LONDON: Gold prices fell to a new 20-year low point here early today on technical trading in a continuing downward movement since britain revealed last month that it plans to sell off more than half its gold stocks.The gold spot price on the London bullion market fell to $ 265.60 an ounce from $ 269.15 at the close of trade on Friday, the last day's trade prior to a long bank holiday weekend here. Not since May 24, 1979 has the gold price been so low. The latest bout of selling came in continuing reaction to an announcement from the Bank of England (BoE) that it plans to dispose of 415 tonnes of gold - more than half of its stocks - starting in July.

RCMF announces dividend options

MUMBAI: Reliance Capital Mutual Fund (RCMF) has introduced three new dividend plans in its open-end income scheme - Reliance Income Fund. These are the monthly, quarterly and half yearly dividend plans whereby investors would receive dividends as of the end of every month, quarter andsix month periods depending on the plan opted for. These plans are in addition to the growth plan and the earlier dividend plan being renamed as the Annual Dividend Plan.

The new dividend plans will be an ideal investment avenue for investors who require regular tax free income and for investors looking for tax efficiency with post tax returns, on investments made for a period of less than one year. Income Distribution Tax and surcharges payable by Reliance Income Fund will be at a rate of only 11 per cent, whereas an individual investor or corporate entity opting for capital appreciation instead of dividends will have to pay short term capital gains tax including surcharge at the rate of 33 per cent (at the highest marginal slab) and 38.5 per cent respectively. These plans therefore help an investor effectively pay a lower rate of tax on his returns.

HMIL rolls out Euro-II compliant Santro

NEW DELHI: Hyundai Motor India Limited (HMIL) launched and delivered its first Euro-II compliant Santro.The Euro-II compliant versions cost Rs. 12,000 more than the existing Euro-I compliant versions of Santro. Hyundai donated the first Euro-II car to Panchavati green movement, which under permission from the Delhi government is launching a one-year campaign against the use of polybags.

HMIL MD K. R. Kim said: Our plan to introduce Euro-II Santro is a natural consequence of the continuous process of technological upgradation undertaken by Hyundai in order to achieve leadership in domestic market through superior technology and better value for money.'' According to HMIL Director (marketing and sales) B V R Subbu, the Euro-II compliant car will be available as an additional option for each of Hyundai's three variants.