforded an end-of-the-month double date for a total cost of Rs 1,522 and take home doggy bags? Only a sasta and tikau place, right?
TIME 11.30 am to 3.30 pm; 7 pm to 11.30 pm
AT King Chilli, near St Mary's Chowk, Kalina, Santacruz East.
CALL 9833487217
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King Chilli didn't know we were there. The Guide reviews anonymously and pays for meals
Love shopping online? There are many ways you can adapt to save money or get more benefit from the deal, say experts. Ramakant Khandelwal, Chief Marketing Officer at PayBack India, and Abhishek Agarwal, CEO and Founder, Globepanda, suggest how to save money:
Compare prices (automatically): You need to simply download a small robotic tool (in the form of chrome extension) which can instantaneously compare price of a product, that you are viewing at an e-commerce site, across most of the leading e-commerce merchants. It can confirm if the price you are seeing is the lowest across, or you should switch to another e-commerce merchant where it is the lowest. You can also set price alerts which will notify you at the right time when your desired product will be available online.
Free shipping: Always keep an eye on e-commerce platform who offer free shipping facilities. But mostly they put a cap of minimum order value, which leaves you with no choice but to exceed your budget to avail it. To overcome this, you can either upgrade your membership for an annual fee or club your purchases or with your friends, so that your cart value is above the minimum amount.
Read reviews about gifts, coupons, and discount: A lot of buyers are lured into buying from a particular site just because they offer free gifts, coupons and discounts. However, the gifts, cash backs and coupons may not really be a lucrative deal when you compare the after discount price of the product with the actual price on other sites. Moreover, the free gifts sometimes are really a thing you have no use for so read about it before you go ahead and order.
Exchange offers: Many e-commerce merchants provide exchange offers to customers wherein they can exchange their old product with a brand new one and pay off the effective final price. Make sure that your product qualifies for the offer. One good way to track such offers is to get a newsletter subscription. Hence stay updated about the best exchange offers.
Look for reward points: Reward point is a nice topping without any effort or cost. If you are only a little bit more aware you can easily earn extra points, offers and rewards on your online purchases. Sometimes, all it takes, is that you start your journey from an affiliate partner and get extra points. Points can be redeemed against attractive e-vouchers of several online portals ranging from fashion, gadgets and travel.
Adopt a saving strategy: Sometimes people register on an affiliate network and buy all things from that account which gives cash back on nearly every deal. This is a great way to save money on every purchase. Also, sometimes the price of a product you are interested in is lower in the incognito window as the seller has a tool in place which inflates the price of things a customer is interested in and has searched online in the past.
Additional offers: Most of the e-commerce merchants offer credit / debit card specific offers either in terms of discount or cashback, from time to time, which easily add to your savings. In addition to this, purchase via app can also get special deals, cashbacks and discounts.
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Manikarnika: The Queen Of Jhansi
U/A: Biography
Director: Krishna Jagarlamudi, Kangana Ranaut
Cast: Kangana Ranaut, Danny Denzongpa, Ankita Lokhande
Rating:
As a film, this might seem a bit too ultra-patriotic/nationalistic for the fact that it's set in the mid 1800s, when the idea of India itself wasn't as concrete, let alone the concept of "Swarajya" (used here often), which was first popularly coined by Lokmanya Tilak, only born in 1856. The film itself though, right in its opening disclaimer, washes its hands of any pretense towards complete, uncontestable historical accuracy, which is only for the better. Helps you view it as a fabulous legend/fable first.
Be that as it may, the fact that the Indian Revolt/Rebellion of 1857, that began with the Sepoy mutiny, with Mangal Pandey firing the first shot, is widely considered the First War of Indian Independence, among Indians, can't be denied either. At the centre of this piece though, with absolutely no other players even in the periphery, understandably, is Rani Lakshmibai, born Manikarnika, a bibliophile 'brahmin' girl, raised by the Peshwa as a warrior, who eventually takes over as the Queen of Jhansi (currently in Uttar Pradesh). Yes, this is a big-budget, wholly star-driven, action-packed, period picture. Except the star is female, which is rare enough. Even if you consider Sanjay Leela Bhansali's Padmaavat (or Padmavati), where Deepika Padukone played the eponymous character all right, but the film focused on Ranveer Singh as the antagonist Alauddin Khilji far more. Speaking of which, this is the sort of passion project that Bhansali, as master of magnificence (Padmaavat, Bajirao Mastani, Ram-Leela), has excelled in to a point that subsequently similar works, by most other craftsmen, are likely to somewhat pale in contrast. And so while the inspirations here are obvious, it might be unfair to compare still. This holds just as true for any allusion to SS Rajamouli's astoundingly massive Baahubali, given that the screenwriter (Vijayendra Prasad) is the same.
For, the story here has to be enjoyed for its own worth. It relates to a legend that pretty much remains unsurpassed in Indian history—of a woman, who lost her husband, the king, and her little son, the heir, giving way to the British to take over her kingdom, with help of locals (as they almost always did), and a 'doctrine of lapse', which applied to heirless princely states.
Instead of wallowing in widowhood, as per tradition, the Queen got on the white horse-back, and led a full-frontal attack against the mighty British, all by herself, holding fort until the point that she could, and then creating alliances, organizing her brigade, to go at the Brits all over again. Her valour is a common, modern metaphor. You see a fearless woman, and inevitably go: "Aa gayi Jhansi ki Rani!"
Frankly, as a public figure from Bombay films, I can't imagine anybody as naturally earning that sobriquet as Kangana Ranaut. Dainty but fierce, Ranaut plays Rani Lakshmibai with the ferocity that suits her character best. She leads the charge not just as an actor, but also as director, the baton she took over midway through the making of this film. One can't help but conjecture if there are really two separate movies here, given that two directors were helming it at different times.
Well, there are two huge battle sequences in the picture. And one could argue that the second one, the climax, in its tone and shot-taking, looks considerably different from the first. But then, that could just be me as audience noticing, because consciously searching. Either way, there is nothing to hugely fault this film on technical competence, and indeed the scale at which it's been mounted.
Watch Manikarnika: The Queen Of Jhansi Trailer
The sets are grand. Extras, both Brits and desis, fill up the screen. War scenes look reasonably authentic. Mortal combats appear real. Riding through the artillery lined-up on either end is Manikarnika with her sword, the ultimate symbol of female power, from around the time that feminism as a word had only but been coined (in the West). It is an aspect that's thankfully quite dialed -down here. You can see it. You don't need to be incessantly told.
We've all read about Rani Lakshmibai in middle-school history. But we remember her best from the Allahabadi poet Subhadra Kumari Chauhan's long poem with the famous descriptor, 'Bundele har bole ki muh, humne suni kahani thi. Khoob ladi mardani, who toh Jhansi wali Rani thi.' A genuine, soul-stirring tribute to her phenomenal heroism can at best hope to come close to Chauhan's immortal lines. Yes, this one does.
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A video about Aamir Khan's unique donation to those hit hard by the lockdown has surfaced online. It claims that on April 23, a truck arrived in an underprivileged area in Delhi. The vehicle was loaded with one-kilo packets of wheat flour. Many felt the quantity was too meagre and would hardly serve any purpose, so some refused to take it. But the slum-dwellers who took it were in for a huge surprise.
There was Rs 15,000 in every pack. It is unconfirmed but fans believe that it was Khan's idea to ensure that the money reaches those who need it. The authenticity of the video is yet to be ascertained. But the star is one of those who believe that when you give to the needy, do not announce it with trumpets.
Many Bollywood celebrities have been doing their bit in their way by making contributions. Speaking about the same, a source close to the actor tells us that the actor has already made his contributions to PM Cares fund, Chief minister's relief fund- COVID 19, film workers' association and a few NGOs along with extending support to the daily wage workers of his next film, Laal Singh Chaddha during this lockdown.
There are very few people who mark their donations without any posts on social media, and one such actor is Aamir Khan. Time and again, when the nation has needed help, Aamir has been at the forefront to extend his support by all means.
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The Indian economy has suffered a major setback due to the Coronavirus pandemic and the underprivileged section of the society has to be taken care of financially. Amid this catastrophe, it was reported a few days ago that Bollywood Superstar Aamir Khan distributed money in wheat bags to help the needy. And there were a lot of reports doing the rounds about his donation.
Additionally, the video mentions that within each packet of flour, there was Rs 15,000 hidden in cash and that the truck was sent by Aamir Khan. However, the actor has taken to his Twitter account to clarify once and for all that he was not the one behind these donations and stated that maybe the real Robin Hood doesn't want to reveal himself.
This is what he wrote- "Guys, I am not the person putting money in wheat bags. Its either a fake story completely, or Robin Hood doesn't want to reveal himself!
Stay safe.
Love.
a." (sic)
Have a look right here:
Guys, I am not the person putting money in wheat bags. Its either a fake story completely, or Robin Hood doesn't want to reveal himself!
— Aamir Khan (@aamir_khan) May 4, 2020
Stay safe.
Love.
a.
Last night, on May 3, he, however, did participate in the I for India concert to raise money for the unsung heroes who are fighting the pandemic. Accompanying him was his wife Kiran Rao and one of the actor's fan-clubs posted on its Instagram account to share the video of them singing together. Have a look:
As soon as the lockdown ends, Khan will get busy with the shooting of Laal Singh Chaddha, which is slated to release this year on Christmas and also stars Kareena Kapoor Khan.
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The genius of Rishi Kapoor came alive every time the camera rolled. It is only apt then that his countless fans witness him, one last time, as the larger-than-life hero whose rightful place was on the big screen. Honey Trehan, co-producer of the late actor's swansong Sharmaji Namkeen, believes he owes the audience the final chance to say goodbye to him.
"We want to take this film to the theatres for his friends, family and fans. We all owe this to Rishiji, one of the silver screen legends. I am grateful to Ritesh [Sidhwani, producer] and Farhan [Akhtar, producer] for investing in the movie not just monetarily, but also emotionally," he says.
The slice-of-life film, which also features Juhi Chawla and revolves around a sexagenarian who discovers the joy of life after retirement, had gone on floors last December. While the unit was to shoot the final Mumbai stint in March, their plans went awry due to the lockdown. "We shot a major portion of the film in Delhi during January. Only a four-day schedule was pending."
Rishi Kapoor with Juhi Chawla, Abhishek Chaubey and Honey Trehan during the rehearsal of the film
As the central character, the veteran was to shoot some crucial scenes in the final leg. However, with Kapoor's sudden demise on April 30 following a two-year battle with leukemia, director Hitesh Bhatia and the unit have the task of completing the project minus the leading man. "We will be using advanced technology, an amalgamation of VFX and some special technique, to finish the film without compromising on the quality. We are in discussion with a few [VFX studios] and are figuring out the way forward," says Trehan.
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Bigg Boss 13 still continues to be in the limelight and so does its contestants. One of them is Rashami Desai. You all must be aware of the '15 lakh' controversy that happened between her and Arhaan and a screenshot of the same was also shared on Twitter. And now, speaking to Times of India, Rashami broke her silence and slammed Arhaan.
She said, "These transactions were made in my absence, and that too, without my knowledge when I was inside the BB house. When I came out and learnt about it, I shared the screenshots of my personal documents and these transactions with my accounting staff and a few others. Why did Arhaan transfer my money into his account? Also, I don't know the people he has further transferred those funds to."
She added, "Apart from the 15 lakh that Arhaan has to pay me, as can be seen in the screenshots, he owes me more money, which he is refusing to return. Talking about the screenshots, I have no clue who has leaked them on social media. If I had to leak anything, I wouldn't have waited for two months after BB. I don't want anything to do with Arhaan. The whole incident is disturbing and it has taken a toll on me, emotionally."
Arhaan too broke his silence and commented on the entire controversy and clarified his side of the story. He said, "Half the transactions involving huge amounts aren't mine. Rashami had set up a production house, which I had joined as a partner. I have invested equally, both financially and emotionally. Any transfer of funds is either my rightful profit or return of debt. Also, before making such allegations, it is to be noted that transfer of funds wouldn't have been possible had Rashami not given me signed cheques."
He continued, "She had asked me to transfer money to certain people in her absence. It was work-related. She was fully aware of the transactions and I have bills to prove my claim. I strongly believe that this is a curated plan to malign me, as I had received messages, warning me against adversities post April 15. It's unfortunate that our relationship has reached a point of no return."
Will the matter escalate or subsidise as time passes by? Will a legal battle ensue?
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The alleged moral policing at Aamby Valley has cost two policemen dearly. They have now been suspended and an internal inquiry is on. The two head constables have been identified as Sunil Tulshiram Magar and Sunil Baburao Kadam.
Additional Superintendent of Police, Sandeep Jadhav, said, "Three days ago, a family, including women members, were staying at a resort. The constables tried to extort money and harass the couple. Based on their complaint, the duo has been suspended."
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A man allegedly killed his wife when she refused to give him her jewellery to buy liquor. The incident took place in the Bamruliya village in the Farrukhabad district on Thursday. A case has been registered with the Nawabganj police station and a hunt has been launched to arrest the accused. According to the police, Prashant was married to Lakshmi Devi, 26, for six years and the couple has a five-year-old son and a three-year-old daughter.
"Prashant is a liquor addict. He would usually beat his wife in an inebriated condition. Prashant would frequently demand money from his wife for liquor. This time when she refused to give him money, he hit her with a wooden stick till she fainted and then escaped with her gold earrings," said Station House Officer (SHO) Rakesh Kumar Sharma.
"Lakshmi bled profusely and succumbed to her injuries. Her parents have lodged a complaint at the Nawabganj police station.
"We have booked Prashant under section 302 (murder) of the IPC. Raids are on to arrest him," the SHO said.
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Spanish drama Money Heist aka Le Casa De Papel on Netflix has quickly become of the most-watched shows on the streaming giant. From El Profesor to Tokio, fans absolutely love the characters. Bollywood Hungama recently shared the dream cast if Bollywood adapted it as a film.
During a recent interaction with Behindwoods, Money Heist director Alex Rodrigo was asked who would he select from the list of the Indian actors for the Indian version. Alex chose South superstar Thalapathy Vijay for the role of El Profesor whereas he said Shah Rukh Khan would be best suited for Berlin's role. He further said Ajith Kumar could play Bogota, Ranveer Singh as Denver. He wanted Mahesh Babu and Suriya to take on the roles Tamayo and Suarez. Thalapathy Vijay's fans trended 'Money Heist' in India on Thursday night on Twitter.
Created by Álex Pina, Money Heist aka Le Casa De Papel stars Álvaro Morte as The Professor, Itziar Ituño as Raquel, Úrsula Corberó as Tokyo, Miguel Herrán as Rio, Jaime Lorente Lopez as Denver, Alba Flores as Nairobi, Darko Peric as Helsinki, Esther Acebo as Monica, Hovik Keuchkerian, Rodrigo de la Serna, and Pedro Alonso as Berlin.
Liverpool's star footballer Mohamed Salah, 25, has donated a huge amount of money besides food to families in his hometown of Nagrig, a village in the Egyptian city of Basyoun, to help in the battle against the Coronavirus pandemic.
According to a report in British tabloid, The Sun, the Egyptian footballer sent supplies to poverty-hit residents along with some advice on how to stay safe from the virus.
Salah Ghaly, the Liverpool striker's father, said that the village has been sanitised and residents have been given facemasks to prevent the spread of the virus, which has already killed 205 people in the North African country. It is believed that the total amount donated by the Liverpool star is around £405,000 (R3.8 crore).
Mohamed is currently in lockdown like the rest of the UK, where the death toll has crossed 15,000.
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Wayne Rooney may be Manchester United and England's record goalscorer but he still believes he should have found the back of the net more often during his career, even though he was not a natural finisher. Rooney, a teenage sensation at Everton, joined United in 2004 and went on to score 253 goals in 559 appearances during a 13-year spell for the Old Trafford club that saw the Red Devils pile up the trophies. Rooney surpassed 1966 World Cup-winner Bobby Charlton as United's all-time leading scorer, just as he did for England with a tally of 53 goals from 120 caps.
Despite those figures Rooney, writing in his Sunday Times column, insisted: "I'm going to be honest -- and this might surprise you -- but I'm not a natural goalscorer." The 34-year-old, now a player-coach at second-tier Derby County, added: "I was never a Gary Lineker or a Ruud van Nistelrooy; I never looked at myself that way. "I hold the goal records for Manchester United and England and am very proud about that -- yet there have been better No 9s than me. "How did I become a record-breaker if I wasn't a natural scorer? Time," Rooney explained. "I played for United for 13 years, England for 15 years. I had time to break those records -- and looking back I should have scored more."
Rooney backed Harry Kane to break his England record, although he would like the Tottenham Hotspur striker "to stay high as that No 9" after seeing him drop deeper in during the past two seasons. "I don't think it will take long for Harry Kane to claim my England record and it would be a proud moment for me," Rooney said. "I've never been a selfish player and it would be great for England for Harry to get there. Bobby Charlton had to wait 50 years (for Rooney to break his England record) -- I hope it's not so long for me. "The United record might last longer simply because players don't stay at clubs as long as they used to. "Mind you, if (Lionel) Messi or (Cristiano) Ronaldo came to Old Trafford for a swansong they'd probably break it in three or four years."
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Derby County have thanked captain Wayne Rooney for the leading role he played in the club agreeing a wage deferral with players to help the English Championship club survive the coronavirus crisis. Manager Phillip Cocu, his coaching staff, executives and non-playing staff have also deferred part of their salary. "First team players have voluntarily agreed a substantial deferral that is considerably more than has been reported in the media, while Phillip Cocu and his coaching team, and Chief Executive Officer Stephen Pearce and his staff have also agreed significant deferrals," Derby said in a statement.
"Talks across the club have been held in the spirit of unity and co-operation, and everyone has been fully committed to help and play their part. "The club would specifically like to thank Wayne Rooney, the team captain, and Curtis Davies, the Professional Footballers Association's club representative, for their help and support."
Derby seem set for another season in the second tier as they lay 12th in the table when the COVID-19 outbreak brought football to a halt last month. A failure to finish the season is forecast to cost Premier League clubs an estimated ?1 billion ($1.2 billion).
However, the effects of the economic crisis could be even more severe further down the football pyramid as many clubs face a battle to survive.
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Football superstar Cristiano Ronaldo flew back to Italy on Monday after almost two months in Coronavirus lockdown in his native Madeira, Portugal, but he is continues to help with donations during this COVID-19 pandemic.
Lokomotiv Moscow's Portuguese player Joao Mario has told British tabloid, The Sun that Cristiano is donating money to lower league players in Portugal, who are financially hit due to the pandemic.
"It's a bad situation for everyone but in these kinds of situations, it's worse. They [Portugal's lower league players] really need our help. Cristiano presented us an initiative for us all to help especially those players that are struggling, that do not have professional contracts," said Joao.
Meanwhile, Manchester City star Bernardo Silva said, "Ronaldo suggested that Portugal players should donate 50 per cent of their Euro 2020 qualification bonus towards a players's fund in the Portugal Football Federation."
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The virtual war between WAGs Rebekah Vardy, 38, and Coleen Rooney, 34, is far from over. It is learnt that Rebekah, wife of Leicester City footballer Jamie Vardy, wants a public apology from Coleen, the wife of former England captain Wayne Rooney, for accusing her in October of leaking fake stories to the press via social media.
While both ladies are currently locked in a legal battle, it is learnt that they will have an arbitration meeting on Zoom this week in a bid to avoid a costly court case, reported British tabloid, The Sun.
"Becky [Rebekah] is adamant she's done nothing wrong and has told her team she wants a public apology," an insider told the newspaper. "She was hurt that Coleen went straight on social media to lay the blame at her door, rather than speaking to her privately. She has maintained her innocence throughout and doesn't want this to be brushed under the carpet without Coleen publicly apologising," added the source.
The two used to be good friends before Coleen claimed in October that Rebekah's Instagram account had been leaking false stories to the press. Subsequently, Rebekah endured a lot of abuse on social media.
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Many investors park their surplus money in debt schemes in an attempt to earn higher returns than Bank FDs. However the recent incident of Franklin Templeton MF winding down six of its debt schemes has dented investor sentiment and sparked speculation about the safety of their investments.
The news came as a shocker to the investors because the six schemes, the fund house, and the fund manager had a good performance record. Investors in the wound up debt schemes of FTMF are now left with no choice but to wait for the fund house make repayments.
If you are one of them, surely you want to know about the timeline of payouts from the respective schemes.
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Here is what you should know first...
Before returning the money to unitholders, the fund will have to repay the borrowings by the respective schemes that was taken to fund the heightened level of redemptions. Keep in mind that the repayment of borrowings does not impact the value of money to be returned to the unit holders, though it can delay the start of pay out to unitholders.
The repayment of the borrowings that the fund has taken, along with the cash flows it receives in the respective schemes based on the maturity of the underlying securities in the portfolio as well as coupon receipts will determine the payout to the unitholders.
Moreover, the fund will seek pre-payment from issuers of the underlying securities and will look to sell portfolio holdings in secondary market at fair value.
| Scheme Name | Investment Objective | Macaulay Duration | Average Maturity |
|---|---|---|---|
| Franklin India Ultra Short Bond Fund | Investing in instruments with Macaulay duration between 3 months and 6 months | 0.38 | 0.44 |
| Franklin India Low Duration Fund | Investing in instruments with Macaulay duration between 6 months and 12 months | 1.17 | 1.45 |
| Franklin India Dynamic Accrual Fund | Investing across duration | 1.97 | 2.71 |
| Franklin India Short Term Income Fund | Investing in instruments with Macaulay duration between 1 year and 3 years | 2.43 | 3.14 |
| Franklin India Credit Risk Fund | A bond fund focusing on AA and below rated corporate bonds (excluding AA+ rated corporate bonds) | 2.36 | 3.38 |
| Franklin India Income Opportunities Fund | Investing in instruments with Macaulay duration between 3 years and 4 years | 3.92 | 5.32 |
Franklin India Ultra Short Bond Fund (FIUBF) and Franklin India Low Duration Fund (FILDF) are the schemes with shorter maturity. If you are an investor in this scheme, you may expect a significant payout within 2-3 years. However, to recover the entire amount you may have to wait up to 5 years.
If you are wondering why a scheme with average maturity of just 0.44 years and 1.45 years will take around 5 years to repay the entire amount?
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This is because the maturity of some underlying securities is much longer (around 4-5 years), even though the schemes belong to low duration category. Additionally, the schemes have borrowings in the range of 6.5% and 8.5% respectively, which have to be repaid first.
Whereas, if you are an investor in Franklin India Dynamic Accrual Fund (FIDA), Franklin India Short Term Income Fund (FISTIP), Franklin India Credit Risk Fund (FICRF), and Franklin India Income Opportunities Fund (FIIOF) your wait will be longer. These schemes primarily invest in medium to long duration securities.
These funds had to sell a number of their short term and liquid securities in the portfolio to meet redemptions. Hence, to get a significant payout from these schemes you will have to wait at least 4-5 years. The year wise expected cumulative cash flows is given in the table below.
Notably, FIIOF is the longest duration fund from among the six funds that have been wound up. It will only be able to repay a very small portion (5%) in the next two years.
Another key reason that could delay the payout from these schemes is the high borrowing rate. FISTIP has 28% of its assets as borrowings, FIIOF has 26%; while FICRF also has significant 16% as borrowings. Furthermore, factors such as credit issues or payment delays faced by any of the investee companies could negatively impact cash flows.
Many of the securities with longer maturities have regular interim cash flows and features such as interest rate resets or call/ put options, which significantly reduce the effective maturity and the same has been factored into the calculation of the Macaulay Duration.
FTMF said that it would actively explore opportunities with a goal to facilitate repayment prior to the maturity of the portfolio investments. To do this it will seek prepayment from the issuers of the underlying securities and look to sell the securities in the secondary market.
However, the current market scenario is rife with risk aversion and illiquidity. The fact that wound up schemes have high holding of lower rated securities, FTMF will have to wait for the market conditions to go back to normal to liquidate the portfolio at the earliest, without causing value erosion for investors.
[Read: RBI Steps in to Take Some Pain Off Mutual Funds. Will It Help?]
Keep in mind that debt funds are not risk-free. Investment in debt funds carry various risks relating to liquidity, credit quality, and interest rate. Therefore, before investing in debt funds understand the various risks involved and invest in schemes where the portfolio risk aligns with your own risk appetite and financial objective.
In this market environment, it would be preferable to invest in instruments issued by government and public sector enterprises, and stay away from those having high exposure to private issuers.
At PersonalFN, we arrive at top rated funds using our SMART Score Model. If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.
Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.
If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!
Author: Divya Grover
This article first appeared on PersonalFN here.
PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.
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