Rs 3,500cr for foreclosing UTI scheme

Government has earmarked about Rs 3,500 crore for foreclosing seven assured return schemes of UTI but feels that cash outgo would be nominal going by the experience of flagship scheme

US-64. ‘‘Though we have apportioned Rs 3,500 crore for foreclosing the seven UTI schemes, we don’t expect much cash outgo particularly after majority of investors of US-64 opted for the 6.75 per cent tax-free bonds,’’ a senior official said here. The seven schemes, which would be repayed before their maturity date are monthly income plans of 1998 and 1999, Children Gift Growth Fund of 1986 and 1999, Rajlakshmi Unit Plan of 1994 and 1999 and Bhopal gas victims Monthly income plan of 1992.