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Headlines
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News:
Four simultaneous blasts rock Ahmedabad
India will act if any further Kaluchak-like attack occurs
International pressure on Pak failed: India
Dominate strategic places in border, militants told by ISI
UK against terrorism in all its forms: Jack Straw
China not to take sides in India-Pakistan tension
World community wants Musharraf to implement promises: Straw
US to permit sale of defence spares, choppers to Pak: Report
India ask for zero duty benefit for textile exports from EU
Rupee steady against USD in early trade
Sinha ask taxmen to go beyond 1x6 scheme to meet budget target
Indirect Tax collections grow 22.54% on economic recovery
BSE: Bearishness prevails at opening session
Germany turns down IHF plan to field
Phadke enters semi-finals, Tulpule goes down
India to play in ICC Trophy
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Four simultaneous blasts rock Ahmedabad
Ahmedabad,Wednesday, May 29, 2002: In a serious setback to the 10-day-old peace and reconciliation process in riot-torn Gujarat, four bombs exploded simultaneously in city buses today injuring at least 12 people, while eight stick bombs fitted with timers were recovered and defused.
The blasts took place during the rush hour, around 10 am, in municipality-run buses in majority community areas of Ahmedabad, which had already borne the maximum brunt of the communal rage during last three months.
The explosions caused by "very crude bombs" occurred in two buses in Vasna, one in Gokul and one in Geeta Mandir road, police said adding the injured, including at least three women, were rushed to hospital.
The state cabinet, which met under the chairmanship of Chief Minister Narendra Modi, took serious note of the development and described the explosions as "acts of terrorism".
The cabinet also decided to investigate the incident and take immediate action against the culprits, Agriculture Minister Purushottam Rupala told reporters.
"It was a mischievous work to create panic and derail the peace process," a senior police official who visited the sites told PTI adding "very crude bombs were planted and all three exploded at around the same time".
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India will act if any further Kaluchak-like attack occurs
New Delhi,Wednesday, May 29, 2002: India has warned that any further Kaluchak-like terrorist attack would provoke immediate action as the situation has "already reached more or less the end of the road."
"The situation has reached a threshold level," Defence Minister George Fernandes said in a TV programme, adding that if international efforts to make Pakistan end cross-border terrorism fail, the Indian "army is there" to tackle the issue.
"We don't have inexhaustable patience... If another Kaluchak takes place, there won't be any time (for India to act). We have already reached more or less the end of the road," Fernandes said in 'Court Martial' programme of Karan Thapar to be telecast on SAB TV tomorrow.
He refused to specify time with regard to further action against Pakistan, saying "situations change from hour to hour."
He said the Indian troop mobilisation following the December 13 terrorist attack on Parliament was carried out to "make Pakistan realise" that New Delhi is not ready to put up with the actions it has been for the last many years.
Stating that Pakistan President Pervez Musharraf's recent statements were "provocative" and "showed desperation", he said India expects the US-led global coalition against terrorism to "collectively take a stand" with regard to Islamabad's support to cross-border terrorism.
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International pressure on Pak failed: India
New Delhi,Wednesday, May 29, 2002: India has termed as "disappointing and dangerous" Pakistan President Pervez Musharraf's stand on cross-border terrorism and said international pressure on Islamabad to rein in militants has failed to bear fruit.
External Affairs Minister Jaswant Singh said on Tuesday that Musharraf's speech Monday night in which he asserted that there was no infiltration from Pakistani side was both "disappointing and dangerous."
"Disappointing as it merely repeats some earlier assurances which remained unfulfilled till today, and dangerous because through belligerent posturing tension has been added to, not not reduced," Singh said.
"Evading altogether the central issue of Pakistan's promotion of terrorism, the General unfortunately engaged instead in an offensive and tasteless revilement of India," he said.
During the hour-long press conference Singh ruled out any possibility of a meeting between Prime Minister Atal Bihari Vajpayee and Musharraf in Almaty, severing of diplomatic ties with Pakistan and India making first use of nuclear weapons.
Musharraf's speech contradicted his expressed desire for peace and "mocks the expectations of most of the international community by flouting current international commitment against terrorism," Singh said adding the world pressure on Pakistan to rein in militants had failed to bear fruit.
Referring to Musharraf's belligerent posture and the third missile test today, he said "it is for the US and the UK to assess themselves as to whether their pressure is working because this was their stated objective to fight against terrorism".
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Dominate strategic places in border, militants told by ISI
Rajouri (Jammu),Wednesday, May 29, 2002: Pakistan's ISI and sabotage units of Maugla striking corps have directed militants to dominate strategic places in border belts and indepth areas south of Pir Panjal hills, according to intelligence sources here today.
Inter Service Intelligence (ISI) and some sabotage units of Pak army have directed militant groups, particularly Jaish-e-Mohammad (JeM), Lashker-e-Toiba (LeT), Harkat-ul-Jehadis-Islami (HuJI), Tehreekul-e-Jehadi-Islami (TeJI), Harkat-ul-Mujahideen (HuM) and Al-Badr to assemble in border belts in south of Pir Panjal and create dominance on strategic places in border belts and indepth areas, the sources quoting intercepts and other available information said.
"Jung ho sakti hai. Tum log border khatoon mein jamah ho jawoo. Aur tum mujahideen bhai onchey aur nazuk jaghoon pur positions lay low, (War is possible. You take positions along the border's sensitive points)", one of the intercepts between Pak ISI and militants said.
The intelligence reports further said militants would try to thicken themselves in border belts of Rajouri, Poonch in particular and Jammu and Kathua in general.
"In case of war or limited conflict, they can create trouble for defence setup, convoy and ground troops by engaging them in border areas," the sources said.
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UK against terrorism in all its forms: Jack Straw
New Delhi,Wednesday, May 29, 2002: British Foreign Secretary Jack Straw today expressed his country's unambiguous views against cross-border terrorism, including the "terrorism that is dressed up as freedom fighters".
Straw told reporters after over an hour-long meeting with Home Minister L K Advani that "I began my conversation with Advani by reiterating British Government's unambiguous views against terrorism in all its forms, including cross-border terrorism and the terrorism that is dressed up as freedom fighters".
Stating that he had "very good talks" with the Home Minister, the visiting dignitary said the discussion was focussed on the question of Kashmir and the Indo-Pak tension.
Straw, who arrived here Tuesday evening from Islamabad will hold talks with Prime Minister Atal Bihari Vajpayee and other Indian leaders in a bid to defuse the stand off between the South Asian nuclear neighbours.
This is Straw's second visit to India since the December 13 terror attack on Parliament.
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China not to take sides in India-Pakistan tension
Beijing,Wednesday, May 29, 2002: Pakistan's key ally China today ruled out taking sides in the current Indo-Pak stand off and said it was in fact using its influence to peacefully resolve the crisis.
Chinese President Jiang Zemin assured a US Congressional delegation that China is friends with both Pakistan and India and that it does not want to take a role on one side or the other and is using its influence to basically make contacts.
Quoting Jiang as telling him during a meeting here this morning, US Congressman Curt Weldon said: "He told us about some trips and meetings that have taken place to provide a sense of urgency to both sides that this question of Kashmir and the concerns of disagreements must be resolved peacefully."
Weldon is the chairman of US House of representatives Armed Services Committee Military Procurement Subcommittee.
Jiang briefed the 13-member US Congressional delegation about the steps China has taken to ease Indo-Pak tensions, he told reporters.
"It's an extreme concern of ours. We raise it at every stop on our way about India and Pakistan. All of us are friends with both India and Pakistan", he said.
"We are extremely concerned and distressed that the situation has reached this point," Weldon said adding that he discussed the issue during their stay in Russia and Uzbekistan.
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World community wants Musharraf to implement promises: Straw
New Delhi,Wednesday, May 29, 2002: Britain today firmly told Pakistan that its promises to combat cross-border terrorism must be judged by action on the ground and declared that terrorism included the kind perpetrated by so-called freedom fighters in Jammu and Kashmir.
"The test (of verification) is by action and not words. There has to be measurement on the ground. The internationnal community looks to (Pakistan President Pervez) Musharraf for full implementation of the promises made by him," British Foreign Secretary Jack Straw told a joint press conference with Externnal Affairs Minister Jaswant Singh here after holding wide-ranging talks.
Straw, who arrived here Tuesdsay night on a 24-hour visit from Islamabad in a bid to defuse the current Indo-Pak crisis, minced no words in asserting that the international law and the United Nations Security Council resolution 1373 made it clear that terrorism included cross-border terrorism as also that perpetrated by 'freedom fighters'.
Straw, who also met Home Minister L K Advani, said Musharraf must ensure that the Line of Control (LoC) with India is effectively sealed and there was no infiltration from his side.
Asked as to how much time India would give Musharraf to implement his commitment, Singh stressed the Pakistani leader had been given "enough time" and it was "vital for him to recognise the urgency of the situation".
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US to permit sale of defence spares, choppers to Pak: Report
Islamabad,Wednesday, May 29, 2002: The United States has indicated permitting supply of spare parts for Pakistan's existing US-origin defence equipment and provide helicopters capable of reaching its Afghan borders where US and Pakistani troops are conducting operations against al Qaeda and Taliban militants.
"The Foreign Military Financing (FMF) will facilitate continued military support for Operation Enduring Freedom by allowing the supply of spare parts for Pakistan's existing US-origin equipment as well as by providing C-130 support and helicopters to improve transport and access to border areas," an official US government report said.
The US document said that Pakistan's continued support for Operation Enduring Freedom helped in detaining and handing over fleeing Al-Qaeda and Taliban and in cracking down on extremism which has inturn proved critical to US success in the international war on terrorism.
The report detailed US support for Pakistan during the fiscal year 2003 and projected an overall 305 million dollar assistance in addition to the 921 million dollars provided during the fiscal year 2002 to fight terrorism in Afghanistan, 'The News' said today.
The US monetary assistance included 600 million dollar economic and budgetary support apart from 220 million dollar payments under the logistical support agreement, it said.
A supplementary appropriation bill placed in the Senate on May 22 had also mentioned some additional funds for Pakistan.
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India ask for zero duty benefit for textile exports from EU
New Delhi,Wednesday, May 29, 2002: India has asked European Union to extend zero-duty benefits and to release additional wool quotas as it was provided to neighbouring countries like Pakistan.
The Textiles Minister Kansiram Rana took up the issue with Fernando Pinnick, Director General of trade of the European Commission, at a discussion after the 71st Conference of International Wool Textile Organisation at Barcelona, Spain.
"India has fulfilled all the conditions stipulated by the EU and has reduced import tariff on textiles items," an official release quoting Rana said on Tuesday.
India is committed to reduce peak import duties to 25 per cent for industrial goods including worsted fabric, he said.
Rana said India has come a long way in implemening the WTO guidelines although it was against bringing environmental standards in trade.
He asked the developed nations to provide a "level-playing field" for Indian textiles to compete with others in terms of quality and cost.
India's wool and textiles industry witnessed rapid change on account of the various initiatives taken in the new Textiles Policy. "Further reforms are also due," he added.
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Rupee steady against USD in early trade
Mumbai,Wednesday, May 29, 2002: The rupee remained more or less steady against the US currency in tight range-bound early trade at the Interbank Foreign Exchange market today.
Opening around Rs 48.9650/9750 per dollar, the rupee is currently quoted at Rs 48.97/98, little changed from the overnight finish of Rs 48.9750/9850.
The forex spot trade remained subdued and within narrow band due to lack of market moving factors.
Developments on the Indo-Pak borders will dictate the rupee trend later today, a forex dealer said.
In cross currency trades, the Euro was quoted at Rs 45.48/50, Pound Sterling at Rs 71.40/42 and Japanese Yen (100) at Rs 39.32/34.
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Sinha ask taxmen to go beyond 1x6 scheme to meet budget target
New Delhi,Wednesday, May 29, 2002: Government will introduce a number of measures like bringing people having bank-lockers under the tax net and intensifying search and scrutiny to plug tax evasion in order to shore up revenue and meet the fiscal deficit target in the face of war-like situation.
"The war-like situation has continued for many years. I don't think that should come as an alibi for any failure on the revenue front. One thing I will hate to have is a tax shortfall," Finance Minister Yashwant Sinha said today.
"Troop mobilisation has put in some pressure on expenditure. But it has been factored in the Budget," he said on the sidelines of 18th All India Conference of Chief Commissioners and Director General of Income Tax here.
He allayed fears of a higher fiscal deficit than the targeted 5.3 per cent of GDP and said "There is no pressure on borrowings."
Sinha did not hazard a guess on the growth of GDP this fiscal but pointed out at projections of 4.0-6.5 per cent made by private agencies.
"The global economy is on the recovery path and the US economy is picking up. Despite the challenges we are facing, this year should be better," the finance minister said.
Sinha laid stress on revenue growth and said "They (I-T department) should do two things -- first, bring more people under tax net. Those who ought to pay tax should pay tax. Second, where evasion or concealment is taking place, they should be able to bring it to light."
The minister asked the tax authorities to go beyond the One-by-Six scheme to attain the revenue target of Rs 1,729.65 bn during 2002-03.
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Indirect Tax collections grow 22.54% on economic recovery
New Delhi,Wednesday, May 29, 2002: After negative growth last fiscal, indirect tax collections picked up substantially by 22.54 per cent at Rs 121.54 billion during April to May 15 this fiscal, signalling economic recovery in the country.
While collections from customs duty were up by 13.23 per cent at Rs 47.40 billion during April-May 15, the mop-up from excise duties increased by a robust 29.33 per cent at Rs 74.14 billion, official sources told PTI here today.
The impressive excise collections pushed up the growth of indirect tax collection to 22.54 per cent as compared to 21.36 per cent targetted for the entire fiscal.
Government aims to raise Rs 1363.34 billion from indirect taxes in 2002-03, of which Rs 911.41 billion is projected to come from excise duties and another Rs 451.93 billion from customs.
Sources said indirect tax collections, which declined by 13.5 per cent rate at Rs 99.18 billion during April-May 15 last fiscal, have rebounded to a double digit growth during the same period of current fiscal.
During 2001-02, indirect tax collections faltered to a negative growth rate of 3.36 per cent at Rs 1123.41 billion which was far below the budget estimate of Rs 1362.70 billion
While excise mop-up grew by 5.28 per cent at Rs 722.61 billion, customs performed badly, recording a negative growth of 15.83 per cent at Rs 400.80 billion.
During the first 15 days of May, indirect tax collection was up by 21.54 per cent at Rs 44.05 billion this fiscal as against Rs 36.24 billion during the year-ago period last fiscal.
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BSE: Bearishness prevails at opening session
Mumbai,Wednesday, May 29, 2002: Bearishness continued to prevail at the opening session on the Bombay Stock Exchange (BSE) today with lacklustre activity following continued tension on the Indo-Pak border.
Resuming on a firm note, share values dropped immediately owing to cautious selling by operators in the absence of any worthwhile buying support from institutional investors.
Dealers attributed the nervousness to a tough stance taken by India against Pakistan. In a reply to Monday's Pakistan President Pervez Musharraf's televised address, India said that it can't continue to be penalised for its patience and was looking for a permanent end to infiltration from across the Line of Control, dismantling the infrastructure of terrorist traning camp in Pakistan's territory.
The BSE-30 share sensitive index opened higher at 3155.67 and immediately touched a high of 3179.85 only to fall back to a low of 3119.64 before being quoted at 3130.81 at 10.45 am as against yesterday's close of 3146.83.
Software counters continued their downward march due to weak Nasdaq advices where the Nasdaq Composite Index eased by 9.32 points Tuesday night.
Among major losers, SAIL dipped by 6.41 per cent, Tata Power by 3.92 per cent, VSNL by 2.90 per cent, BPCL by 2.35 per cent and Rolta India by 2.18 per cent.
However, Shyam Tele rose by 10.50 per cent, NOCIL by 7.01 per cent, GNFC by 5.84 per cent, Ballarpur by 5.08 per cent and IDBI by 4.48 per cent.
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Germany turns down IHF plan to field
Chennai,Wednesday, May 29, 2002: India have been denied entry into a four-nation hockey tournament in Hamburg next month because of their decision to field a "second-string" team and would now participate in the Azlan Shah tournament in Malaysia instead.
Indian Hockey Federation sources said hosts Germany wanted the participation of the Indian team currently in Adelaide and not the one that was scheduled to go to Hamburg as they considered it to be a "second-string" side.
Malaysia and Spain were the other two teams in the tournament to be played from June 14 to 16.
"IHF has now decided to send a team for participation in Azlan Shah tournament in third week of June," the sources told PTI, adding the team for this tournament would be picked from the 32 probables now undergoing training in Bangalore camp.
IHF had selected two groups of probables for the Australian and German tours. The Dilip Tirkey-led 18-member team, already in Adelaide, plays South Korea tomorrow in the tournament also involving hosts Australia and Malaysia.
After a dismal show in the World Cup in Malaysia, IHF is striving to give the Indian team maximum exposure to international tournaments to prepare it for the Champions Trophy in Cologne (Germany) in August-September and Asian Games in Busan.
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Phadke enters semi-finals, Tulpule goes down
Chandigarh,Wednesday, May 29, 2002: Top seed Sonal Phadke subdued Samrita Sekhar in straight sets to move into the semi-final of the ITF Women's Circuit at the CLTA deco-turf here today.
Phadke, on a rainy day exhibited exhilarating tennis to topple Sekhar 6-3 6-3 in the quarter-finals. Second Seed Radhika Tulpule, however, found herself at the receiving end as she went down fighting to Archana Venkataraman 3-6 6-4 7-5. Tulpule, who was on a roll in the first set appeared to wrap up the match but played poor tennis on crucial points to gift the tie to rival. In another match Sheetal Goutham beat Liza Pereira in straight sets 6-2 6-4. Local lass Shruti Dhawan, seeded fourth, played her usual power tennis to win the first set 7-6 against Ankita Bhambri. But Bhambri showed nerves of steel to clinch the next two sets and match 6-7 6-3 6-4 to ensure place in the semi-final. The doubles quarters will be played later in the day.
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India to play in ICC Trophy
India have ended months of speculation by confirming their participation in September's ICC Champions Trophy in Sri Lanka where Pakistan are also playing.
India have also verified it will be sending a team to next year's World Cup, but once again ruled out resuming bilateral cricketing ties with Pakistan in the near future.
It was thought India would not compete alongside Pakistan, but sports minister Uma Bharti told the Press Trust of India that Pakistan's presence will not preclude participation in either tournament.
In early May the Indian media raised doubts over participation of the Indian team in the ICC Champions Trophy because of heightened military tension between the two nuclear-armed neighbours.
Pakistan have already confirmed their participation the event.
The two countries have been drawn in separate groups in the Champions Trophy but will have to face each other if they make the final.
Pakistan and India have not played each other for two years.
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Sensex: 3160.24, +13.41
The sensex closed at 3160.24, up 13.41
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Forex
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1 U.S. $ = 48.97 INR
1 Japanese Yen = 0.39 INR
1 British Pound = 71.56 INR
1 Canadian $ = 32.00 INR
1 Singapore $ = 27.34 INR
1 UAE Dirham = 13.33 INR
1 Saudi Arabian Riyal = 13.06 INR
1 Euro = 45.61 INR
1 Qatar Rial = 13.45 INR
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| Temperature : 88 F / 31 C
HeatIndex : 98 F / 37 C
Humidity : 66%
Dew Point : 75 F / 24 C
Wind : NW at 7 mph / 11.3 km/h
Wind Gust -
Pressure : 29.71 in / 1006 hPa (Steady)
Conditions : Partly Cloudy
Visibility -
Clouds (FEW): 2000 ft / 611 m
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