The Unit Trust of India has decided to foreclose two of its Monthly Income Plans viz. Monthly Income Plan 1999(II) and Monthly Income Plan 2000 with effect from August 1, 2004. However, the original maturity date for MIP-99(II) falls on October 31, 2004 while MIP 2000 would mature on March 31, 2005.
The changing economic scenario and falling interest rates has led to a decline in income generated under these two schemes which has necessitated the declaration of lower income distribution of 3.5 per cent per annum for four month ending July 31, 2004. Therefore, keeping in view the interest of the unitholders, it has been decided to foreclose these two plans.
Investors under various options of the two Plans will be paid back as follows:
Monthly Option: Rs 10 per unit.
Annual & Cumulative Options: Rs 10 per unit plus accrued income for the period April 01 to July 31, 2004.
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