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Three IPS officials arrested for fake encounter in Gujarat
Ahmedabad, Apr 24 (PTI) Gujarat Police today arrested three IPS officials on a charge of murder for their alleged role in the death of a man in a fake encounter in 2005.
Those arrested are Inspector General (border range) D G Vanzara, Rajkumar Pandayan, a superintendent of police with the Intelligence Bureau, and an IPS officer from Rajasthan whose name was not released.
Vanzara and Pandayan were called to the state police chief's office today and arrested in front of the DGP, senior Intelligence Bureau official Sudhir Sinha told PTI.
Sinha said they were arrested "on the charge of murder".
The arrests were made in connection with the death of one Soharrubudin Sheikh, who was allegedly killed in a gun battle on November 26, 2005 during a joint operation by Gujarat's Anti-Terrorist Squad (ATS) and Rajasthan Police.
Vanzara was chief of the ATS at that time while Pandayan was his deputy. PTI
Home loan below Rs 20 lakh may soften by up to 0.5 pc
Mumbai, Apr 24 (PTI) The Reserve Bank has directed commercial banks to provide relief to those seeking home loans of up to Rs 20 lakh, paving the way for reduction of interest rate on such borrowings by as much as 0.5 per cent.
The central bank expects the banks to judiciously relax the provisioning norms, while disbursing housing loans of up to Rs 20 lakh, RBI Governor Y V Reddy told reporters after releasing the annual credit policy for 2007-08.
The new norms will result in softening of interest rate on housing loan by 25-50 basis points, Punjab National Bank Executive Director K Raghuraman said, adding: "We would pass on this benefit to the borrowers." PNB will work out the quantum of relief that would be passed on to the housing loan borrowers in the stipulated segment, he said.
RBI in its annual policy document has reduced the risk weight on residential housing loans to individuals for loans up to Rs 20 lakh from 75 per cent to 50 per cent as a temporary measure which will be reviewed after one year.
Giving the rationale for the initiative, Reddy said: "Though housing loan affects many people but it does not impact the banks in the same way so we have given these concessions." Reddy further said that borrowers who had taken the floating rate loan did not appreciate the risk involved in opting for such loans.
Reacting to the RBI proposal, Oriental Bank of Commerce Executive Director Allen C A Parera said there could be marginal reduction in the interest rate on the segment in the near term.
However, it is a temporary measure, he said, adding the central bank could also increase it if circumstances turn adverse. PTI
Court extends remand of accused in human trafficking case
New Delhi, Apr 24 (PTI) A Delhi Court today extended by two days the police remand of an accused in the human trafficking case in which BJP MP Babubhai Katara is facing probe.
Additional Chief Metropolitan Magistrate Kamini Lau extended the police custody of Sunderlal Yadav, a betel shop owner till April 26 saying that as per his disclosure statements revealing names of other accused, his custodial interrogation was necessary.
The court rejected his plea that his custody remand should not be extended in view of his poor health.
Meanwhile, the court also sent Kiran Dhar, an associate of Rajender, secretary of Katara to two days' police custody. Yadav and Dhar were arrested alongwith secretary of the MP on Friday last week.
BJP MP from Dahod, Katara was arrested at the international airport here on April 18 when he tried to take one Paramjeet and a boy to Toronto allegedly using his wife and son's diplomatic passports. PTI
Smith banks on Kallis, Gibbs to upstage Australia
St Lucia, Apr 24 (PTI) South Africa skipper Graeme Smith is plotting Australia's peril in the second semifinal of the cricket World Cup tomorrow banking on Jacques Kallis' experience and Herschelle Gibbs' unpredictability.
"Hopefully, we can make our luck on Wednesday. We certainly can create it by playing good cricket. We have the opportunity to win the game and move into the final," Smith said.
Despite Kallis' average form, Smith exuded confidence that tomorrow might be the day for the middle order batsman.
"Jacques is a world-class player and a team player. He's won many games for South Africa. I think over the last couple of months, and maybe years, he's had a look at his one-day game.
"Maybe with the game changing, he's had to reassess a few things, but he's an integral part of our team and I'm sure he's going to play a massive role in the semi-final," he said.
On the other hand, Gibbs' x-factor would keep the Aussies guessing tomorrow, hopes Smith.
"I think Herschelle is one guy that Australia will fear. He's unpredictable, has shots all around the wicket and he's played well throughout the tournament. He looks very determined." Gibbs' tendency for premature celebration saw him drop Steve Waugh in 1999 and the then Australian captain eventually went on to score a century in the crucial Super Six match. But Smith felt Gibbs might want to settle the score tomorrow.
"You talk about 1999 and how many guys get a second chance. He's looking forward to the opportunity. I really believe Herschelle is up there for Wednesday," Smith said. PTI
ESPN to launch cricket channel
New Delhi, Apr 24 (PTI) With the ICC's global telecast rights in its pocket, sports broadcaster ESPN STAR Sports today announced the launch of a dedicated cricket channel to tap the lucrative Indian market.
The new channel - STAR Cricket - will begin transmission in June and would be a pay channel. Besides live matches, it will have features, analysis and views-based programmes for in-depth coverage of the game, ESPN Software India Pvt Ltd Managing Director R C Venkateish said.
"The launch of STAR Cricket is part of our long term strategy to strengthen our offering to sports fans in the country," he said, while terming as "temporary" Indian cricket fans' disappointment following the country's shock World Cup exit.
Venkateish said the price of the new channel would be announced soon. He also declined to give details regarding investments or revenue projections for the new venture.
The channel is yet to commence talks with ad agencies for sale of slots.
The International Cricket Council had in December awarded ESPN-Star Sports the global rights for ICC events from September 2007 to 2015.
ESPN had outbid rivals such as Nimbus Communications, Zee Telefilms Ltd. And Ten Sports with its offer of more than a billion dollars. The rights included coverage of World Cup 2011 and 2015. PTI
Tendulkar turns 34 with career at cross-roads
S S Ramaswamy
Mumbai, Apr 24 (PTI) Sachin Tendulkar, an integral part of the Indian squad in all forms of cricket till recently, today celebrated his 34th birthday with the knowledge that his glittering career is at the cross-roads.
It turned out to be a quiet birthday for the champion batsman who spent most of the day indoor with his family and close friends.
Tendulkar has been 'rested' along with another former captain Sourav Ganguly for next month's one-day series in Bangladesh by the selection committee when the team was announced last week following the World Cup debacle, a decision which has triggered various interpretations in the media.
The sands of time seem to be catching up with Tendulkar with a question mark hanging over his international career which has been nothing short of spectacular so far.
Age coupled with a spate of injuries to back, ankle and elbow, seems to have diminished the all-time great player's powers as an attacking batsman feared by bowlers all around the world.
But Tendulkar is still a world class player in both forms of the game and his decline as a batsman -- though palpable going by statistics -- still show him to be good enough to command a place in the Indian team which was struggling to maintain consistency. PTI
HDFC Bank Q4 net up 30 pc at Rs 343 cr
Mumbai, Apr 24 (PTI) HDFC Bank today posted 30.53 per cent increase in net profit at Rs 343.57 crore for the quarter ended March 31, as compared to Rs 263.21 crore for the same quarter last year.
The total income of the bank grew by 41.69 per cent to Rs 2384.19 crore for the quarter ended March 31, from Rs 1682.65 crore in the corresponding quarter a year ago, the bank informed the BSE.
The board of directors of the bank at its meeting today declared a dividend of Rs 7 on shares of Rs 10 each (70 per cent) for the year ended March 31.
For the year ended March 31, the bank posted a net profit of Rs 1141.45 crore as against Rs 870.78 crore a year ago and the total income rose to Rs 8405.25 crore from Rs 5599.32 crore in the period under consideration in 2006.
Further the bank has appointed Pandit Palande as Additional Director.
The group posted a net profit of Rs 1150.96 crore for the year ended March 31, as compared to Rs 881.56 crore in the year-ago period.
The total income of the group grew to Rs 8464.52 crore for the year ended March 31, from Rs 5630.92 crore a year ago. PTI
RBI lowers inflation, GDP forecasts for 2007-08
New Delhi, Apr 24 (PTI) Reserve Bank today said supply responses to the growing demand in the economy may be delayed leading to inflationary pressures, but lowered the target for inflation to 5 per cent for this fiscal against 5-5.5 per cent last fiscal.
In its annual monetary policy for 2007-08, the Reserve Bank targeted inflation to moderate to a much tolerable level of 4-4.5 per cent in the medium term.
Finance Minister P Chidambaram termed the targets as aggressive. "To keep inflation below 4.5 per cent is indeed an aggressive target. But that appears to be the tolerance level for inflation. So, RBI is aiming at inflation below 4.5 per cent. Certainly, government would welcome that stance and support that stance." In fact, RBI's target of 5-5.5 per cent inflation for the last fiscal was belied by the actual figures with inflation remaining above six per cent for most weeks since January, this year.
"Inflation in terms of the WPI ruled stubbornly around 6.5 per cent up to March 23, 2007 with the persistence threatening to inflation expectations," the policy said.
RBI admitted that the first effects of expansion in demand would be reflected in inflationary pressures and risks to macroeconomic and financial stability.
It would be since supply response to growing demand will come with a time lag as realisation of the capacity expansion could be constrained over the next two years, the RBI said.
Even then, RBI lowered the economic forecast to just 8.5 per cent for this fiscal against expected 9.2 per cent for the last fiscal and that too because global GDP growth is expected to decline by 0.5 per cent in 2007. PTI
RBI keeps rates unchanged; lowers growth forecast to 8.5pc
Mumbai, Apr 24 (PTI) Reserve Bank today left all key rates unchanged and announced steps that would pave the way for lower interest rates on home loans in its annual credit policy -- aimed at sustaining growth without fuelling inflation.
Unveiling the Annual Policy Statement for 2007-08, the Reserve Bank also lowered the growth forecast for 2007-08 to 8.5 per cent and promised to keep the inflation close to 5 per cent, bringing comfort to commoners.
Announcing a feel-good policy, the apex bank Governor Y V Reddy took a number of initiatives toward capital account convertibility and encouraging hedging of price risk on global commodity exchanges.
He also put in place measures to develop the corporate bond market, futures contract, establishment of credit information companies and a number of steps to help distressed farmers and micro-finance. PTI
Credit policy pushes Sensex up by 263 pts
Mumbai, Apr 24 (PTI) The entire spectrum of financial market surged at mid-session after RBI left all key rates unchanged to sustain economic growth while containing inflation.
While the Bombay Stock Exchange benchmark Sensex surged by nearly 262 points at 1330 hrs led by banking stocks on expectations that unchanged banking rates might boost lending business, the rupee appreciated by over 51 paise against the US dollar at Rs 41.17.
The Sensex rose by 261.73 points at 14,190.06 and the banking index comprising 16 banking stock by 288.83 points, or 4.2 per cent, to 7,170.67. The second wide-based National Stock Exchange index Nifty 73.55 points at 4,158.65.
State Bank of India, the biggest lender surged Rs 65, or 6.1 per cent, to Rs 1,125 while ICICI Bank, the largest private bank, jumped Rs 38.20, or 4.2 per cent to Rs 955.
HDFC Bank, the third-biggest private bank, climbed Rs 29.60, or 3 per cent, to Rs 1,017.
Shares in construction business also picked up on speculation that home purchases will be spurred by increased lending.
Indiabulls Real Estate surged Rs 20.65, or 6.8 per cent, to Rs 324.70. Unitech added Rs 13.10, or 3.3 per cent, to Rs 412.25. Parsvnath Developers rose Rs 12.20, or 4.1 per cent, to Rs 309.05. PTI
China says talks with India on boundary issue "candid, frank"
Anil K Joseph
Beijing, Apr 24 (PTI) China today described the latest round of Sino-Indian boundary talks as "candid and frank" with the two sides committed to make joint efforts to further promote the resolution of the border issue.
"The two sides held candid, frank talks in a friendly atmosphere on the framework for the solution of the boundary issue," Chinese Foreign Ministry spokesman, Liu Jianchao said on the Tenth Round of talks between the Special Representatives of India and China.
"They had in-depth exchange of views and the two sides are committed to make joint efforts to promote the process," he said on the talks held between National Security Adviser, M K Narayanan and Chinese Vice Foreign Minister, Dai Bingguo in New Delhi and Coonoor from April 20-22.
Liu did not release any details of the talks.
Narayanan and Dai continued their discussions on a framework for the boundary settlement on the basis of the Agreement on Political Parameters and Guiding Principles.
Liu said Dai paid courtesy calls on the Prime Minister Manmohan Singh and External Affairs Minister Pranab Mukherjee during the visit and expressed satisfaction over the rapid development of bilateral ties.
Noting that China and India have good cooperation in the fields of economy, trade and tourism, he said "we have increased mutual trust and both sides agreed to promote the strategic partnership between the two countries". PTI
Pak was warned not to look towards India in 1960s: Ayub diary
Islamabad, April 24 (PTI) At the height of the cold war, Soviet Prime Minister Nikita Khrushchev had warned Pakistan not to "look towards" India as it would face consequences.
Khrushchev gave the warning to Zulfikar Bhutto in the 1960s, when the Pakistani leader had led his country's delegation to the United Nations, according to a new book based on the diaries of former military ruler Ayub Khan.
The book to be launched by the late military ruler's son Gohar Ayub on May 4 claimed that Bhutto had volunteered to "spy" for the US on all UN delegations when he visited the world body as the head of Pakistan's delegation in the 1960s. Excerpts of the book were published in "The News" today According to a noting made by Ayub Khan on May 23, 1967, he (Khan) "dined with Said Hassan, who had served as Pakistan'spermanent represenative to the UN. Hassain said that when he was permanent representative at the UN, Bhutto came as the head of the Pakistani delegation to the General Assembly.
Bhutto asked to see Christian Hutter, the US Secretary of State, former Soviet Prime Minister Nikita Khrushchev, and British Prime Minister Macmillan, who happened to be attending the session.
"To Said Hassan's amazement, when seeing Hutter, he (Bhutto) volunteered to spy for the USA on all UN delegations. When asked for an explanation, he said that because of our dependence on the USA, it was good thing to oblige them," The News quoted Khan's noting in the diary.
"Khrushchev, of course, abused Bhutto and said should Pakistan look towards India or Afghanistan, the Soviets would take our eyes out. He (Bhutto) told Khrushchev not to get angry: Pakistan was ready to quit the pacts (South East Aisa Treaty Organisation and Central Treaty Organisation).PTI
Facilitators recommendation to defer UNSC expansion rejected
Dharam Shourie
United Nations, April 24 (PTI) India has rejected the recommendation by five United Nations "facilitators" to defer expansion of the Security Council in permanent category to a later date and consider the possibility of increasing the number of non-permanent seats with an extended term.
Most of members of the United Nations, including the 53-member African Union, favour an expansion in both categories but a small group led by Pakistan wants increase in membership of only non permanent category, arguing it does not want to create new centers of power.
Currently, the non permanent members have a term of two years but cannot elected immediately on expiry of their term.
India's first but firm response to the report made public last week came during a 45-minute meeting Minister of State for External Affairs Anand Sharma had with Assembly President Sheikha Haya Rashed Al Khalifa yesterday.
Sharma told Sheikha Haya that report is "unacceptable" as it is important that expansion takes place in both permanent and non permanent categories so that an expanded body reflects current realties rather than political power structure of Second World War when the United Nations and the Council were established.
India will give a detailed response to the recommendations by the "facilitarors", appointed by the UN General Assembly President, on May 3 when the Assembly begins consultations informally on the report but Sharma told Sheikha Haya that it is important that there are inter-governmental consultations on this important issue. PTI
Aussie opposition leader against uranium enrichment industry
Melbourne, April 24 (PTI) Australian opposition Labour Party leader Kevin Rudd has offered to block any move to develop a uranium enrichment industry in the country as part of his pitch to win party support for an expansion of uranium ore exports.
"A draft policy amendment, which will be put to the weekend's Labour conference, seeks to strengthen the party's position on nuclear waste and proliferation in a bid to win over waverers concerned about uranium mining," The Australian reported today.
As well as seeking to revive and strengthen international nuclear non-proliferation treaties, Labour would vigorously oppose ocean dumping of waste and the importation of waste from overseas.
The amendment bans nuclear power stations, in line with Rudd's declared policy, but includes a ban on "all other stages of the nuclear fuel cycle".
The ban will be a blow to those in Labour who think Australia could develop a lucrative export industry developing nuclear rods for power stations, particularly for energy-hungry China and India, the report said.
The restriction comes amid intense lobbying by factional brokers to shore up the numbers to overturn Labour's 1982 compromise platform, which banned new uranium mines. PTI
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