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US-64 to get Rs 6500 cr next fiscal

New Delhi, Dec. 26 (PTI): The government is likely to provide about Rs 9,200 crore to Unit Trust of India in the next financial year to help the mutual fund tide over liquidity problems for its beleaguered flagship scheme US-64 and assured return schemes.

The financial package for UTI is yet to be finalised but the ministry of finance is considering budgetary allocation of about Rs 6,500 crore for US-64 and another Rs 2,700 crore for assured return schemes, official sources said here today.

This is part of the Rs 14,561 crore package finalised by the government for UTI.

The proposed Rs 6,500-crore bailout for US-64 is based on the assumption that all the investors would redeem their units, official sources said.

This is the pessimistic assumption that finance ministry has drawn up.

The cash outgo may not be so high if investors stay with US-64 scheme, now renamed US-2002, sources said.

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