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of <h1>Central Government Lists SBI and GIC Mutual Fund Schemes Under Section 194K(2)(iii) for Income Payment Plans</h1> The Central Government, under section 194K(2)(iii) of the Income-tax Act, 1961, specifies certain schemes of SBI Mutual Fund and GIC Mutual Fund. The specified SBI Mutual Fund schemes include Magnum Monthly Income (1989 and 1991), Magnum Regular Income (1990), and Magnum Bond Fund (1994), all offering minimum return assurances and post-dated cheques. The GIC Mutual Fund schemes listed are GIC Safe (1991), GIC Rise (1991), GIC Rise II (1991), and GIC Big Value (1992), with specified subscription periods and redemption dates. These schemes are recognized for their income payment plans to unitholders.
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