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Headlines
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News:
Nair appointed Secretary to President
Large-scale violence in Jharkhand bandh
Govt amending act to penalise gutkha makers, not users
Infosys US chief quits on sexual harrassment charge
Pakistan rules out resuming trade with India
Cheap calls SIM likely in city again
US regulation requires non-citizens to report address change
French Consulate in Karachi closed: report
MTNL starts internet telephony; call to US to cost Rs 4.80/m
SBI reduces interest rate on domestic term deposits
Former Co-op bank MD arrested for sanctioning bad loans
Rupee firms up further against US dollar
BSE:Sensex turns weak on fresh selling at early stages
Kapil Wisden Indian cricketer of century
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Markets:
Sensex: 3107.48, -69.45
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Forex, Metals and
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News
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Nair appointed Secretary to President
New Delhi,Wednesday, July 24, 2002: P Madhavan Nair, Defence Production Secretary, has been appointed Secretary to President, a post lying vacant for nearly two years, official sources said Wednesday.
A 1967 batch IAS officer, Nair's name was accepted by President-elect A P J Abdul Kalam who had earlier is understood to have turned down names of other officials suggested by the Government for the post. Kalam will be sworn-in as the country's 11th President Thursday.
The post of Secretary to the President had fallen vacant after Gopal Krishna Gandhi had quit to become India's High Commissioner to Sri Lanka for a short span. In the absence of a Secretary, it was Joint Secretary Shamsher Sharif who has been looking after President K R Narayanan's office.
Defence Secretary Subir Dutta has been given the additional charge of Defence Production, sources said.
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Large-scale violence in Jharkhand bandh
RANCHI: The supporters of the Jharkhand government's new domicile policy indulged in large-scale violence in the capital even as a bandh called in support of the policy paralysed the entire state on Wednesday.
The bandh was called by 58 organisations, including the AJSU, in favour of the new policy.
The industrial cities of Jamshedpur, Dhanbad and Bokaro remained peaceful.
Three people were injured in an exchange of fire between a 5,000-strong pro-domicile group and angry employees of the Heavy Engineering Corporation (HEC) here.
The injured were hospitalised though the police did not give any detail of the nature of injuries.
Incidents of firing and clashes were also reported from Piska More and Nagababa Khataal here.
The bodyguards of the water resources minister, Ramchander Kesri, fired several rounds in the air to disperse a crowd trying to enter the minister's residence.
Gunfire was also being exchanged between pro- and anti-domicile groups at the J.P. Market in Dhurwa.
Though the police fired several rounds in the air and also burst tear gas shells, the firing continued unabated. Office-goers were stopped from reporting for duty, while the offices of MECON and SAIL, as well as the Auditor General's Office, were damaged.
The government's new domicile policy earmarks 1932 as the base year in the record of rights. The bandh supporters are demanding that the government announce a timeframe for the implementation of the new policy. They also want the government to debar people who do not meet the eligibility requirements under the policy from contesting elections and even purchasing land other than for commercial purposes.
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Govt amending act to penalise gutkha makers, not users
(Times News Network)
Consuming gutkha and paan masala will not invite legal action, at least for now, state excise and food and drugs minister Anil Deshmukh said on Tuesday.
He was divulging plans for strict enforcement of the ban on manufacturing, storing and selling of the addictive products.
“Presently there is no provision in the law to book those chewing gutkha or paan masala. However, we are trying to amend the Prevention of Food Adulteration Act, 1954 to include a proviso to penalise even those who are found chewing these two products ,’’ Mr Deshmukh said at a press conference held at Mantralaya on Tuesday.
The minister said the state government had repeatedly urged the Centre to impose a nation-wide ban on these two addictive products considering the harmful impact it has on the younger generation.
Consuming gutkha and paan masala will not invite legal action, at least for now, state excise and food and drugs minister Anil Deshmukh said on Tuesday.
He was divulging plans for strict enforcement of the ban on manufacturing, storing and selling of the addictive products.
“Presently there is no provision in the law to book those chewing gutkha or paan masala. However, we are trying to amend the Prevention of Food Adulteration Act, 1954 to include a proviso to penalise even those who are found chewing these two products ,’’ Mr Deshmukh said at a press conference held at Mantralaya on Tuesday.
The minister said the state government had repeatedly urged the Centre to impose a nation-wide ban on these two addictive products considering the harmful impact it has on the younger generation.
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Infosys US chief quits on sexual harrassment charge
(Times News Network)
In these times of market turbulence, India's most admired company, Infosys Technologies, received a jolt from the most unexpected quarters.
In a development that radiated shockwaves across the industry and media circles, the software giant's anchorman in the US and board member Phaneesh Murthy, tendered his resignation on Tuesday.
``He quit due to the need for personal time to devote attention to, and pursue a successful defence of, a recent lawsuit filed aganist him and the company, alleging wrongful termination and sexual harassment,'' Nandan Nilekani told The Times of India, merely reiterating the contents of a press release circulated by the company late Tuesday afternoon.
Infosys announced that the appointment of Basab Pradhan, as its new senior vice president and head worldwide sales, ``taking over part of Phaneesh's responsibility.''
``I cannot comment on the case as it is pending before the US courts,''Nilekani said. However, he held that this unsavoury development and juggling of portfolios will not have any ``material impact on the company.''
``We reaffirm the guidance for Q2 and for the entire year.'' Nilekani said stoically.
Commenting on Phaneesh's resignation, N. R. Narayana Murthy, chairman and Chief Mentor of Infosys, said: ``Phaneesh has been an integral part of Infosys' growth in the past ten years. He has performed outstandingly in sales and marketing and CAPS and we are sorry that he has tendered his resignation in these circumstances. We wish him well for the future.''
Thirty-eight-year-of Phaneesh Murthy, an IIT, Chennai and IIM, Ahmedabad alumni, was inducted as a member of the board of directors at Infy in May 2000.
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Pakistan rules out resuming trade with India
Islamabad,Wednesday, July 24, 2002: As the border tensions continue, Pakistan has ruled out resuming trade with India through land route and signing of free trade agreement.
"When the armed forces of two countries are standing eyeball-to eyeball, how can both... initiate trade through land route or enter into a free trade area?," Commerce Minister Abdul Razak Dawood asked as he ruled out resumption of trade ties.
But Pakistan is looking ahead to sign free trade agreements with Sri Lanka and Bangladesh, he told newsmen on Tuesday after releasing the new trade policy.
President Pervez Musharraf is likely to finalise free trade agreements with Sri Lanka and Bangladesh during his tour of the countries beginning this weekend.
Dawood said Pakistan is also eager to sign agreements with the United States, Turkey and the European Union to enchance the volume of trade.
Dawood hoped market access agreements with these countries wourld help enhance Pakistan's exports beyond USD 10 billion in the current financial year.
He also revealed Pakistan would initiate its first ever anti-dumping measures against South Africa soon for dumping of tinplate, which hurt the local industry.
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Cheap calls SIM likely in city again
Mobile Wars Part II is here. As Bharti Televentures launches its mobile service, Airtel, in the city on Wednesday, Orange and BPL Mobile have already equipped themselves to take on the new competitor.
The last time they fought it out was when MTNL launched its Dolphin service in the city and forced a price cut across the board.
Additional spectrum allocation from the government will allow both incumbents to add capacity and improve their services at a time when Airtel unveils its load-free network. With a fourth operator entering India’s most lucrative mobile market, in which users notch up the highest average bills in the country, the leading two operators also plan to rapidly increase their coverage in the city by adding more cell sites.
Airtel’s entry will cause ripples the market place. Industry sources said that Bharti has already sent sales staff trooping to large companies in order to target the creamy layer.
Moreover, as an introductory offer, Airtel is likely to slash the rates for post-paid subscribers as well. plans to charge a security deposit only Rs 1,000 and an activation charge of Rs 250, sources indicate. So a customer has to pay only Rs 1,250 become a post-paid subscriber.
For those customers with a credit card, the Rs 1,000 activation charge would also be waived. Airtime rates also are likely to be cheaper than the Rs 1.49 being offered by BPL and Orange. The other two service providers are expected to match Airtel’s rates.
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US regulation requires non-citizens to report address change
Silicon Valley,Wednesday, July 24, 2002: The United States is clamping down on immigrants, including green-card-holders, with the Justice Department announcing that it intends to use criminal penalties against non-citizens who fail to notify the government of a change of address within 10 days.
Failure to report would also mean a fine of up to 200 US dollars, up to 30 days in jail and possible deportation.
Attorney General John Ashcroft said the move would help secure US borders by making it easier to track non-citizens, a media report said on Wednesday.
"By clarifying the existing requirement that non- citizens report their address to the Immigration and Naturalization Service, we are able to increase our ability to locate quickly an alien if removal proceedings must be initiated," Ashcroft said in Washington.
The 10-day notice requirement, which has long been on the books but is widely ignored and rarely enforced, would apply to at least 11 million people older than 14 who are living in the United States legally but not as American citizens.
The Immigration and Naturalization Service (INS) plans to enforce the regulation after a 60-day comment period.
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French Consulate in Karachi closed: report
Islamabad,Wednesday, July 24, 2002: France has closed down its consulate in Karachi and asked its staff to return home, two months after a deadly suicide bombing that killed 11 of its technicians working on a submarine project in the port city, media reported today.
The decision followed a French experts' report that the Consulate in the city's high-end Bath Island district was in an "unsafe" location, The News daily reported, quoting reliable sources.
The issuance of visa from the mission has been suspended for an indefinite period. French visas will now be issued from Islamabad.
The French security experts suggested that when the law and order situation of Karachi comes to normality, the Consulate-general should be shifted to a place which was not a common passage or easily accessible by the unconcerned people as well as vehicular traffic, the paper said.
The offices of the French Consul-General and Attache for Press and Political Affairs were temporarily shifted to the British Consulate General in Karachi, the daily said.
Pakistani staff of the French consulate was laid off, it said.
Attacks targeting westerners have increased in Pakistan following its support to the U.S.-led War against terrorism.
In June a bomb exploded outside the U.S. consulate in Karachi killing 14 Pakistanis.
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MTNL starts internet telephony; call to US to cost Rs 4.80/m
New Delhi,Wednesday, July 24, 2002: Mahanagar Telephone Nigam (MTNL) today announced entry into international long distance telephony with ISD call to USA and UK costing just Rs 4.80 per minute.
The service would be available from Personal Computer (PC) to phone for 168 countries in the brand name "BOL-ANMOL".
The tariffs for USA, UK, Canada, Singapore and Australia have been fixed at Rs 4.80 per minute for an ISD call from PC to phone in these countries, MTNL CMD Narinder Sharma told reporters while launching the service.
The new service, however, would benefit only PC holders but would give an option to make a call on phone connection on the terminating end.
The tariffs for other destinations would be different, Sharma said adding that this tariff is in addition to internet usage tariff and local telephony charges as applicable.
The Internet Telephony would be available in Delhi and Mumbai from today while for rest of the country, MTNL has applied for a licence to start services through its 100 per cent subsidiary Millennium Telecom.
Millennium Telecom is an "A" category Internet Service Provider (ISP) for the country, Sharma said adding that "we hope to procure the licence within a month and soon after that we will start offering services".
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SBI reduces interest rate on domestic term deposits
Mumbai,Wednesday, July 24, 2002: State Bank of India (SBI) has reduced the interest rates by 25 to 50 basis points for its domestic term deposits of various maturities with effect from July 29.
The reduction in rates, applicable to all fresh domestic term deposits and renewals, is 25 basis points at 7.25 per cent per annum for deposits of maturities of seven to 14 days and two years to less than three years, SBI said in a release here on Tuesday.
The cut has been of 50 basis points at 7.50 per cent per annum for deposits of maturities of three years and above.
The country's largest bank said the interest payable on term deposits with maturities of 15-45 days, 46-179 days, 180 days to less than one year and one year to less than two years remains unchanged.
For NRI deposits, the rate would be same as those payable on domestic term deposits, it added.
The interest on deposits of maturities of one year and above to senior citizens carry a differential rate of 75 basis points over and above the applicable rate.
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Former Co-op bank MD arrested for sanctioning bad loans
Chandigarh,Wednesday, July 24, 2002: Former Managing Director of Punjab State Co-operative Bank Parmeshwar Singh has been arrested for allegedly causing a loss of more than Rs 530 million to the state exchequer by sanctioning loans to companies without taking adequate securities.
Punjab Vigilance Bureau Chief Director-cum-ADGP A P Pandey said today that Singh, at present Additional Registrar Co-operative Societies, was booked under various sections of Indian Penal Code and Prevention of Corruption Act Tuesday night.
As per preliminary investigations conducted by the Bureau, Singh distributed loans worth crores to a number of public and private sector units without taking adequate securities from them, Pandey said.
The loans were disbursed in 1998 and 1999 when Singh was Managing Director of PSCB, he said.
Pandey said the loans were offered to seven companies in violation of rules and regulations due to which the accused also benefitted.
Some of these units were yet to start production, the vigilance chief said.
Initial investigations conducted by the Bureau's Economic Offences Wing DIG B K Uppal revealed Singh sanctioned a loan of Rs 826.8 million to Heal L Toes Footwears Ltd despite opposition from other bank officials and then Advocate General of the state.
He also sanctioned a loan of Rs 282.8 million to Punwire Communications Limited, Rs 178.6 million to Gurdarshan Leather and Rs one crore each to Brahma Styers Tractors, Rana Mahindra Papers Ltd and Gossons Air Conditioners.
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Rupee firms up further against US dollar
Mumbai,Wednesday, July 24, 2002: The rupee continued to rule firm against the US currency, backed by strong dollar supplies from exporters and foreign fund inflows in generally slightly quiet to moderate activity at the Interbank Foreign Exchange market here on Wednesday.
Opening on a positive note at Rs 48.6700/6750 per dollar, the rupee moved up further to Rs 48.6650/6725 in late Wednesday morning deals, sharply higher from Tuesday's finish of Rs 48.6800/6850.
Healthy dollar inflows from export proceeds and inward remittances continued to give the rupee good underlying support, but dollar demand from state-owned banks will check further sharp rupee gains, a forex dealer said.
The rupee has appreciated by over ten paise in the last three consecutive sessions, supported by strong exporter dollar sales inspite of steady dollar buying from public sector banks.
In cross currency trades, the Euro was quoted at Rs 48.29/31, Pound Sterling at Rs 76.19/21 and Japanese Yen (100) at Rs 41.53/56.
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BSE:Sensex turns weak on fresh selling at early stages
Mumbai,Wednesday, July 24, 2002: The overnight recovery was shortlived and the sensex opened weak reflecting fresh selling pressure in IT majors at early stages on Bombay Stock Exchange (BSE) on Wednesday due to another sharp fall in the Nasdaq Composite Index on Tuesday night.
Extending its slide on Tuesday, the Dow Jones industrials sank 82.24 points (1.06 per cent) to 7,702.34 -- its lowest point since October 1, 1998. and the tech-heavy Nasdaq tumbled to a five-year low at 1,229.05, down 53.60 points (4.18 per cent).
Infosys Technologies was also affected by reports that one of the company's US-based director, Phaneesh Murthy who was believed to be responsible for an overwhelming chunk of its revenues, has resigned following a case filed against him.
Reflecting the slide, the BSE Sensitive Index opened lower at 3163.45 as against Tuesday's close of 3176.93 and later dipped to a low of 3151.62 before being quoted at 3160.37 at 10.30 a.m.
However, Tisco was quoted sharply up on the company's announcement of a 214 per cent rise in net profit for the first quarter.
Among the top losers, Digital Equipment were quoted lower by 4.77 per cent, Mastek by 3.94 per cent, Hinduja TMT by 3.70 per cent, Tata Elxsi by 3.56 per cent, Rolta by 3.35 per cent, Zee Telefilms by 3.27 per cent, Silverline by 3.20 per cent, SSI Ltd by 3.14 per cent, Shyam Telecom by 3.04 per cent and Indogulf Fert by 2.86 per cent.
However, Sesa Goa, Bousch Lomb, Trent Ltd, Crompton Gr, United Phosp and Novartis showed smart gains.
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Kapil Wisden Indian cricketer of century
LONDON: Kapil Dev pipped Sunil Gavaskar and Sachin Tendulkar to win the Wisden Indian Cricketer of the Century Award here on Tuesday, an event co-sponsored by indiatimes.com. Sachin was given the Wisden people’s choice award.
A goodly crowd which paid 1,000 pounds per head enjoyed the evening which was carried off with elan in quasi-Bollywood style by Mark Nicholas (former Yorkshire captain) and Diana Hayden (former Miss World).
Almost entire galaxy of Indian greats, past and present, was in attendance barring former captain and nominee Mohd Azharuddin.
The current Indian team led by Sourav Ganguly came early and stayed till the end mingling with Syed Mushtaq Ali (Lifetime Achievement Award), MAK Pataudi, Ajit Wadekar, Bishen Bedi, Sunil Gavaskar, Kapil Dev, Dilip Vengsarkar, Gundapppa Vishwanath, Eknath Solkar, Faroukh Engineer, S Venkataraghavan and Ashok Mankad. There was a fair sprinkling of non-Indian cricket heroes too: Clive Lloyd, Viv Richards, Ted Dexter, Tony Lewis, Andy Flower, Nasser Hussain, and Saqlain Mushtaq.
The awards function got off to a sluggish start with the arrival of guests and players delayed by London’s chaotic traffic. But it picked up momentum rapidly.
As far the award winners are concerned, there were surprises aplenty right through with B S Chandrashekhar (6 for 38 vs England, at The Oval in 1971) pipping Anil Kumble (10-74 vs Pakistan, New Delhi) for the Best Bowling Performance of the Century and Sunil Gavaskar’s 1985 team which won the World Championship of Cricket in Australia getting ahead of Kapil’s Devils of 1983 and Ajit Wadekar’s 1971 team which won in England and West Indies.
VVS Laxman was given the award for the Batting Performance of the Century for his epoch making 281 against Australia in Kolkata 2001. India went on to win the Test after following-on and ultimately won the series. The win at Kolkata also ended Australia's record 16 Test match-winning streak.
The Spirit of Cricket Award was given to G R Vishwanath for calling back England wicket-keeper Bob Taylor after he was given out by the umpire during the Jubilee Test in Bombay. Taylor went to score a hundred and was involved in a match-winning partnership with Ian Botham.
India’s opening batsman of 1930-40 Mushtaq Ali was given Wisden’s Special Achievement Award.
The unassuming Chandrashekhar was hugged warmly by his teammates Bedi and Pataudi. And after that by his wife who could not control her emotions and broke down.
Gavaskar, who seemed non-plussed by winning the award for the best team, said that his personal vote would have gone to Kapil Dev’s World Cup winning side because it was the defining moment in modern Indian cricket.
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Sensex: 3107.48, -69.45
The sensex closed at 3107.48, down 69.45
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Forex
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1 U.S. $ = 48.61 INR
1 Japanese Yen = 0.42 INR
1 British Pound = 76.21 INR
1 Canadian $ = 30.69 INR
1 Singapore $ = 27.84 INR
1 UAE Dirham = 13.23 INR
1 Saudi Arabian Riyal = 12.96 INR
1 Euro = 48.23 INR
1 Qatar Rial = 13.35 INR
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Metals
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Weather
| Temperature : 84 F / 29 C
HeatIndex : 90 F / 32 C
Humidity : 70%
Dew Point : 73 F / 23 C
Wind : WSW at 6 mph / 9.7 km/h
Wind Gust -
Pressure : 29.77 in / 1008 hPa (Steady)
Conditions : Haze
Visibility -
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Admin Message
Your letters
Mr. Amir Panjwani shared a letter that was sent by the Parent Action Committee to a number of MPs. Thank you for sharing this letter.
Respected Sir,
Sub. : Fees in English Medium Aided School by
G.R. No. SSN-1000/306/2001 SEC-ED-2 dated 24.5.2002
On behalf of the parent of English Medium Aided School of Mumbai, we put before you for your persual. That in our state of Maharashtra the Government of Congress & NCP is in power having issued a GR dated 24.5.02 imposing fees on students of only English Medium Aided School and not on any other vernacular language.
You are aware that English is a language, spoken and understood all over the world but the policy of State Government shows stepmother attitude towards English Medium School by reducing Grant in aid and charging fees. Approximately 3,20,000 students will be affected by the State Government’s decision.
The State Government will spoil its image on the issue of fees to be charged on English Medium School. The State Government shows budget deficit of about 7800/- Crores wherein Rs. 271 Crores locked with sugar and other co-operatives. (No Recoveries) Rs. 637 Crores waived loans payable by Maharashtra State Co-operative Marketing Federation under the cotton monopoly procurement. Rs. 2850 Crores locked in 95 incomplete projects.
The huge loans and expenditure by the State Government has ruined the financial status and to make it good. The 3,20,000 students are targeted. Sir/Madam, the above stated will give you clear picture. In this situation, we seek your intervention in the matter to resolve the crisis.
Our view is that the 6% budgetary allocation as per NEP can fulfill the present pattern of funding of aided school.
We request your goodself to please resolve this issue at the earliest by using your influence for the benefit of poor student and bright future.
Soliciting your co-operation.
Yours Sincerely
On behalf of Parent Action Committee
G.V.Panjwani
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'Make Peace, not War' - a seminar organised by Pakistan India Peoples' Forum for Peace and Democracy on Saturday June 8, 2002 at Press Club, at 3.00 pm opposite BMC Head quarters, VT, Mumbai 400 001. (via nukkad)
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V.K.Venugopal, an ex-bureaucrat, suggests a few electoral reforms (on nukkad)
Arya tries to reconcile his many roles: so many of me? (via nukkad)
2002 SSC results to be declared on June 10. We will post more details as they are available. (Thanks to Mr. Ramesh Kapadia for the information)
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