You can avail tax benefits by showing payments on a housing loan. To do so, you must obtain an Income tax certificate which will be issued to you once a year. This will contain the total amount of interest and capital repaid during the year. This is a must to claim a tax benefit in respect of self occupied property.You need to submit this as part of your personal Income tax returns and then calculate your liability.Remember to check the maximum amount that is allowable under current rules for the financial year.
UNDER INCOME TAX ACT 1961a) Benefits to the Borrowers of the Housing Loans: Under second proviso to section 24(b) of the Income tax Act, 1961, a sum of Rs.1,50,000/- is available for deduction as interest paid on the loan availed for the purpose of acquisition / construction of the house property after 1st day of April 1999, provided such construction / acquisition must be completed within 3 years from the date the capital was borrowed. If the property is acquired / constructed out of he borrowed amount, the interest on such loan for the periods prior to the period in which such property has been acquired or constructed shall be deducted in equal Installments from the year of construction / acquisition with four immediately succeeding years.
The above deduction indicated at (i) and (ii) above will be allowed only when the borrower furnishes a certificate indicating the amount borrowed and interest payable for the acquisition / construction of the property. The principal re-payment on the housing loan is liable for deduction for individuals and HUF to the extent of Rs. 1,00,000/- under section 80C of the Income tax Act, 1961.
WEALTH TAX ACT, 1957 a) Under the Wealth tax Act, 1957, Section 5(1) indicates that an assessee can hold one property as a self occupied property and the same be exempt from eligible assets liable to Wealth tax. b) If an assessee, holds more than one property, then the second property for the purpose of Wealth tax has to be valued as per the Wealth Tax Rules 1958 and the value in excess of Rs. 15,00,000/- is liable to Wealth tax. However if there is any liability against the said asset, the same is to be deducted before computing the taxable wealth. c) If the assessee holds more than one property and the second property as let out for more than 300 days in previous year, then such property is not considered as eligible asset for calculation of taxable wealth.
TAX IMPLICATIONS If the property on which deduction claimed under section 80C is transferred by the assessee before the expiry of 5 years from the end of financial year in which possession of such property is obtained by him, then no deduction shall be allowed in the year of transfer and the deduction already allowed shall be added to the income of the assessee in the year of transfer and taxed accordingly.
TAX BENEFITS TO THE COMPANY AND ITS SHAREHOLDERSTo the Resident Member of the Company B. Under the Income Tax Act, 1961 Dividend Income received from Domestic Companies is exempt under section 10(34)
of the Income-tax act, 1961. The shareholders are not liable to pay long term capital gains tax in respect of shares of the company held by then for a period of more than twelve months by virtue of Section 10(38) of the Act, subject to the fulfillment of the following conditions: The transaction of sale of such equity share is entered into on or after 1 October, 2004. The transaction is chargeable to securities transaction tax under Chapter VII of the Finance (No.2) Act, 2004.
Proviso to the section specifies that in case of individual and HUF, where the total income as reduced by such short term capital gains is below the maximum amount not chargeable to tax, then such short term capital gains shall b reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to tax and the tax on the balance of such short term capital gains shall be computed at the rate of ten percent.
Short term capital gains arising on transfer of the company’s shares would be liable to tax at the rate of 10% (plus applicable surcharge and education cess) by virtue of Section
111A if the following conditions are satisfied :The transaction of sale of such equity share is entered into on or after 1 October, 2004. The transaction is chargeable to securities transaction tax under Chapter VII of the Finance (No.2) Act, 2004.Further, the public issue of shares of the Company would also qualify as an eligible issue of capital and long term capital gains would qualify for the benefit of Section 54ED of the Act if the capital gains are invested in shares of the Company.
Wednesday, March 4, 2009
Advantage Futures Expands Technology With Addition of Avadhi Finance and Technology's Focus Trader Pro:
.Avadhi's Focus Trader Pro is an important addition to the front-end trading applications we offer at Advantage Futures," said Joseph M. Guinan Jr., Founder, Chairman and CEO, Advantage Futures. "We are excited about this trading technology solution."Focus Trader Pro is an intuitive platform for active traders, enhanced with premium modules to perform well for diverse trading strategies and markets. Notable features include sophisticated behind-the-scenes automation, algorithmic formulae, comprehensive reports, option analysis and rapid order execution quotes, charts and price ladders. Advantage Futures technology expansion of Focus Trader Pro offers clients an additional option in choosing a front-end specific to their trading needs.
"Advantage Futures has an outstanding record as a brokerage firm with solid technology," said Paresh Malde, founder of Avadhi Finance and Technology. "Their technology and ours will be a powerful combination."Focus Trader Pro has a free 30-day demo available.For more about Focus Trader Pro, please contact customer service at 877.201.4767 or by emailing ABOUT ADVANTAGE FUTURES
Advantage Futures is a premier futures brokerage firm for professional, institutional, and active individual traders with best-in-class clearing and execution services provided with high-quality client service and technologically efficient solutions. We provide clients with a superior technology infrastructure, redundant exchange connectivity and 24-hour technology support. Our multimillion dollar investment in state-of-the art equipment provides our clients with extremely fast trading delta times while ensuring reliability and security. Advantage Futures technology investment also includes server hosting facilities, robust exchange connectivity, and fully redundant back office and accounting systems. We support trading on almost all domestic and foreign exchanges either through our direct clearing memberships or through various relationships we maintain with carrying brokers. Our management team has extraordinary industry experience and a strong reputation for integrity. Advantage Futures has processed over one billion contracts since its inception in June 2003. For more information, call Advantage Futures at 312-756-6300 or visit
ABOUT FOCUS TRADER PROFocus Trader Pro allows you to concentrate on your trading, not the technology. Sophisticated, behind-the-scenes automation, algorithmic formulae, user-friendly trading from charts or price ladders, and many other features -- all are designed to minimize your trading hassle and maximize your focus. Additionally, you can customize FocusTrader Pro to your trading style. A suite of premium modules, such as Swing Trader, S.E.M.E., and Portfolio Analyzer are available and more are being added all the time. Thus, as your trading sophistication grows, you won't outgrow this platform.
ABOUT AVADHI FINANCE AND TECHNOLOGYAvadhi Finance and Technology is emerging as a leading provider of technology and services to the global financial services industry. Its flagship product is a comprehensive multi-asset trading platform with innovative features that addresses the needs of the both the beginning trader and the most sophisticated investors in the era of the fully electronic marketplace. Avadhi Finance and Technology is located at 1745 Hamilton Rd, Suite 340, Okemos, MI, 48864. Call: 517.381.5205. Email: Website.
"Advantage Futures has an outstanding record as a brokerage firm with solid technology," said Paresh Malde, founder of Avadhi Finance and Technology. "Their technology and ours will be a powerful combination."Focus Trader Pro has a free 30-day demo available.For more about Focus Trader Pro, please contact customer service at 877.201.4767 or by emailing ABOUT ADVANTAGE FUTURES
Advantage Futures is a premier futures brokerage firm for professional, institutional, and active individual traders with best-in-class clearing and execution services provided with high-quality client service and technologically efficient solutions. We provide clients with a superior technology infrastructure, redundant exchange connectivity and 24-hour technology support. Our multimillion dollar investment in state-of-the art equipment provides our clients with extremely fast trading delta times while ensuring reliability and security. Advantage Futures technology investment also includes server hosting facilities, robust exchange connectivity, and fully redundant back office and accounting systems. We support trading on almost all domestic and foreign exchanges either through our direct clearing memberships or through various relationships we maintain with carrying brokers. Our management team has extraordinary industry experience and a strong reputation for integrity. Advantage Futures has processed over one billion contracts since its inception in June 2003. For more information, call Advantage Futures at 312-756-6300 or visit
ABOUT FOCUS TRADER PROFocus Trader Pro allows you to concentrate on your trading, not the technology. Sophisticated, behind-the-scenes automation, algorithmic formulae, user-friendly trading from charts or price ladders, and many other features -- all are designed to minimize your trading hassle and maximize your focus. Additionally, you can customize FocusTrader Pro to your trading style. A suite of premium modules, such as Swing Trader, S.E.M.E., and Portfolio Analyzer are available and more are being added all the time. Thus, as your trading sophistication grows, you won't outgrow this platform.
ABOUT AVADHI FINANCE AND TECHNOLOGYAvadhi Finance and Technology is emerging as a leading provider of technology and services to the global financial services industry. Its flagship product is a comprehensive multi-asset trading platform with innovative features that addresses the needs of the both the beginning trader and the most sophisticated investors in the era of the fully electronic marketplace. Avadhi Finance and Technology is located at 1745 Hamilton Rd, Suite 340, Okemos, MI, 48864. Call: 517.381.5205. Email: Website.
Campaign Finance History in the United States:
There's been a strong link between money and politics in the United States from the time we started holding elections. In the late 1700s, only white male landowners over the age of 21 were allowed to vote. This meant that you had to have some money to have your say. By 1828, states had the power to grant voting rights, and the land ownership mandate was largely dropped. The elections themselves were often fraught with corruption, with some voters being paid outright for votes.
Andrew Jackson was one of the first politicians to run a political campaign along modern lines. In the election of 1828, Jackson used a campaign staff to help him raise money and secure votes. He created committees that would organize rallies and parades to get his message to the masses. The result was a voter turnout that doubled that of previous elections. Twenty years later, Abraham Lincoln used his own finances to pay for his campaign. This plan nearly him, even though he combined his own money with donations from wealthy supporters.
After the Civil War, it became clear to wealthy Americans that they had a lot to gain by supporting the campaigns of politicians. Notable families like the Astors and Vanderbilts were as influential in early politics as the politicians. The first federal campaign finance law also came about in this post-Civil war period. The Navy Appropriations Bill, passed in 1867, prohibited government employees from soliciting contributions from yard workers.
The campaign of 1872 reached new highs in reliance on private political contributions. Wealthy democrats in New York contributed $10,000 each to help promote the election. Ulysses S. Grant had nearly one quarter of his election campaign paid for by a single donor [source:With such large donations coming from a limited number of supporters, it was clear that there was a great obligation by elected officials to the wealthy.
out after being embarrassed by his own corporate financing. In 1905, he proposed to Congress that all corporate contributions be outlawed. This measure was met with stiff resistance, as the elected officials were beholden to the donors that helped them get into office. This catch-22 would prove to be a common problem for politicians in the United States. Soon after, the Tillman Act prohibited corporations and nationally chartered from making direct financial contributions. As with many attempts at reform, this act was difficult to enforce and full of loopholes. In the years that followed, more limits were placed on contributions and expenditures. Again, these laws were rarely enforced and easy to get around. It would be decades later before any meaningful campaign finance reform legislation would be introduced. In the next section, we'll take a closer look at fundraising in modern American politics.
Andrew Jackson was one of the first politicians to run a political campaign along modern lines. In the election of 1828, Jackson used a campaign staff to help him raise money and secure votes. He created committees that would organize rallies and parades to get his message to the masses. The result was a voter turnout that doubled that of previous elections. Twenty years later, Abraham Lincoln used his own finances to pay for his campaign. This plan nearly him, even though he combined his own money with donations from wealthy supporters.
After the Civil War, it became clear to wealthy Americans that they had a lot to gain by supporting the campaigns of politicians. Notable families like the Astors and Vanderbilts were as influential in early politics as the politicians. The first federal campaign finance law also came about in this post-Civil war period. The Navy Appropriations Bill, passed in 1867, prohibited government employees from soliciting contributions from yard workers.
The campaign of 1872 reached new highs in reliance on private political contributions. Wealthy democrats in New York contributed $10,000 each to help promote the election. Ulysses S. Grant had nearly one quarter of his election campaign paid for by a single donor [source:With such large donations coming from a limited number of supporters, it was clear that there was a great obligation by elected officials to the wealthy.
out after being embarrassed by his own corporate financing. In 1905, he proposed to Congress that all corporate contributions be outlawed. This measure was met with stiff resistance, as the elected officials were beholden to the donors that helped them get into office. This catch-22 would prove to be a common problem for politicians in the United States. Soon after, the Tillman Act prohibited corporations and nationally chartered from making direct financial contributions. As with many attempts at reform, this act was difficult to enforce and full of loopholes. In the years that followed, more limits were placed on contributions and expenditures. Again, these laws were rarely enforced and easy to get around. It would be decades later before any meaningful campaign finance reform legislation would be introduced. In the next section, we'll take a closer look at fundraising in modern American politics.
Consumer spending rises, but so does saving:
There's an upside and a downside to January's personal income and spending data by the Commerce Department. The upside: Personal income rose 0.4% and consumer spending rose 0.6% -- both above the Bloomberg News , and those stats bode well for a return to growth.
The downside: the U.S. savings rate in January rose to a 5.0% annualized rate - - the highest rate since 1995.
The reason a higher savings rate is a downer? It reflects a high level of caution among U.S. citizens, who are hunkering-down and increasing their savings, given the recession and poor economic outlook for the next two quarters.Moreover, the high rate of savings means fewer consumer dollars will work their way into retail and related operations -- a trend that will delay the U.S. recovery. Historically, consumer spending has accounted for about 60-65% of U.S. GDP, although that percentage may decline in the years ahead, if consumers remain frugal.
Scott Brown, chief economist for Ray James & Associates, the data represents "a pretty bleak picture for the economy in the near term."Meanwhile, the core PCE deflator,a key gauge of inflation monitored by the U.S. Federal Reserve, increased 0.1% in January, and is up 1.6% in the past year. Each is within the Fed's comfort zone for inflation
Economic Analysis: In normal times, the high savings rate would be a plus, particularly on the heels of more than five years of below-average savings by Americans, since U.S. citizens do need to save more. However, as noted, the problem with a high savings rate now is that it takes that many more dollars out of an already commerce constrained U.S. economy.
Hence, it is a dilemma of sorts: Americans need to save more but the economy needs more dollars at work in it -- and that only underscores why no one should fear a rise inflation. There aren't enough dollars working in the U.S. economy right now -- the main reason a large stimulus package was passed, and why another package may be needed down the road.
The downside: the U.S. savings rate in January rose to a 5.0% annualized rate - - the highest rate since 1995.
The reason a higher savings rate is a downer? It reflects a high level of caution among U.S. citizens, who are hunkering-down and increasing their savings, given the recession and poor economic outlook for the next two quarters.Moreover, the high rate of savings means fewer consumer dollars will work their way into retail and related operations -- a trend that will delay the U.S. recovery. Historically, consumer spending has accounted for about 60-65% of U.S. GDP, although that percentage may decline in the years ahead, if consumers remain frugal.
Scott Brown, chief economist for Ray James & Associates, the data represents "a pretty bleak picture for the economy in the near term."Meanwhile, the core PCE deflator,a key gauge of inflation monitored by the U.S. Federal Reserve, increased 0.1% in January, and is up 1.6% in the past year. Each is within the Fed's comfort zone for inflation
Economic Analysis: In normal times, the high savings rate would be a plus, particularly on the heels of more than five years of below-average savings by Americans, since U.S. citizens do need to save more. However, as noted, the problem with a high savings rate now is that it takes that many more dollars out of an already commerce constrained U.S. economy.
Hence, it is a dilemma of sorts: Americans need to save more but the economy needs more dollars at work in it -- and that only underscores why no one should fear a rise inflation. There aren't enough dollars working in the U.S. economy right now -- the main reason a large stimulus package was passed, and why another package may be needed down the road.
Incredible India:
Nearly five thousand years back flourished India's first major civilisation along the Indus River valley. The twin cities of Mohenjodaro and Harappa now in Pakistan were ruled by priests and held the rudiments of Hinduism. These civilisations are known to possess a sophisticated lifestyle, a highly developed sense of aesthetics, an astonishing knowledge of town planning and an undecipherable script language. The Indus civilization at one point of time extended nearly a million square kilometres across the Indus river valley. It existed at the same time as the ancient civilizations of Egypt and Sumer but far outlasted them. Surviving for nearly a thousand years the Indus valley civilisation fell to tectonic upheavals in about 1700 BC, which caused a series of floods.
The coming of the Aryans around 1500 BC, gave the final blow to the collapsing Indus Valley civilisation. At the dawn of Vedic ages the Aryans came in from the North and spread through large parts of India bringing with them their culture and religious beliefs. The Four Vedas or the important books of Hinduism were compiled in this period. In 567 B.C. the founder of the Buddhist Religion Gautama Buddha was born. During this time lived Mahavira, who founded the Jain Religion. The Indian subcontinent is full of caves and monuments devoted to these religions and are worth a visit.
Two hundred years later, in the 4th century B.C., Emperor Ashoka, one of the greatest King of Indian history, led the Mauryan Empire to take over almost all of what is now modern India. This great leader embraced Buddhism and built the group of monuments at Sanchi (a UNESCO world heritage site). The Ashoka pillar at Sarnath has been adopted by India as its national emblem and the Dharma Chakra on the Ashoka Pillar adorns the National Flag.
They were followed by the Guptas in the north, while in the south part of India several different Hindu empires, the Cholas, the Pandyas and the Cheras spread and grew, trading with Europe and other parts of Asia till the end of the 1100s.Christianinty entered India at about the same time from Europe. Legend has it that St. Thomas the Apostle arrived in India in 52 A.D. Even earlier than that people of the Jewish religion arrived on India's shores.
In approximately the 7th century A.D. a group of Zoroastrians, or Parsees, landed in Gujarat and became a part of the large mix of religions in India today, each of which adds its important and distinctive flavour.In the 15th century Guru Nanak laid the foundation of the Sikh religion in Punjab. In 1192, Mohammed of Ghori, a ruler from Afghanistan, came into India and captured several places in the north including Delhi.
When he went home he left one of his generals in charge who became the first Sultan of Delhi. During this time Islam, was introduced into a major part of Northern India. It may be mentioned that even before that, just after the period of the prophet, Islam was brought to the western coast of India by Arab traders and flourished in what is now Kerala.
The Dehli Sultanate gradually took control of more and more of North India over the next 200 years, till Timur, who was called "Timur the Lame" or "Tamberlane" came from Turkey in 1398 to attack India. He and his army stole all the valuables that they could carry and left again, and after that the Delhi Sultanate was never so strong again. Soon the Mughals, who were from Iran, came in and took control of the north.
In the meantime south , in 1336, the Hindu Vijayanagar empire was set up and became very strong.The Europeans - Portuguese, French, Dutch, Danish and British - started arriving in the early 1600s. All of them held territories in India and made friends and enemies among India's rulers as they got more and more involved, with the Indian politics, but it was the British who eventually controlled most of India and finally made it one of their colonies.
India got its independence from Britain in 1947 after a long struggle led mostly by Mahatma Gandhi. In the process of becoming independent, India became, two countries instead of one. In the years since independence India has made huge progress and coped with great problems, and has developed its industry and its agriculture, and has maintained a system of government which makes it the largest democracy in the world.
The coming of the Aryans around 1500 BC, gave the final blow to the collapsing Indus Valley civilisation. At the dawn of Vedic ages the Aryans came in from the North and spread through large parts of India bringing with them their culture and religious beliefs. The Four Vedas or the important books of Hinduism were compiled in this period. In 567 B.C. the founder of the Buddhist Religion Gautama Buddha was born. During this time lived Mahavira, who founded the Jain Religion. The Indian subcontinent is full of caves and monuments devoted to these religions and are worth a visit.
Two hundred years later, in the 4th century B.C., Emperor Ashoka, one of the greatest King of Indian history, led the Mauryan Empire to take over almost all of what is now modern India. This great leader embraced Buddhism and built the group of monuments at Sanchi (a UNESCO world heritage site). The Ashoka pillar at Sarnath has been adopted by India as its national emblem and the Dharma Chakra on the Ashoka Pillar adorns the National Flag.
They were followed by the Guptas in the north, while in the south part of India several different Hindu empires, the Cholas, the Pandyas and the Cheras spread and grew, trading with Europe and other parts of Asia till the end of the 1100s.Christianinty entered India at about the same time from Europe. Legend has it that St. Thomas the Apostle arrived in India in 52 A.D. Even earlier than that people of the Jewish religion arrived on India's shores.
In approximately the 7th century A.D. a group of Zoroastrians, or Parsees, landed in Gujarat and became a part of the large mix of religions in India today, each of which adds its important and distinctive flavour.In the 15th century Guru Nanak laid the foundation of the Sikh religion in Punjab. In 1192, Mohammed of Ghori, a ruler from Afghanistan, came into India and captured several places in the north including Delhi.
When he went home he left one of his generals in charge who became the first Sultan of Delhi. During this time Islam, was introduced into a major part of Northern India. It may be mentioned that even before that, just after the period of the prophet, Islam was brought to the western coast of India by Arab traders and flourished in what is now Kerala.
The Dehli Sultanate gradually took control of more and more of North India over the next 200 years, till Timur, who was called "Timur the Lame" or "Tamberlane" came from Turkey in 1398 to attack India. He and his army stole all the valuables that they could carry and left again, and after that the Delhi Sultanate was never so strong again. Soon the Mughals, who were from Iran, came in and took control of the north.
In the meantime south , in 1336, the Hindu Vijayanagar empire was set up and became very strong.The Europeans - Portuguese, French, Dutch, Danish and British - started arriving in the early 1600s. All of them held territories in India and made friends and enemies among India's rulers as they got more and more involved, with the Indian politics, but it was the British who eventually controlled most of India and finally made it one of their colonies.
India got its independence from Britain in 1947 after a long struggle led mostly by Mahatma Gandhi. In the process of becoming independent, India became, two countries instead of one. In the years since independence India has made huge progress and coped with great problems, and has developed its industry and its agriculture, and has maintained a system of government which makes it the largest democracy in the world.
Interesting Facts about India:
India never invaded any country in her last 100000 years of history. When many cultures were only nomadic forest dwellers over 5000 years ago, Indians established Harappan culture in Sindhu Valley (Indus Valley Civilization) The name 'India' is derived from the River Indus, the valleys around which were the home of the early settlers. The Aryan worshippers referred to the river Indus as the Sindhu.
The Persian invaders converted it into Hindu. The name 'Hindustan' combines Sindhu and Hindu and thus refers to the land of the Hindus. Chess was invented in India. Algebra, Trigonometry and Calculus are studies, which originated in India. The 'Place Value System' and the 'Decimal System' were developed in India in 100 B.C. The World's First Granite Temple is the Brihadeswara Temple at Tanjavur, Tamil Nadu. The shikhara of the temple is made from a single 80-tonne piece of granite. This magnificent temple was built in just five years, (between 1004 AD and 1009 AD) during the reign of Rajaraja Chola. India is the largest democracy in the world, the 6th largest Country in the world, and one of the most ancient civilizations.
The game of Snakes & Ladders was created by the 13th century poet saint Gyandev. It was originally called 'Mokshapat'. The ladders in the game represented virtues and the snakes indicated vices. The game was played with cowrie shells and dices. In time, the game underwent several modifications, but its meaning remained the same, i.e. good deeds take people to heaven and evil to a cycle of re-births. The world's highest cricket ground is in Chail, Himachal Pradesh. Built in 1893 after leveling a hilltop, this cricket pitch is 2444 meters above sea level. India has the largest number of Post Offices in the world. The largest employer in the world is the Indian Railways, employing over a million people.
The world's first university was established in Takshila in 700 BC. More than 10,500 students from all over the world studied more than 60 subjects. The University of Nalanda built in the 4th century was one of the greatest achievements of ancient India in the field of education. Ayurveda is the earliest school of medicine known to mankind. The Father of Medicine, Charaka, consolidated Ayurveda 2500 years ago. India was one of the richest countries till the time of British rule in the early 17th Century. Christopher Columbus, attracted by India's wealth, had come looking for a sea route to India when he discovered America by mistake.
The Art of Navigation & Navigating was born in the river Sindh over 6000 years ago. The very word Navigation is derived from the Sanskrit word 'NAVGATIH'. The word navy is also derived from the Sanskrit word 'Nou'. Bhaskaracharya rightly calculated the time taken by the earth to orbit the Sun hundreds of years before the astronomer Smart. According to his calculation, the time taken by the Earth to orbit the Sun was 365.258756484 days. The value of "pi" was first calculated by the Indian Mathematician Budhayana, and he explained the concept of what is known as the Pythagorean Theorem. He discovered this in the 6th century, long before the European mathematicians.
Algebra, Trigonometry and Calculus also originated in India.Quadratic Equations were used by Sridharacharya in the 11th century. The largest numbers the Greeks and the Romans used were 106 whereas Hindus used numbers as big as 10*53 (i.e. 10 to the power of 53) with specific names as early as 5000 B.C.during the Vedic period.Even today, the largest used number is Terra: 10*12(10 to the power of 12). Until 1896, India was the only source of diamonds in the world (Source: Gemological Institute of America). The Baily Bridge is the highest bridge in the world. It is located in the Ladakh valley between the Dras and Suru rivers in the Himalayan mountains. It was built by the Indian Army in August 1982.
Sushruta is regarded as the Father of Surgery. Over2600 years ago Sushrata & his teamconducted complicated surgeries likecataract, artificial limbs, cesareans, fractures, urinary stones, plastic surgery and brain surgeries. Usage of anaesthesia was well known in ancient Indian medicine. Detailed knowledge of anatomy, embryology, digestion, metabolism,physiology, etiology, genetics and immunity is also found in many ancient Indian texts. India exports software to 90 countries. The four religions born in India - Hinduism, Buddhism, Jainism, and Sikhism, are followed by 25% of the world's population.
Jainism and Buddhism were founded in India in 600 B.C. and 500 B.C. respectively. Islam is India's and the world's second largest religion. There are 300,000 active mosques in India, more than in any other country, including the Muslim world. The oldest European church and synagogue in India are in the city of Cochin. They were built in 1503 and 1568 respectively. Jews and Christians have lived continuously in India since 200 B.C. and 52 A.D. respectively The largest religious building in the world is Angkor Wat, a Hindu Temple in Cambodia built at the end of the 11th century. The Vishnu Temple in the city of Tirupathi built in the 10th century, is the world's largest religious pilgrimage destination. Larger than either Rome or Mecca, an average of 30,000 visitors donate $6 million (US) to the temple everyday. Sikhism originated in the Holy city of Amritsar in Punjab. Famous for housing the Golden Temple, the city was founded in 1577. Varanasi, also known as Benaras, was called "the Ancient City" when Lord Buddha visited it in 500 B.C., and is the oldest, continuously inhabited city in the world today.
India provides safety for more than 300,000 refugees originally from Sri Lanka, Tibet, Bhutan, Afghanistan and Bangladesh, who escaped to flee religious and political persecution. His Holiness, the Dalai Lama, the exiled spiritual leader of Tibetan Buddhists, runs his government in exile from Dharmashala in northern India. Martial Arts were first created in India, and later spread to Asia by Buddhist missionaries. Yoga has its origins in India and has existed for over 5,000 years.
The Persian invaders converted it into Hindu. The name 'Hindustan' combines Sindhu and Hindu and thus refers to the land of the Hindus. Chess was invented in India. Algebra, Trigonometry and Calculus are studies, which originated in India. The 'Place Value System' and the 'Decimal System' were developed in India in 100 B.C. The World's First Granite Temple is the Brihadeswara Temple at Tanjavur, Tamil Nadu. The shikhara of the temple is made from a single 80-tonne piece of granite. This magnificent temple was built in just five years, (between 1004 AD and 1009 AD) during the reign of Rajaraja Chola. India is the largest democracy in the world, the 6th largest Country in the world, and one of the most ancient civilizations.
The game of Snakes & Ladders was created by the 13th century poet saint Gyandev. It was originally called 'Mokshapat'. The ladders in the game represented virtues and the snakes indicated vices. The game was played with cowrie shells and dices. In time, the game underwent several modifications, but its meaning remained the same, i.e. good deeds take people to heaven and evil to a cycle of re-births. The world's highest cricket ground is in Chail, Himachal Pradesh. Built in 1893 after leveling a hilltop, this cricket pitch is 2444 meters above sea level. India has the largest number of Post Offices in the world. The largest employer in the world is the Indian Railways, employing over a million people.
The world's first university was established in Takshila in 700 BC. More than 10,500 students from all over the world studied more than 60 subjects. The University of Nalanda built in the 4th century was one of the greatest achievements of ancient India in the field of education. Ayurveda is the earliest school of medicine known to mankind. The Father of Medicine, Charaka, consolidated Ayurveda 2500 years ago. India was one of the richest countries till the time of British rule in the early 17th Century. Christopher Columbus, attracted by India's wealth, had come looking for a sea route to India when he discovered America by mistake.
The Art of Navigation & Navigating was born in the river Sindh over 6000 years ago. The very word Navigation is derived from the Sanskrit word 'NAVGATIH'. The word navy is also derived from the Sanskrit word 'Nou'. Bhaskaracharya rightly calculated the time taken by the earth to orbit the Sun hundreds of years before the astronomer Smart. According to his calculation, the time taken by the Earth to orbit the Sun was 365.258756484 days. The value of "pi" was first calculated by the Indian Mathematician Budhayana, and he explained the concept of what is known as the Pythagorean Theorem. He discovered this in the 6th century, long before the European mathematicians.
Algebra, Trigonometry and Calculus also originated in India.Quadratic Equations were used by Sridharacharya in the 11th century. The largest numbers the Greeks and the Romans used were 106 whereas Hindus used numbers as big as 10*53 (i.e. 10 to the power of 53) with specific names as early as 5000 B.C.during the Vedic period.Even today, the largest used number is Terra: 10*12(10 to the power of 12). Until 1896, India was the only source of diamonds in the world (Source: Gemological Institute of America). The Baily Bridge is the highest bridge in the world. It is located in the Ladakh valley between the Dras and Suru rivers in the Himalayan mountains. It was built by the Indian Army in August 1982.
Sushruta is regarded as the Father of Surgery. Over2600 years ago Sushrata & his teamconducted complicated surgeries likecataract, artificial limbs, cesareans, fractures, urinary stones, plastic surgery and brain surgeries. Usage of anaesthesia was well known in ancient Indian medicine. Detailed knowledge of anatomy, embryology, digestion, metabolism,physiology, etiology, genetics and immunity is also found in many ancient Indian texts. India exports software to 90 countries. The four religions born in India - Hinduism, Buddhism, Jainism, and Sikhism, are followed by 25% of the world's population.
Jainism and Buddhism were founded in India in 600 B.C. and 500 B.C. respectively. Islam is India's and the world's second largest religion. There are 300,000 active mosques in India, more than in any other country, including the Muslim world. The oldest European church and synagogue in India are in the city of Cochin. They were built in 1503 and 1568 respectively. Jews and Christians have lived continuously in India since 200 B.C. and 52 A.D. respectively The largest religious building in the world is Angkor Wat, a Hindu Temple in Cambodia built at the end of the 11th century. The Vishnu Temple in the city of Tirupathi built in the 10th century, is the world's largest religious pilgrimage destination. Larger than either Rome or Mecca, an average of 30,000 visitors donate $6 million (US) to the temple everyday. Sikhism originated in the Holy city of Amritsar in Punjab. Famous for housing the Golden Temple, the city was founded in 1577. Varanasi, also known as Benaras, was called "the Ancient City" when Lord Buddha visited it in 500 B.C., and is the oldest, continuously inhabited city in the world today.
India provides safety for more than 300,000 refugees originally from Sri Lanka, Tibet, Bhutan, Afghanistan and Bangladesh, who escaped to flee religious and political persecution. His Holiness, the Dalai Lama, the exiled spiritual leader of Tibetan Buddhists, runs his government in exile from Dharmashala in northern India. Martial Arts were first created in India, and later spread to Asia by Buddhist missionaries. Yoga has its origins in India and has existed for over 5,000 years.
Protection of Life is one of the prime responsibilities of the Government. It is seen that Fire has been the major reason for the destruction of life, as much as it has been a vital means of source of sustenance for mankind. The society has long recognized the importance of organized fire-fighting services and preventive measures. However during the regime of Portuguese in Goa, they were never felt the necessity of an organized Fire Service set-up.
The instances of unfriendly major fires were unheard of in those days. Yet there were stray incidents on few occasions, where major fires were checked and extinguished by Military men, not with sophisticated fire equipments, but by manual efforts of bucket brigade. After liberation, the police took the responsibility to protect life and property from fire. But there was no full-fledged Fire Service.
Department in Goa worth the name till 1984. Until then a puny fire cell was hosed in the Police Headquarters at Panaji under the control of inspector General of Police. The Fire Service which worked as an adjunct to police was ill-trained and ill-equipped to meet the growing challenges and responsibility. The dramatic leap in Goa’s socio-economic progress due to rapid industrialization & urbanization coupled with increased scale of economic activities and government operation, had warranted the setting up of Organized Fire department.he Government was fully conscious of the importance of this vital service and were keen to bring about all possible improvement. However the situation had not changed until 1983, when Goa was chosen as a venue for Common-Wealth Heads of Government Retreat meet.
Since Fire Service in Goa was grossly inadequate, we had to depend on Fire Units from neighboring places like Bombay and Bangalore. After the meet was over, the Government decided to constitute this service as a corollary to development for industrialization and urbanization and thus separated the Fire Service from Police department and established a Directorate of Fire Services in 1984 for strengthening, streaming and developing the Fire Services in the State. While a number of major states in the Country have not realized the importance of this vital service, the then Government of Goa headed by Shri Pratapsingh Raoji Rane in consultation with the Lt. Governor Shri.K.T.Satarawala had taken a giant step forward to professionalize the service to aid the citizens in times of distress. This step has genuinely contributed for the development of fire Service on a sound footing.
The instances of unfriendly major fires were unheard of in those days. Yet there were stray incidents on few occasions, where major fires were checked and extinguished by Military men, not with sophisticated fire equipments, but by manual efforts of bucket brigade. After liberation, the police took the responsibility to protect life and property from fire. But there was no full-fledged Fire Service.
Department in Goa worth the name till 1984. Until then a puny fire cell was hosed in the Police Headquarters at Panaji under the control of inspector General of Police. The Fire Service which worked as an adjunct to police was ill-trained and ill-equipped to meet the growing challenges and responsibility. The dramatic leap in Goa’s socio-economic progress due to rapid industrialization & urbanization coupled with increased scale of economic activities and government operation, had warranted the setting up of Organized Fire department.he Government was fully conscious of the importance of this vital service and were keen to bring about all possible improvement. However the situation had not changed until 1983, when Goa was chosen as a venue for Common-Wealth Heads of Government Retreat meet.
Since Fire Service in Goa was grossly inadequate, we had to depend on Fire Units from neighboring places like Bombay and Bangalore. After the meet was over, the Government decided to constitute this service as a corollary to development for industrialization and urbanization and thus separated the Fire Service from Police department and established a Directorate of Fire Services in 1984 for strengthening, streaming and developing the Fire Services in the State. While a number of major states in the Country have not realized the importance of this vital service, the then Government of Goa headed by Shri Pratapsingh Raoji Rane in consultation with the Lt. Governor Shri.K.T.Satarawala had taken a giant step forward to professionalize the service to aid the citizens in times of distress. This step has genuinely contributed for the development of fire Service on a sound footing.
Rural Development Department:
Rural Development aims to mobilise local dormant man-power for a concerted and co-ordinated effort at raising the level of rural life as a whole. More than 80% of the population in Mizoram lives in the rural areas whose main occupation is agriculture and allied activities. Rural Development Department strives to inject all round development of the rural population in general and uplift rural poor in particular.
The origin of the Rural Development Department in Mizoram may be traced back when India gained independence in 1947. Mr S.K. Dey (1905-1989), who piloted and steered the course of community development in the challenging, formative period of India’s independence as Cabinet Minister of Cooperation and Panchayati Raj under the prime ministership of Jawaharlal Nehru, stressed that democracy cannot be practiced by a "galaxy of Government servants through long-distance control", and called for a democracy "traveling from the Parliament to the Panchayat.". The vitality of Dey prompted Jawaharlal Nehru to put him at the helm of Rural Development of independent India. He framed the Community Development Programme which culminated in the birth of Community Development Blocks all over the country in 1953.
In this year, 9 (nine) Community Development (CD) Blocks came into existence in Mizoram, then known as the Lushai Hills District which was a part of the State of Assam. These Blocks were at Aizawl, Lunglei, Champhai, Kolasib, Hnahthial, Mamit, Lawngtlai, Saitual and Serchhip. Each CD Block was headed by a Project Executive Officer. These CD Blocks were engaged in a wide range of developmental works and the ‘Community Development’ programmes envisaged development in the fields of agriculture, animal husbandry, public health, social education, co-operation, communications etc. in selected areas.
In 1972, when Mizoram attained the status of Union Territory, another 11 (eleven) CD Blocks were created thus totalling 20 (twenty) CD Blocks. They were Aizawl Tlangnuam, Thingdawl, Thingsulthliah, Reiek, Aibawk, West Phaileng, Zawlnuam, Serchhip, Khawzawl, Darlawn, Ngopa, E. Lungdar, Lunglei , Lungsen, Bunghmun, Hnahthial, Sangau, Lawngtlai, Tuipang and Chawngte Blocks. This period also saw many works under Community Development Project being re-allocated amongst newly created Departments. Community Development Project, then under the administrative control of the Deputy Commissioner was also placed under a new Directorate of Community Development. In 1983-1984, the name was changed to Rural Development Department.
Today, the Department is headed by a senior Cabinet Minister and is supported by a Parliamentary Secretary. There is a Secretary to the Government of Mizoram as the head of the Administrative Department i.e. the Secretariat. State Level Monitoring Cell and Internal Audit Cell is part and parcel of the Secretariat engaged in monitoring of all works under Rural Development Department. The Directorate is headed by a Director and executes functions as the apex line department at the State level. State Institute of Rural Development has been established at Kolasib. At the districts, there are the District Rural Development Agencies (DRDAs) whose governing board is chaired by the Deputy Commissioner and has a full-time Project Director. At the Block level, there is Block Development Officer and presently, there are 26 RD Blocks.
The origin of the Rural Development Department in Mizoram may be traced back when India gained independence in 1947. Mr S.K. Dey (1905-1989), who piloted and steered the course of community development in the challenging, formative period of India’s independence as Cabinet Minister of Cooperation and Panchayati Raj under the prime ministership of Jawaharlal Nehru, stressed that democracy cannot be practiced by a "galaxy of Government servants through long-distance control", and called for a democracy "traveling from the Parliament to the Panchayat.". The vitality of Dey prompted Jawaharlal Nehru to put him at the helm of Rural Development of independent India. He framed the Community Development Programme which culminated in the birth of Community Development Blocks all over the country in 1953.
In this year, 9 (nine) Community Development (CD) Blocks came into existence in Mizoram, then known as the Lushai Hills District which was a part of the State of Assam. These Blocks were at Aizawl, Lunglei, Champhai, Kolasib, Hnahthial, Mamit, Lawngtlai, Saitual and Serchhip. Each CD Block was headed by a Project Executive Officer. These CD Blocks were engaged in a wide range of developmental works and the ‘Community Development’ programmes envisaged development in the fields of agriculture, animal husbandry, public health, social education, co-operation, communications etc. in selected areas.
In 1972, when Mizoram attained the status of Union Territory, another 11 (eleven) CD Blocks were created thus totalling 20 (twenty) CD Blocks. They were Aizawl Tlangnuam, Thingdawl, Thingsulthliah, Reiek, Aibawk, West Phaileng, Zawlnuam, Serchhip, Khawzawl, Darlawn, Ngopa, E. Lungdar, Lunglei , Lungsen, Bunghmun, Hnahthial, Sangau, Lawngtlai, Tuipang and Chawngte Blocks. This period also saw many works under Community Development Project being re-allocated amongst newly created Departments. Community Development Project, then under the administrative control of the Deputy Commissioner was also placed under a new Directorate of Community Development. In 1983-1984, the name was changed to Rural Development Department.
Today, the Department is headed by a senior Cabinet Minister and is supported by a Parliamentary Secretary. There is a Secretary to the Government of Mizoram as the head of the Administrative Department i.e. the Secretariat. State Level Monitoring Cell and Internal Audit Cell is part and parcel of the Secretariat engaged in monitoring of all works under Rural Development Department. The Directorate is headed by a Director and executes functions as the apex line department at the State level. State Institute of Rural Development has been established at Kolasib. At the districts, there are the District Rural Development Agencies (DRDAs) whose governing board is chaired by the Deputy Commissioner and has a full-time Project Director. At the Block level, there is Block Development Officer and presently, there are 26 RD Blocks.
Right To Informations Act 2005:
Right to Information mean, the right to - inspect works, documents, records, take notes, extracts or certified copies of documents or records, take certified samples of material and obtain information in form of printouts, diskettes, floppies, tapes, video cassettes or in any other electronic mode or through printouts.
PIOs are officers designated by the public authorities in all administrative units or offices under it to provide information to the citizens requesting for information under the Act. Any officer, whose assistance has been sought by the PIO for the proper discharge of his or her duties, shall render all assistance and for the purpose of contraventions of the provisions of this Act, such other officer shall be treated as a PIO.
PIO shall deal with requests from persons seeking information and where the request cannot be made in writing, to render reasonable assistance to the person to reduce the same in writing. If the information requested for is held by or its subject matter is closely connected with the function of another public authority, the PIO shall transfer, within 5 days, the request to that other public authority and inform the applicant immediately.
PIO may seek the assistance of any other officer for the proper discharge of his/her duties. PIO, on receipt of a request, shall as expeditiously as possible, and in any case within 30 days of the receipt of the request, either provide the information on payment of such fee as may be prescribed or reject the request for any of the reasons specified in S.8 or S.9. Where the information requested for concerns the life or liberty of a person, the same shall be provided within forty-eight hours of the receipt of the request. If the PIO fails to give decision on the request within the period specified, he shall be deemed to have refused the request. Where a request has been rejected, the PIO shall communicate to the requester - (i) the reasons for such rejection, (ii) the period within which an appeal against such rejection may be preferred, and (iii) the particulars of the Appellate Authority.
PIO shall provide information in the form in which it is sought unless it would disproportionately divert the resources of the Public Authority or would be detrimental to the safety or preservation of the record in question. If allowing partial access, the PIO shall give a notice to the applicant, informing: That only part of the record requested, after severance of the record containing information which is exempt from disclosure, is being provided; The reasons for the decision, including any findings on any material question of fact, referring to the material on which those findings were based; The name and designation of the person giving the decision; The details of the fees calculated by him or her and the amount of fee which the applicant is required to deposit; and His or her rights with respect to review of the decision regarding non-disclosure of part of the information, the amount of fee charged or the form of access provided.
If information sought has been supplied by third party or is treated as confidential by that third party, the PIO shall give a written notice to the third party within 5 days from the receipt of the request and take its representation into consideration. Third party must be given a chance to make a representation before the PIO within 10 days from the date of receipt of such notice The Application Procedure for requesting information is, apply in writing or through electronic means in English or Hindi or in the official language of the area, to the PIO, specifying the particulars of the information sought for. Reason for seeking information are not required to be given. Pay fees as may be prescribed (if not belonging to the below poverty line category).
The time limit to get the information is:- 30 days from the date of application 48 hours for information concerning the life and liberty of a person 5 days shall be added to the above response time, in case the application for information is given to Assistant Public Information Officer. If the interests of a third party are involved then time limit will be 40 days (maximum period + time given to the party to make representation). Failure to provide information within the specified period is a deemed refusal
Application fees to be prescribed which must be reasonable. If further fees are required, then the same must be intimated in writing with calculation details of how the figure was arrived at. Applicant can seek review of the decision on fees charged by the PIO by applying to the appropriate Appellate Authority. No fees will be charged from people living below the poverty line. Applicant must be provided information free of cost if the PIO fails to comply with the prescribed time limit.
PIOs are officers designated by the public authorities in all administrative units or offices under it to provide information to the citizens requesting for information under the Act. Any officer, whose assistance has been sought by the PIO for the proper discharge of his or her duties, shall render all assistance and for the purpose of contraventions of the provisions of this Act, such other officer shall be treated as a PIO.
PIO shall deal with requests from persons seeking information and where the request cannot be made in writing, to render reasonable assistance to the person to reduce the same in writing. If the information requested for is held by or its subject matter is closely connected with the function of another public authority, the PIO shall transfer, within 5 days, the request to that other public authority and inform the applicant immediately.
PIO may seek the assistance of any other officer for the proper discharge of his/her duties. PIO, on receipt of a request, shall as expeditiously as possible, and in any case within 30 days of the receipt of the request, either provide the information on payment of such fee as may be prescribed or reject the request for any of the reasons specified in S.8 or S.9. Where the information requested for concerns the life or liberty of a person, the same shall be provided within forty-eight hours of the receipt of the request. If the PIO fails to give decision on the request within the period specified, he shall be deemed to have refused the request. Where a request has been rejected, the PIO shall communicate to the requester - (i) the reasons for such rejection, (ii) the period within which an appeal against such rejection may be preferred, and (iii) the particulars of the Appellate Authority.
PIO shall provide information in the form in which it is sought unless it would disproportionately divert the resources of the Public Authority or would be detrimental to the safety or preservation of the record in question. If allowing partial access, the PIO shall give a notice to the applicant, informing: That only part of the record requested, after severance of the record containing information which is exempt from disclosure, is being provided; The reasons for the decision, including any findings on any material question of fact, referring to the material on which those findings were based; The name and designation of the person giving the decision; The details of the fees calculated by him or her and the amount of fee which the applicant is required to deposit; and His or her rights with respect to review of the decision regarding non-disclosure of part of the information, the amount of fee charged or the form of access provided.
If information sought has been supplied by third party or is treated as confidential by that third party, the PIO shall give a written notice to the third party within 5 days from the receipt of the request and take its representation into consideration. Third party must be given a chance to make a representation before the PIO within 10 days from the date of receipt of such notice The Application Procedure for requesting information is, apply in writing or through electronic means in English or Hindi or in the official language of the area, to the PIO, specifying the particulars of the information sought for. Reason for seeking information are not required to be given. Pay fees as may be prescribed (if not belonging to the below poverty line category).
The time limit to get the information is:- 30 days from the date of application 48 hours for information concerning the life and liberty of a person 5 days shall be added to the above response time, in case the application for information is given to Assistant Public Information Officer. If the interests of a third party are involved then time limit will be 40 days (maximum period + time given to the party to make representation). Failure to provide information within the specified period is a deemed refusal
Application fees to be prescribed which must be reasonable. If further fees are required, then the same must be intimated in writing with calculation details of how the figure was arrived at. Applicant can seek review of the decision on fees charged by the PIO by applying to the appropriate Appellate Authority. No fees will be charged from people living below the poverty line. Applicant must be provided information free of cost if the PIO fails to comply with the prescribed time limit.
Adventure In India:
Trekking in the Indian HimalayasFor the adventurous mountain trekker, few destinations are more magnetic than the Himalayas. Their towering peaks and glaciers represent the ultimate experience in mountaineering, and for many a journey into the Himalayas is really more like a pilgrimage.Three major regions of India penetrate the Himalayas, all of them exceptionally beautiful. In the far northwest there is the province of Jammu and Kashmir, and a gorgeous region known as Ladakh; in the northeast are the provinces of Sikkim and Arunachal Pradesh. More than destinations for just mountain climbers, these regions are culturally rich, often dotted with temples and monasteries.Those traveling to the Himalayas should keep in mind that they will generally be at very high elevations, and therefore prone to the dangers of altitude sickness. The rule of thumb is to always allow time to adjust to the heights, taking it slow. Warm clothes are also necessary.
Trekking in LadakhOne of the most remote and mythical regions of India, Ladakh is a landscape of unearthly beauty. Carved through its center by the headwaters of the Indus River, Ladakh sits high in a Himalayan valley between the Ladakh and Zaskar ranges, close to the Chinese border. The wall of the Himalayas blocks precipitation, and the resulting terrain is dry, barren, and poetically austere. Life here has remained virtually unchanged for thousands of years.
Ladakh's biggest attraction are its ancient gompas, or Buddhist monasteries, which contain some of Asia's greatest wonders of gold and tapestry work. It is possible to stay overnight in some, making a trek in Ladakh curiously like a sort of pilgrimage. The people of Ladakh, many of whom are Tibetan refugees, are famous for their friendliness and hospitality.
For the mountaineer, the nearby Zaskar range offers some fantastic and challenging hiking opportunities. A variety of long, mid, and short range treks, which follow rough trails and pass through some spectacular high-altitude mountain passes, connect the region's gompas and villages. It is important to note that visitors to Ladakh should take time to adjust to the high altitude. Altitude sickness here is very common, and the best way to avoid it is to do very little for the first couple of days in the region. Summer is the best time to come, as heavy winter snows make make it very difficult even to get to Ladakh.
Trekking in DarjeelingDarjeeling sits at the crossroads of the eastern triangle corridor, a hidden stage of foothills in a geographical amphitheater that looks up into the mountainous wonderlands of Nepal, Tibet, and Bhutan. Darjeeling's name is a variation of Darje Ling, which means "place of the thunderbolt" in Hindi. According to the Lamaist religion, this is the site where the god Indra's scepter (a lightning bolt) fell to earth.
While Darjeeling is a place of mythical significance to its people, its value was primarily practical to the British as the strategic gateway to Nepal and Tibet. Darjeeling also offers a cool escape from the dust and sun of the plains below, and the British started to develop the region as a summer retreat shortly after they arrived there in 1828. Darjeeling soon became a haven for tea growing as well, and its cool and misty tea plantations are among the most idyllic attractions in India. The city of Darjeeling offers one of the most dynamic mixes of culture on the subcontinent. Tibetan Lamas can be seen climbing the steep streets in their yellow robes, alongside Sherpas, Gorkhas, Gurung farmers, and people from a host of other cultures and regions.
The high-quality trails surrounding Darjeeling and its tremendous views make it an ideal locale for hiking. A leisurely four day hike to the top of Mount Sandakphu (3536 meters) is rewarded with an astounding vista of the Kanchenjunga Mountains and the highest mountain in the world, Everest. Alpine meadows and wildflowers can be seen on this trek, and there are bungalows and field camps en route.
Trekking in LadakhOne of the most remote and mythical regions of India, Ladakh is a landscape of unearthly beauty. Carved through its center by the headwaters of the Indus River, Ladakh sits high in a Himalayan valley between the Ladakh and Zaskar ranges, close to the Chinese border. The wall of the Himalayas blocks precipitation, and the resulting terrain is dry, barren, and poetically austere. Life here has remained virtually unchanged for thousands of years.
Ladakh's biggest attraction are its ancient gompas, or Buddhist monasteries, which contain some of Asia's greatest wonders of gold and tapestry work. It is possible to stay overnight in some, making a trek in Ladakh curiously like a sort of pilgrimage. The people of Ladakh, many of whom are Tibetan refugees, are famous for their friendliness and hospitality.
For the mountaineer, the nearby Zaskar range offers some fantastic and challenging hiking opportunities. A variety of long, mid, and short range treks, which follow rough trails and pass through some spectacular high-altitude mountain passes, connect the region's gompas and villages. It is important to note that visitors to Ladakh should take time to adjust to the high altitude. Altitude sickness here is very common, and the best way to avoid it is to do very little for the first couple of days in the region. Summer is the best time to come, as heavy winter snows make make it very difficult even to get to Ladakh.
Trekking in DarjeelingDarjeeling sits at the crossroads of the eastern triangle corridor, a hidden stage of foothills in a geographical amphitheater that looks up into the mountainous wonderlands of Nepal, Tibet, and Bhutan. Darjeeling's name is a variation of Darje Ling, which means "place of the thunderbolt" in Hindi. According to the Lamaist religion, this is the site where the god Indra's scepter (a lightning bolt) fell to earth.
While Darjeeling is a place of mythical significance to its people, its value was primarily practical to the British as the strategic gateway to Nepal and Tibet. Darjeeling also offers a cool escape from the dust and sun of the plains below, and the British started to develop the region as a summer retreat shortly after they arrived there in 1828. Darjeeling soon became a haven for tea growing as well, and its cool and misty tea plantations are among the most idyllic attractions in India. The city of Darjeeling offers one of the most dynamic mixes of culture on the subcontinent. Tibetan Lamas can be seen climbing the steep streets in their yellow robes, alongside Sherpas, Gorkhas, Gurung farmers, and people from a host of other cultures and regions.
The high-quality trails surrounding Darjeeling and its tremendous views make it an ideal locale for hiking. A leisurely four day hike to the top of Mount Sandakphu (3536 meters) is rewarded with an astounding vista of the Kanchenjunga Mountains and the highest mountain in the world, Everest. Alpine meadows and wildflowers can be seen on this trek, and there are bungalows and field camps en route.
India’s History:
India's extraordinary history is intimately tied to its geography. A meeting ground between the East and the West, it has always been an invader's paradise, while at the same time its natural isolation and magnetic religions allowed it to adapt to and absorb many of the peoples who penetrated its mountain passes. No matter how many Persians, Greeks, Chinese nomads, Arabs, Portuguese, British and other raiders had their way with the land, local Hindu kingdoms invariably survived their depradations, living out their own sagas of conquest and collapse. All the while, these local dynasties built upon the roots of a culture well established since the time of the first invaders, the Aryans. In short, India has always been simply too big, too complicated, and too culturally subtle to let any one empire dominate it for long.
True to the haphazard ambiance of the country, the discovery of India's most ancient civilization literally happened by accident. British engineers in the mid-1800's, busy constructing a railway line between Karachi and Punjab, found ancient, kiln-baked bricks along the path of the track. This discovery was treated at the time as little more than a curiosity, but archaeologists later revisited the site in the 1920's and determined that the bricks were over 5000 years old. Soon afterward, two important cities were discovered: Harappa on the Ravi river, and Mohenjodaro on the Indus.
The civilization that laid the bricks, one of the world's oldest, was known as the Indus. They had a written language and were highly sophisticated. Dating back to 3000 BC, they originated in the south and moved north, building complex, mathematically-planned cities. Some of these towns were almost three miles in diameter and contained as many as 30,000 residents. These ancient municipalities had granaries, citadels, and even household toilets. In Mohenjodaro, a mile-long canal connected the city to the sea, and trading ships sailed as far as Mesopotamia. At its height, the Indus civilization extended over half a million square miles across the Indus river valley, and though it existed at the same time as the ancient civilizations of Egypt and Sumer, it far outlasted them.
The first group to invade India were the Aryans, who came out of the north in about 1500 BC. The Aryans brought with them strong cultural traditions that, miraculously, still remain in force today. They spoke and wrote in a language called Sanskrit, which was later used in the first documentation of the Vedas. Though warriors and conquerors, the Aryans lived alongside Indus, introducing them to the caste system and establishing the basis of the Indian religions. The Aryans inhabited the northern regions for about 700 years, then moved further south and east when they developed iron tools and weapons. They eventually settled the Ganges valley and built large kingdoms throughout much of northern India.
The second great invasion into India occurred around 500 BC, when the Persian kings Cyrus and Darius, pushing their empire eastward, conquered the ever-prized Indus Valley. Compared to the Aryans, the Persian influence was marginal, perhaps because they were only able to occupy the region for a relatively brief period of about 150 years. The Persians were in turn conquered by the Greeks under Alexander the Great, who swept through the country as far as the Beas River, where he defeated king Porus and an army of 200 elephants in 326 BC. The tireless, charismatic conqueror wanted to extend his empire even further eastward, but his own troops (undoubtedly exhausted) refused to continue. Alexander returned home, leaving behind garrisons to keep the trade routes open.
While the Persians and Greeks subdued the Indus Valley and the northwest, Aryan-based kingdoms continued developing in the East. In the 5th century BC, Siddhartha Gautama founded the religion of Buddhism, a profoundly influential work of human thought still espoused by much of the world. As the overextended Hellenistic sphere declined, a king known as Chandragupta swept back through the country from Magadha (Bihar) and conquered his way well into Afghanistan. This was the beginning of one India's greatest dynasties, the Maurya. Under the great king Ashoka (268-31 BC), the Mauryan empire conquered nearly the entire subcontinent, extending itself as far south as Mysore. When Ashoka conquered Orissa, however, his army shed so much blood that the repentant king gave up warfare forever and converted to Buddhism. Proving to be as tireless a missionary as he had been as conqueror, Asoka brought Buddhism to much of central Asia. His rule marked the height of the Maurya empire, and it collapsed only 100 years after his death.
After the demise of the Maurya dynasty, the regions it had conquered fragmented into a mosaic of kingdoms and smaller dynasties. The Greeks returned briefly in 150 BC and conquered the Punjab, and by this time Buddhism was becoming so influential that the Greek king Menander forsook the Hellenistic pantheon and became a Buddhist himself. The local kingdoms enjoyed relative autonomy for the next few hundred years, occasionally fighting (and often losing to) invaders from the north and China, who seemed to come and go like the monsoons. Unlike the Greeks, the Romans never made it to India, preferring to expand west instead.
True to the haphazard ambiance of the country, the discovery of India's most ancient civilization literally happened by accident. British engineers in the mid-1800's, busy constructing a railway line between Karachi and Punjab, found ancient, kiln-baked bricks along the path of the track. This discovery was treated at the time as little more than a curiosity, but archaeologists later revisited the site in the 1920's and determined that the bricks were over 5000 years old. Soon afterward, two important cities were discovered: Harappa on the Ravi river, and Mohenjodaro on the Indus.
The civilization that laid the bricks, one of the world's oldest, was known as the Indus. They had a written language and were highly sophisticated. Dating back to 3000 BC, they originated in the south and moved north, building complex, mathematically-planned cities. Some of these towns were almost three miles in diameter and contained as many as 30,000 residents. These ancient municipalities had granaries, citadels, and even household toilets. In Mohenjodaro, a mile-long canal connected the city to the sea, and trading ships sailed as far as Mesopotamia. At its height, the Indus civilization extended over half a million square miles across the Indus river valley, and though it existed at the same time as the ancient civilizations of Egypt and Sumer, it far outlasted them.
The first group to invade India were the Aryans, who came out of the north in about 1500 BC. The Aryans brought with them strong cultural traditions that, miraculously, still remain in force today. They spoke and wrote in a language called Sanskrit, which was later used in the first documentation of the Vedas. Though warriors and conquerors, the Aryans lived alongside Indus, introducing them to the caste system and establishing the basis of the Indian religions. The Aryans inhabited the northern regions for about 700 years, then moved further south and east when they developed iron tools and weapons. They eventually settled the Ganges valley and built large kingdoms throughout much of northern India.
The second great invasion into India occurred around 500 BC, when the Persian kings Cyrus and Darius, pushing their empire eastward, conquered the ever-prized Indus Valley. Compared to the Aryans, the Persian influence was marginal, perhaps because they were only able to occupy the region for a relatively brief period of about 150 years. The Persians were in turn conquered by the Greeks under Alexander the Great, who swept through the country as far as the Beas River, where he defeated king Porus and an army of 200 elephants in 326 BC. The tireless, charismatic conqueror wanted to extend his empire even further eastward, but his own troops (undoubtedly exhausted) refused to continue. Alexander returned home, leaving behind garrisons to keep the trade routes open.
While the Persians and Greeks subdued the Indus Valley and the northwest, Aryan-based kingdoms continued developing in the East. In the 5th century BC, Siddhartha Gautama founded the religion of Buddhism, a profoundly influential work of human thought still espoused by much of the world. As the overextended Hellenistic sphere declined, a king known as Chandragupta swept back through the country from Magadha (Bihar) and conquered his way well into Afghanistan. This was the beginning of one India's greatest dynasties, the Maurya. Under the great king Ashoka (268-31 BC), the Mauryan empire conquered nearly the entire subcontinent, extending itself as far south as Mysore. When Ashoka conquered Orissa, however, his army shed so much blood that the repentant king gave up warfare forever and converted to Buddhism. Proving to be as tireless a missionary as he had been as conqueror, Asoka brought Buddhism to much of central Asia. His rule marked the height of the Maurya empire, and it collapsed only 100 years after his death.
After the demise of the Maurya dynasty, the regions it had conquered fragmented into a mosaic of kingdoms and smaller dynasties. The Greeks returned briefly in 150 BC and conquered the Punjab, and by this time Buddhism was becoming so influential that the Greek king Menander forsook the Hellenistic pantheon and became a Buddhist himself. The local kingdoms enjoyed relative autonomy for the next few hundred years, occasionally fighting (and often losing to) invaders from the north and China, who seemed to come and go like the monsoons. Unlike the Greeks, the Romans never made it to India, preferring to expand west instead.
Photos of Tamil Nadu politicians found in LTTE camps:
Sri Lankan troops inching into Tamil Tiger territory have found photographs and videos showing politicians from Tamil Nadu in the company of guerrilla leaders, it was announced on Monday. The defence ministry said soldiers combing abandoned bases of the Liberation Tigers of Tamil Eelam (LTTE) made the startling discovery, some of them showing at least one leading Indian Tamil politician in a cheerful mood with LTTE boss Velupillai Prabhakaran.
These included MDMK leader Vaiko, a long-time MP and a vocal supporter of the LTTE, as well as P Nedumaran, who has known Prabhakaran since the early 1980s when the LTTE chief was a largely unknown figure. The ministry said that soldiers from the 58 Division made the discovery when they captured an LTTE satellite communication centre to the west of Puthukkudiyiruppu, "exposing an abominable conspiracy against Sri Lankan citizens".
Puthukkudiyiruppu is the last township held by the Tigers in the north. The military said it was advancing from various directions amid heavy LTTE resistance. "The soldiers have found several recent photographs and video footage in a building earlier occupied by the LTTE terrorists, showing certain south Indian politicians in LTTE camps in Wanni," the ministry said.
"Vaiko had been photographed in LTTE uniform, firing pistols with Prabhakaran, delivering brain-washing lectures to the LTTE terrorists, and having discussions with Prabhakaran," it said. It claimed that there were a number of photographs "showing some (of the) politicians championing tribalism, actively participating in terrorist activities in Wanni", the northern region where the troops are now locked in heavy fighting with the LTTE.
The ministry website also released a couple of photographs of a relatively younger looking Prabhakaran and Vaiko in military fatigues talking at an unknown location. Both Nedumaran and Vaiko made clandestine visits to LTTE territory in Sri Lanka in the 1980s to meet Prabhakaran. Vaiko spent about a month in LTTE zone in 1989, when Indian troops were battling the Tigers in Sri Lankan northeast. Nedumaran made a similar trip to the island in 1985, again spending about a month there.
Both Vaiko and Nedumaran have been in the forefront of recent street protests in Tamil Nadu against the Indian government's apparent support to Colombo in its war against the LTTE. Nearly 200 people, including Vaiko, were arrested and remanded to judicial custody Saturday in Tamil Nadu for showing black flags to External Affairs Minister Pranab Mukherjee and burning his photographs.
These included MDMK leader Vaiko, a long-time MP and a vocal supporter of the LTTE, as well as P Nedumaran, who has known Prabhakaran since the early 1980s when the LTTE chief was a largely unknown figure. The ministry said that soldiers from the 58 Division made the discovery when they captured an LTTE satellite communication centre to the west of Puthukkudiyiruppu, "exposing an abominable conspiracy against Sri Lankan citizens".
Puthukkudiyiruppu is the last township held by the Tigers in the north. The military said it was advancing from various directions amid heavy LTTE resistance. "The soldiers have found several recent photographs and video footage in a building earlier occupied by the LTTE terrorists, showing certain south Indian politicians in LTTE camps in Wanni," the ministry said.
"Vaiko had been photographed in LTTE uniform, firing pistols with Prabhakaran, delivering brain-washing lectures to the LTTE terrorists, and having discussions with Prabhakaran," it said. It claimed that there were a number of photographs "showing some (of the) politicians championing tribalism, actively participating in terrorist activities in Wanni", the northern region where the troops are now locked in heavy fighting with the LTTE.
The ministry website also released a couple of photographs of a relatively younger looking Prabhakaran and Vaiko in military fatigues talking at an unknown location. Both Nedumaran and Vaiko made clandestine visits to LTTE territory in Sri Lanka in the 1980s to meet Prabhakaran. Vaiko spent about a month in LTTE zone in 1989, when Indian troops were battling the Tigers in Sri Lankan northeast. Nedumaran made a similar trip to the island in 1985, again spending about a month there.
Both Vaiko and Nedumaran have been in the forefront of recent street protests in Tamil Nadu against the Indian government's apparent support to Colombo in its war against the LTTE. Nearly 200 people, including Vaiko, were arrested and remanded to judicial custody Saturday in Tamil Nadu for showing black flags to External Affairs Minister Pranab Mukherjee and burning his photographs.
Lok Sabha elections in five phases from Apr 16 to May 13:
Lok Sabha polls will be held in five phases from April 16 to May 13, the Election Commission announced on Monday.The five phased polls will be held in Jammu and Kashmir and Uttar Pradesh while Bihar will have four-phased elections, Chief Election Commissioner N Gopalaswami told a press conference in New Delhi.
Maharashtra and West Bengal will witness three phased polls while Andhra Pradesh, Assam, Manipur, Jharkhand, Karnataka, Madhya Pradesh, Orissa and Punjab will have elections in two phases.Remaining 15 states and seven union territories will have one-day polling.The counting of votes will take place on May 16 and the 15th Lok Sabha will be constituted by June two.
In the first phase, 124 constituencies will go to polls on April 16. 141 constituencies will witness balloting in the second phase on April 23, 107 seats in third phase on April 30, 85 seats in fourth phase on May 7 and 86 constituencies in the last phase on May 13. Elections to Assemblies in Andhra Pradesh, Sikkim and Himachal Pradesh will be held simultaneously with the Lok Sabha polls.
Photo electoral rolls will be used for the first time in 522 out of the 543 constituencies, Gopalaswami said.499 constituencies have been redrawn in the delimitation exercise.Delimitation could not be undertaken in Andhra, Assam, Jharkhand, Manipur and Nagaland, Gopalaswami said.
At least 71.4 crore will be the number of eligible voters, an increase of 4.3 crore over the 2004 figure of 67.1 The Commission will be using around 11 lakh electronic voting machines for the exercise to be held in eight lakh polling stations. Around 40 lakh civil staff and 21 lakh security personnel will be deployed for the smooth conduct of elections, Gopalaswami said.
The dates were finalised taking into account aspects like school board examinations, local holidays, festivals and harvest, said Gopalaswami, who was flanked by Election Commissioners Naveen Chawla, whose removal he had sought for alleged "misconduct", and MY Qureishi. On government's advice, President Pratibha Patil rejected the CEC's recommendation paving the way for Chawla to become the next head of the poll panel. Gopalaswami retires on April 20.The poll schedule was worked out after series of meetings with political parties, Chief Secretaries and Director Generals of Police and Railway Board officials starting from February three, the CEC said.
Maharashtra and West Bengal will witness three phased polls while Andhra Pradesh, Assam, Manipur, Jharkhand, Karnataka, Madhya Pradesh, Orissa and Punjab will have elections in two phases.Remaining 15 states and seven union territories will have one-day polling.The counting of votes will take place on May 16 and the 15th Lok Sabha will be constituted by June two.
In the first phase, 124 constituencies will go to polls on April 16. 141 constituencies will witness balloting in the second phase on April 23, 107 seats in third phase on April 30, 85 seats in fourth phase on May 7 and 86 constituencies in the last phase on May 13. Elections to Assemblies in Andhra Pradesh, Sikkim and Himachal Pradesh will be held simultaneously with the Lok Sabha polls.
Photo electoral rolls will be used for the first time in 522 out of the 543 constituencies, Gopalaswami said.499 constituencies have been redrawn in the delimitation exercise.Delimitation could not be undertaken in Andhra, Assam, Jharkhand, Manipur and Nagaland, Gopalaswami said.
At least 71.4 crore will be the number of eligible voters, an increase of 4.3 crore over the 2004 figure of 67.1 The Commission will be using around 11 lakh electronic voting machines for the exercise to be held in eight lakh polling stations. Around 40 lakh civil staff and 21 lakh security personnel will be deployed for the smooth conduct of elections, Gopalaswami said.
The dates were finalised taking into account aspects like school board examinations, local holidays, festivals and harvest, said Gopalaswami, who was flanked by Election Commissioners Naveen Chawla, whose removal he had sought for alleged "misconduct", and MY Qureishi. On government's advice, President Pratibha Patil rejected the CEC's recommendation paving the way for Chawla to become the next head of the poll panel. Gopalaswami retires on April 20.The poll schedule was worked out after series of meetings with political parties, Chief Secretaries and Director Generals of Police and Railway Board officials starting from February three, the CEC said.
Over to RBI, but are rate cuts enough:
The year-on-year GDP growth of 5.3 per cent for the third quarter of 2008-09 raises an alarm on the growth expectations for the full year has increased pressure on the Reserve Bank of India to cut policy rates increase to boost credit expansion in order to bring demand in the economy. Some economists feel that the situation is not as bad and has improved over the past couple of months and RBI governor Duvvuri Subbarao is doing all he can.
“Rate cuts is all that that RBI can do and is doing which has had its impact,” said Abheek Barua, chief economist, HDFC Bank. “It also has to infuse liquidity and a CRR (cash reserve ratio) cut will help,” he added, referring to the share of deposits that banks must park with RBI as cash. “There is a scope for repo rate cut and RBI should go ahead with the same,” said Rajiv Kumar, director and chief executive at the Indian Council for International Economic Relations (ICRIER).
A series of CRR and repo rate cuts by the central bank has put pressure on the commercial banks to further cut prime lending rates and bring it down to single digit levels. While further rate cuts are possible and a measure that the central bank can adopt, bankers have their reservations on its impact. They maintain that first demand has to go up for credit to pick up and for that, fiscal measures involving government spending are vital.
“Liquidity is not an issue but macro economic adjustments are key to spruce up demand,” said MD Mallya, chairman and managing director, Bank of Baroda. “Only when investments in infrastructure start, sectors like steel and cement would pick up and this in turn will generate demand.“Reduction in the rate of interest cannot alone create demand, affordability is key for demand to pick,” said Allen CA Pereira, chairman and managing director, Bank of Maharashtra
“Rate cuts is all that that RBI can do and is doing which has had its impact,” said Abheek Barua, chief economist, HDFC Bank. “It also has to infuse liquidity and a CRR (cash reserve ratio) cut will help,” he added, referring to the share of deposits that banks must park with RBI as cash. “There is a scope for repo rate cut and RBI should go ahead with the same,” said Rajiv Kumar, director and chief executive at the Indian Council for International Economic Relations (ICRIER).
A series of CRR and repo rate cuts by the central bank has put pressure on the commercial banks to further cut prime lending rates and bring it down to single digit levels. While further rate cuts are possible and a measure that the central bank can adopt, bankers have their reservations on its impact. They maintain that first demand has to go up for credit to pick up and for that, fiscal measures involving government spending are vital.
“Liquidity is not an issue but macro economic adjustments are key to spruce up demand,” said MD Mallya, chairman and managing director, Bank of Baroda. “Only when investments in infrastructure start, sectors like steel and cement would pick up and this in turn will generate demand.“Reduction in the rate of interest cannot alone create demand, affordability is key for demand to pick,” said Allen CA Pereira, chairman and managing director, Bank of Maharashtra
Singapore PM warns of lengthy global slump:
Singapore's leader Prime has warned the global economic slump may last several more years if the US doesn't fix its creaking banking system, a newspaper reported on Saturday. Prime Minister Lee Hsien also called on President Barack Obama to resist pressure from the American public for protectionist policies such as trade barriers to protect homegrown industries during the downturn.
Lee, in Thailand for the 14th annual summit of Southeast Asian leaders, told the Bangkok Post in a pre-summit interview that the US the world's largest economy will be in recession for at least the rest of the year and could continue to stumble after that. "So you could easily be in for several years of quite slow growth worldwide. And I think it's best that we prepare for that, and prepare our people," said Lee, son of Lee Kuan Yew, the city-state's leader from 1959 to 1990.
Leaders and top officials from the Southeast Asian leaderss a region of more than 500 million people are gathered in the Thai resort town of Cha-Am, 120 miles (200 kilometers) south of the capital Bangkok, for the grouping's 14th summit. The meeting, usually dominated by human rights issues, is overshadowed this year by the global economic meltdown, which has already dragged the export-dependent region's most advanced economy Singapore into recession.
Thailand's economy shrank in the fourth quarter and others like Malaysia and Indonesia are facing rapidly slowing growth as exports crumble. Singapore warns that its economy will contract as much as 5 per cent this year.The region which groups one of Asia's richest nations with some of its poorest is at the mercy of global economic winds, particularly from the US, a major export market for Southeast Asian countries.
US banks are loaded with hundreds of billions of dollars of toxic assets after the overheated American housing market imploded last year, sending shock waves through the global financial system. Lee said fixing ailing banks in the U.S. and some major European nations will require politically difficult and costly decisions such as nationalization, massive injections of capital, or governments buying the banks' bad assets. All involve nationalizing the banks "one way or another," he said.
"I think the choices are not easy but they have to be made. If you do not make a choice then the outcome will be like what happened in Japan in the 1990s and it went on for more than a decade because the problem just lingered," said Lee.On protectionism, Lee said the openness of the US economy had for years driven the increase in global trade and rising prosperity, all of which was at stake if the US turned inward. "If America turns inward, it is going to do the world a lot of harm and do themselves a lot of harm," he said.
Lee, in Thailand for the 14th annual summit of Southeast Asian leaders, told the Bangkok Post in a pre-summit interview that the US the world's largest economy will be in recession for at least the rest of the year and could continue to stumble after that. "So you could easily be in for several years of quite slow growth worldwide. And I think it's best that we prepare for that, and prepare our people," said Lee, son of Lee Kuan Yew, the city-state's leader from 1959 to 1990.
Leaders and top officials from the Southeast Asian leaderss a region of more than 500 million people are gathered in the Thai resort town of Cha-Am, 120 miles (200 kilometers) south of the capital Bangkok, for the grouping's 14th summit. The meeting, usually dominated by human rights issues, is overshadowed this year by the global economic meltdown, which has already dragged the export-dependent region's most advanced economy Singapore into recession.
Thailand's economy shrank in the fourth quarter and others like Malaysia and Indonesia are facing rapidly slowing growth as exports crumble. Singapore warns that its economy will contract as much as 5 per cent this year.The region which groups one of Asia's richest nations with some of its poorest is at the mercy of global economic winds, particularly from the US, a major export market for Southeast Asian countries.
US banks are loaded with hundreds of billions of dollars of toxic assets after the overheated American housing market imploded last year, sending shock waves through the global financial system. Lee said fixing ailing banks in the U.S. and some major European nations will require politically difficult and costly decisions such as nationalization, massive injections of capital, or governments buying the banks' bad assets. All involve nationalizing the banks "one way or another," he said.
"I think the choices are not easy but they have to be made. If you do not make a choice then the outcome will be like what happened in Japan in the 1990s and it went on for more than a decade because the problem just lingered," said Lee.On protectionism, Lee said the openness of the US economy had for years driven the increase in global trade and rising prosperity, all of which was at stake if the US turned inward. "If America turns inward, it is going to do the world a lot of harm and do themselves a lot of harm," he said.
Slown down worsens, growth rates plunge:
now official. After 16 quarters, the country’s gross domestic product (GDP) grew at 5.3 per cent during the quarter ending December 2008, down 3.6 percentage points, the lowest since the quarter ending December 2005. The farm sector, that feeds one-third of the population, contracted by 2.2 per cent — the first agricultural contraction since December 2005, when it fell by 5 per cent — underlining that the slowdown has penetrated beyond the urban hubs.
And although government officials as well as the Congress party deny it, the latest data from Central Statistical Organisation could mean that the economy will end the year with a much lower growth rate than the government’s 7.1 per cent estimate. “It (GDP growth) is broadly in line with our expectations,” said Ashok Chawla, secretary, economic affairs. “(It) will add up to close to 7 per cent for the year as a whole. We aren’t very disappointed, we aren’t pessimistic about the number.” He said since the fourth-quarter contribution to GDP growth is normally better and backed by a better-than-normal rabi crop, overall growth will be along expected lines.
“Our expectation is still that the fourth quarter is going to show robust growth, which will add up to close to 7 per cent for the year as a whole,” he said.The “social, community and personal services” sector has grown by 17 per cent, largely because of Pay Commission arrears that came in during the quarter as income of government servants are accounted for in this category. “That (public spending) is taking the place of the decline in private-sector spending (very quickly),” Chawla said.
In an election year, the adverse growth data is likely to assume political overtones.The principal opposition party, the BJP, blamed “mismanagement of domestic policy” for the state of the economy. “This is a dismal figure,” former finance minister and BJP leader Yashwant Sinha told HT. “The fourth-quarter data will be even worse. This is the result of domestic policies and global slowdown.”
Predictably, the Congress party took the numbers in its stride. “The third-quarter figures are indicative of the impact of the global slowdown,” said Congress spokesman Manish Tewari. “There is nothing to be alarmed about. (These) figures preceded the economic stimulus package announced by the government on December 27, 2008 and January 29, 2009. The growth figures of the next quarter will reflect the impact of the stimulus package.”
The corporate sector reacted with optimistic caution. “While October-December was the worst quarter, things have improved in January and February, and this quarter should be better,” said Deepak Parekh, chairman, HDFC. “I expect the GDP for 2008-09 to be between 6.7 and 6.9 per cent.” All eyes are now on the Reserve Bank of India to cut interest rates and stimulate demand, said Harsh Pati Singhania, president, FICCI. “Further, the government must send strong signals to banks to direct credit for productive activities and to support investors and consumers alike,” said Singhania.
And although government officials as well as the Congress party deny it, the latest data from Central Statistical Organisation could mean that the economy will end the year with a much lower growth rate than the government’s 7.1 per cent estimate. “It (GDP growth) is broadly in line with our expectations,” said Ashok Chawla, secretary, economic affairs. “(It) will add up to close to 7 per cent for the year as a whole. We aren’t very disappointed, we aren’t pessimistic about the number.” He said since the fourth-quarter contribution to GDP growth is normally better and backed by a better-than-normal rabi crop, overall growth will be along expected lines.
“Our expectation is still that the fourth quarter is going to show robust growth, which will add up to close to 7 per cent for the year as a whole,” he said.The “social, community and personal services” sector has grown by 17 per cent, largely because of Pay Commission arrears that came in during the quarter as income of government servants are accounted for in this category. “That (public spending) is taking the place of the decline in private-sector spending (very quickly),” Chawla said.
In an election year, the adverse growth data is likely to assume political overtones.The principal opposition party, the BJP, blamed “mismanagement of domestic policy” for the state of the economy. “This is a dismal figure,” former finance minister and BJP leader Yashwant Sinha told HT. “The fourth-quarter data will be even worse. This is the result of domestic policies and global slowdown.”
Predictably, the Congress party took the numbers in its stride. “The third-quarter figures are indicative of the impact of the global slowdown,” said Congress spokesman Manish Tewari. “There is nothing to be alarmed about. (These) figures preceded the economic stimulus package announced by the government on December 27, 2008 and January 29, 2009. The growth figures of the next quarter will reflect the impact of the stimulus package.”
The corporate sector reacted with optimistic caution. “While October-December was the worst quarter, things have improved in January and February, and this quarter should be better,” said Deepak Parekh, chairman, HDFC. “I expect the GDP for 2008-09 to be between 6.7 and 6.9 per cent.” All eyes are now on the Reserve Bank of India to cut interest rates and stimulate demand, said Harsh Pati Singhania, president, FICCI. “Further, the government must send strong signals to banks to direct credit for productive activities and to support investors and consumers alike,” said Singhania.
Oil below $43 on record economic lows:
Thursday's bullish crude price path turned bearish as reports by the Commerce Department showed the economy shrank by 6.2 per cent in the last quarter of 2008 a 26 year record low. Benchmark crude for April delivery slid $2.42 cents to $42.87 a barrel by midafternoon in Europe on the New York Mercantile Exchange. The contract jumped $2.72 on Thursday to settle at $45.22. The Commerce Department report released Friday showed the economy sinking much faster than the 3.8 per cent annualized drop for the October-December quarter first estimated by the government last month. It also was considerably weaker than the 5.4 per cent annualized decline economists expected.
Looking ahead, economists predict consumers and businesses will keep cutting back spending, making the first six months of this year especially rocky. In the fourth quarter, consumers cut spending at a 4.3 per cent pace. That was steeper than the initial 3.5 percent annualized drop and marked the biggest decline since the second quarter of 1980. The new report offered grim proof that the economy's economic tailspin accelerated in the fourth quarter under a slew of negative forces feeding on each other.
The faster downhill slide in the final quarter of last year came as the financial crisis the worst since the 1930s intensified. A stronger drop in crude prices was prevented by Wednesday's report of lower than expected supply increases in both oil and gasoline futures. Government data earlier this week showed that gasoline demand was up 1.7 per cent from the same period last year.
"Most of the strengthening demand development can be attributed to lower pump prices, which has encouraged more driving," said Vienna's JBC Energy. The US Energy Department on Wednesday said crude inventories rose 700,000 barrels for the week ended Feb. 20, less than the 3.5 million barrel build-up analysts expected. While inventories rose, the trend appears to be slowing. Last week the government reported inventories fell slightly.
Dismal economic news reflecting the worst recession in decades still weighs on oil prices. The government reported Thursday that new jobless claims rose again and the number of Americans continuing to receive unemployment benefits has topped 5.1 million. The Labor Department said first-time requests for unemployment benefits jumped to 667,000 from the previous week's figure of 631,000.
"There's probably too much bad economic news out there to let prices break out," said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney, Australia. OPEC will likely announce a production cut of about 1 million barrels a day at the group's next meeting on March 15, adding to 4.2 million barrels a day of output reductions the 13-member cartel has pledged since September, Rigby said.
Leaders of the Organization of Petroleum Exporting Countries have said recently they would like oil to trade near $70 a barrel. "If oil stays in the $40s, I think they'll cut again, but if the market goes above $50, they may not do much," Rigby said. "I think they'd like to see a minimum of $60." Oil prices fell 78 per cent to $32.70 a barrel in December from a record $147.27 in July, and for the last couple months, crude has traded in a range between $35 and $45. Investors who use technical analysis to follow trading trends say oil may be poised to trade higher. In other Nymex trading, gasoline futures fell 7 cents to $1.24 a gallon, while heating oil slid 4 cents to $1.25 a gallon. Natural gas for March delivery dropped 1 cent to $4.07 per 1,000 cubic feet. Brent prices fell $1.68 cents to $44.83 on the ICE Futures exchange in London.
Looking ahead, economists predict consumers and businesses will keep cutting back spending, making the first six months of this year especially rocky. In the fourth quarter, consumers cut spending at a 4.3 per cent pace. That was steeper than the initial 3.5 percent annualized drop and marked the biggest decline since the second quarter of 1980. The new report offered grim proof that the economy's economic tailspin accelerated in the fourth quarter under a slew of negative forces feeding on each other.
The faster downhill slide in the final quarter of last year came as the financial crisis the worst since the 1930s intensified. A stronger drop in crude prices was prevented by Wednesday's report of lower than expected supply increases in both oil and gasoline futures. Government data earlier this week showed that gasoline demand was up 1.7 per cent from the same period last year.
"Most of the strengthening demand development can be attributed to lower pump prices, which has encouraged more driving," said Vienna's JBC Energy. The US Energy Department on Wednesday said crude inventories rose 700,000 barrels for the week ended Feb. 20, less than the 3.5 million barrel build-up analysts expected. While inventories rose, the trend appears to be slowing. Last week the government reported inventories fell slightly.
Dismal economic news reflecting the worst recession in decades still weighs on oil prices. The government reported Thursday that new jobless claims rose again and the number of Americans continuing to receive unemployment benefits has topped 5.1 million. The Labor Department said first-time requests for unemployment benefits jumped to 667,000 from the previous week's figure of 631,000.
"There's probably too much bad economic news out there to let prices break out," said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney, Australia. OPEC will likely announce a production cut of about 1 million barrels a day at the group's next meeting on March 15, adding to 4.2 million barrels a day of output reductions the 13-member cartel has pledged since September, Rigby said.
Leaders of the Organization of Petroleum Exporting Countries have said recently they would like oil to trade near $70 a barrel. "If oil stays in the $40s, I think they'll cut again, but if the market goes above $50, they may not do much," Rigby said. "I think they'd like to see a minimum of $60." Oil prices fell 78 per cent to $32.70 a barrel in December from a record $147.27 in July, and for the last couple months, crude has traded in a range between $35 and $45. Investors who use technical analysis to follow trading trends say oil may be poised to trade higher. In other Nymex trading, gasoline futures fell 7 cents to $1.24 a gallon, while heating oil slid 4 cents to $1.25 a gallon. Natural gas for March delivery dropped 1 cent to $4.07 per 1,000 cubic feet. Brent prices fell $1.68 cents to $44.83 on the ICE Futures exchange in London.
Rupee touches all-time low:
The rupee plunged to a record low of 51.17 per dollar on Friday, hit by importer demand for dollars and share market losses after data showed growth slowed to its weakest in nearly six years at the end of 2008. The partially convertible rupee closed at 51.10/12 per dollar, 1.3 per cent weaker than Thursday’s close of 50.45/47 and taking its losses in 2009 to 4.7 per cent.
The rupee shed 2.7 per cent this week, its worst performance since the week to November 14 when it fell 2.8 per cent. “Everyone was a (dollar) buyer today, the state-run banks were selling sporadically to smoothen the fall,” a senior dealer with a private bank said. “When a life low breaks, everything changes. Lots of people with imports, loans etc, who are unhedged are forced to take .
Decisions, while exporters simply disappear from the market temporarily,” he said. Asian currencies tumbled across the board on Friday on concerns over the region’s grim economic outlook, with the South Korean won tumbling to an 11-year trough. “There was underlying (dollar) demand from corporates and oil companies weighing on the rupee today,”
said Agam Gupta, head of forex trading at Standard Chartered Bank. Adding to the rupee’s woes, Sensex fell 0.7 per cent, with the market posting its second monthly drop of 2009, as grim growth data indicated the global financial crisis was damaging the domestic economy more than expected.
The rupee shed 2.7 per cent this week, its worst performance since the week to November 14 when it fell 2.8 per cent. “Everyone was a (dollar) buyer today, the state-run banks were selling sporadically to smoothen the fall,” a senior dealer with a private bank said. “When a life low breaks, everything changes. Lots of people with imports, loans etc, who are unhedged are forced to take .
Decisions, while exporters simply disappear from the market temporarily,” he said. Asian currencies tumbled across the board on Friday on concerns over the region’s grim economic outlook, with the South Korean won tumbling to an 11-year trough. “There was underlying (dollar) demand from corporates and oil companies weighing on the rupee today,”
said Agam Gupta, head of forex trading at Standard Chartered Bank. Adding to the rupee’s woes, Sensex fell 0.7 per cent, with the market posting its second monthly drop of 2009, as grim growth data indicated the global financial crisis was damaging the domestic economy more than expected.
PM’s statement on global market turmoil:
"I wish to make a statement on the ongoing global financial crisis and its impact on India. Honourable members are aware that this crisis had its origins in the United States and spread quickly to Europe. "While the crisis began in the housing mortgage market, it soon extended to the money market and the credit market. As a result, several financial institutions were pushed to the brink of insolvency. "The US and some other developed countries have bailed out a number of financial institutions and banks. They have also taken a number of unconventional steps to infuse liquidity, recapitalise the banks and unfreeze the credit market.
"The financial storm has shaken confidence in the system and precipitated a steep decline in stock markets. "It has produced a sharp slowdown in economic activity, with the prospect of a prolonged recession in industrialised countries. Many observers have described this as the worst crisis since the Great Depression of 1930s. "India, like other developing countries, is experiencing the ripple effects of the financial crisis. However, we have taken a number of steps to minimise the impact.
"Our first concern was to ensure the stability of our banking system. I am happy to inform the house that the Indian banking system is not directly exposed to the subprime mortgage assets. Their exposure to other problem assets is also minimal. "Our banks, both in the public sector and in the private sector, are financially sound, well capitalised and well regulated. "There should be no fear of a failure of any bank. In particular, I wish to assure depositors in our banks that their deposits are entirely safe.
"Although our banks are safe, and they are also providing credit in line with anticipated credit targets, the global turmoil has led to a contraction in other forms of commercial credit. "External commercial borrowings, which are used by the corporate sector have dried up, as have international suppliers credits. This has led to a reduction in overall credit availability in the economy even though credit from commercial banks has expanded satisfactorily. "This contraction produced a liquidity crisis in the system.
"We have taken a number of steps to address this problem. Between July 6, 2008 to October 15, 2008, the Reserve Bank of India cut the Cash Reserve Ratio by a total of 250 basis points. "The SLR requirements were relaxed initially by 1 percentage point and subsequently an additional window of 0.5 percentage points was introduced specifically to enable banks to draw funds to provide liquidity to mutual funds.
"As a result of these steps, the liquidity position in the financial system has improved considerably. The call money rate today is around 6.8 percent. "Government also arranged to provide, in advance, a sum of Rs.25,000 crore (250 billion rupees) to the banking system under the Debt Waiver and Debt Relief Scheme. "The limit of investment by Foreign Institutional Investors in corporate bonds was increased from US$3 billion to US$6 billion.
"Earlier today, the RBI announced a 100 basis points cut in the repo rate which is the rate at which banks can borrow against surplus SLR securities. "Government welcomes this decision. It will have a beneficial effect on the interest rate structure and, in combination with the other steps to increase liquidity, will help to support economic activity and investment.
"It is broadly consistent with our objective to control inflation which has already begun to moderate. "I am happy to inform honourable members that the wholesale price index has declined in the last three weeks and, although the current rate is still high, the movement in the level of prices shows a clear deceleration in the current momentum of inflation.
"We expect a further reduction in the wholesale price index in the next two months. The government is conscious of the fact that it is not enough to infuse liquidity. "The liquidity must translate into expanded flow of credit to industry, trade and business. Suitable advisories have been issued by the RBI and the Ministry of Finance to the banks to ensure that borrowers are provided adequate credit, including export credit and working capital.
"Banks must also provide adequate funds in the form of investment or credit to mutual funds and NBFCs (non-banking financial companies) who, in turn, lend to industry, trade and business. "These institutions are an important part of the larger financial system and banks are being encouraged to provide liquidity to ensure that there is no disruption in economic activity.
"Both RBI and government are carefully monitoring the flow of credit and will ensure that the additional liquidity infused into the system translates into actual credit. We will not hesitate to do more if needed. "While the capital adequacy ratios of all our banks are well above the Basel norm and above the RBI stipulated norm, government has promised that it will help banks, which have lower ratios, to access funds to increase their Capital Risk Weighted Asset Ratio to 12 percent.
"Mr. Speaker Sir, The financial crisis and the economic slowdown in the developed countries is likely to have an indirect impact on the Indian economy. "Fortunately, this effect will be on an underlying strong performance. GDP growth in the first quarter of 2008/09 was 7.9 percent. During April-August 2008, exports increased, in dollar terms by 35.1 percent.
"Foreign Direct Investment, during this period was US$14.8 billion. Gross tax revenues are on target. "The Centre for Monitoring Indian Economy (CMIE) database shows that a huge amount of money towards capital expenditure is in the pipeline. "Nevertheless, we must be prepared for a temporary slowdown in the Indian economy. The precise impact is difficult to estimate at this point since the depth and duration of the global slowdown remain uncertain.
"Some estimates project GDP growth to decelerate to 7.5 percent in the current year. The most pessimistic estimates place it at no less than 7 percent. "Our effort will be to minimise the negative effect of the financial crisis and, once the global situation stabilises, to return to the growth trajectory of 9 percent. "I would urge honourable members and the people of India to continue to repose faith in the fundamentals of the Indian economy.
"Honourable members will recall that, in anticipation of a slowdown, we had stepped up public expenditure in the budget presented on February 29, 2008. "Our expenditure proposals were criticised at the time in some quarters, but I am happy to note that it is now widely acknowledged that increased public expenditure is an important part of the solution.
"Our expenditure on education, health, National Rural Eemployment Guarantee Programme, National Rural Health Mission, Jawaharlal Nehru Urban Renewal Mission and other programmes will, I believe, stand us in good stead in these difficult times. "Besides, the debt waiver and debt relief amounting to Rs.65,000 crore (650 billion rupees) to 3,60,00,000 (36 million) farmers will also greatly benefit our farmers and enthuse them to increase production. "Mr. Speaker Sir, India has faced challenges in the past and has overcome them. We have the strength to overcome the current challenges too. "In fact, it is when India is challenged that the Indian people rise to the occasion and convert the challenge into an opportunity. There is no place for fear.
"The financial storm has shaken confidence in the system and precipitated a steep decline in stock markets. "It has produced a sharp slowdown in economic activity, with the prospect of a prolonged recession in industrialised countries. Many observers have described this as the worst crisis since the Great Depression of 1930s. "India, like other developing countries, is experiencing the ripple effects of the financial crisis. However, we have taken a number of steps to minimise the impact.
"Our first concern was to ensure the stability of our banking system. I am happy to inform the house that the Indian banking system is not directly exposed to the subprime mortgage assets. Their exposure to other problem assets is also minimal. "Our banks, both in the public sector and in the private sector, are financially sound, well capitalised and well regulated. "There should be no fear of a failure of any bank. In particular, I wish to assure depositors in our banks that their deposits are entirely safe.
"Although our banks are safe, and they are also providing credit in line with anticipated credit targets, the global turmoil has led to a contraction in other forms of commercial credit. "External commercial borrowings, which are used by the corporate sector have dried up, as have international suppliers credits. This has led to a reduction in overall credit availability in the economy even though credit from commercial banks has expanded satisfactorily. "This contraction produced a liquidity crisis in the system.
"We have taken a number of steps to address this problem. Between July 6, 2008 to October 15, 2008, the Reserve Bank of India cut the Cash Reserve Ratio by a total of 250 basis points. "The SLR requirements were relaxed initially by 1 percentage point and subsequently an additional window of 0.5 percentage points was introduced specifically to enable banks to draw funds to provide liquidity to mutual funds.
"As a result of these steps, the liquidity position in the financial system has improved considerably. The call money rate today is around 6.8 percent. "Government also arranged to provide, in advance, a sum of Rs.25,000 crore (250 billion rupees) to the banking system under the Debt Waiver and Debt Relief Scheme. "The limit of investment by Foreign Institutional Investors in corporate bonds was increased from US$3 billion to US$6 billion.
"Earlier today, the RBI announced a 100 basis points cut in the repo rate which is the rate at which banks can borrow against surplus SLR securities. "Government welcomes this decision. It will have a beneficial effect on the interest rate structure and, in combination with the other steps to increase liquidity, will help to support economic activity and investment.
"It is broadly consistent with our objective to control inflation which has already begun to moderate. "I am happy to inform honourable members that the wholesale price index has declined in the last three weeks and, although the current rate is still high, the movement in the level of prices shows a clear deceleration in the current momentum of inflation.
"We expect a further reduction in the wholesale price index in the next two months. The government is conscious of the fact that it is not enough to infuse liquidity. "The liquidity must translate into expanded flow of credit to industry, trade and business. Suitable advisories have been issued by the RBI and the Ministry of Finance to the banks to ensure that borrowers are provided adequate credit, including export credit and working capital.
"Banks must also provide adequate funds in the form of investment or credit to mutual funds and NBFCs (non-banking financial companies) who, in turn, lend to industry, trade and business. "These institutions are an important part of the larger financial system and banks are being encouraged to provide liquidity to ensure that there is no disruption in economic activity.
"Both RBI and government are carefully monitoring the flow of credit and will ensure that the additional liquidity infused into the system translates into actual credit. We will not hesitate to do more if needed. "While the capital adequacy ratios of all our banks are well above the Basel norm and above the RBI stipulated norm, government has promised that it will help banks, which have lower ratios, to access funds to increase their Capital Risk Weighted Asset Ratio to 12 percent.
"Mr. Speaker Sir, The financial crisis and the economic slowdown in the developed countries is likely to have an indirect impact on the Indian economy. "Fortunately, this effect will be on an underlying strong performance. GDP growth in the first quarter of 2008/09 was 7.9 percent. During April-August 2008, exports increased, in dollar terms by 35.1 percent.
"Foreign Direct Investment, during this period was US$14.8 billion. Gross tax revenues are on target. "The Centre for Monitoring Indian Economy (CMIE) database shows that a huge amount of money towards capital expenditure is in the pipeline. "Nevertheless, we must be prepared for a temporary slowdown in the Indian economy. The precise impact is difficult to estimate at this point since the depth and duration of the global slowdown remain uncertain.
"Some estimates project GDP growth to decelerate to 7.5 percent in the current year. The most pessimistic estimates place it at no less than 7 percent. "Our effort will be to minimise the negative effect of the financial crisis and, once the global situation stabilises, to return to the growth trajectory of 9 percent. "I would urge honourable members and the people of India to continue to repose faith in the fundamentals of the Indian economy.
"Honourable members will recall that, in anticipation of a slowdown, we had stepped up public expenditure in the budget presented on February 29, 2008. "Our expenditure proposals were criticised at the time in some quarters, but I am happy to note that it is now widely acknowledged that increased public expenditure is an important part of the solution.
"Our expenditure on education, health, National Rural Eemployment Guarantee Programme, National Rural Health Mission, Jawaharlal Nehru Urban Renewal Mission and other programmes will, I believe, stand us in good stead in these difficult times. "Besides, the debt waiver and debt relief amounting to Rs.65,000 crore (650 billion rupees) to 3,60,00,000 (36 million) farmers will also greatly benefit our farmers and enthuse them to increase production. "Mr. Speaker Sir, India has faced challenges in the past and has overcome them. We have the strength to overcome the current challenges too. "In fact, it is when India is challenged that the Indian people rise to the occasion and convert the challenge into an opportunity. There is no place for fear.
Economy may slow, but banks are sound: PM
Prime Minister Manmohan Singh on Monday asked the country to prepare for a “temporary slowdown”, but assured people that their money in banks was safe and that inflation, the biggest worry, was headed for a fall. The prime minister's comments came as the Reserve Bank of India cut the repo rate — the rate that the central bank charges on short term loans to commercial banks — from 9 per cent to 8 per cent, reversing more than two years of tight money policy.
The RBI's decision fueled a stock rally that saw the Sensex close 248 points higher than yesterday, at 10,223. The rupee, however, ended the day at 49 to the US dollar — its lowest in eight years. “India has faced challenges in the past and has overcome them. We have the strength to overcome the current challenges too,” Singh said. Manmohan Singh says there’s no room for fear.
The prime minister's statement — that industry body FICCI said would “calm frayed nerves” — comes in the backdrop of plummeting stock market indices and the slowdown hitting a growing part of India's population. The prime minister outlined steps taken by the government to minimise the “ripple effects” of the global financial turmoil that has shaken investors' confidence and precipitated a steep decline in stock markets worldwide.
“I wish to assure depositors in our banks that their deposits are entirely safe,” Singh said, days after the Sensex fell below 10,000 and ramped up fears of the global crisis hitting Indian banks. Listing the measures taken by the government, the prime minister spoke about the Rs 25,000 crore pumped into the banking system under the debt waiver and debt relief scheme, the extension in limit of investment by financial institutional investors in corporate bonds from US $ 3 billion to US $ 6 billion and increased public expenditure on social sector schemes.
Singh said the RBI's move to cut the repo rate would have a beneficial effect on the interest rate structure and increase liquidity which would support economic activity and investment. Singh said RBI and the government were monitoring the flow of credit and would ensure that the additional liquidity infused translated into actual credit.
The RBI's decision fueled a stock rally that saw the Sensex close 248 points higher than yesterday, at 10,223. The rupee, however, ended the day at 49 to the US dollar — its lowest in eight years. “India has faced challenges in the past and has overcome them. We have the strength to overcome the current challenges too,” Singh said. Manmohan Singh says there’s no room for fear.
The prime minister's statement — that industry body FICCI said would “calm frayed nerves” — comes in the backdrop of plummeting stock market indices and the slowdown hitting a growing part of India's population. The prime minister outlined steps taken by the government to minimise the “ripple effects” of the global financial turmoil that has shaken investors' confidence and precipitated a steep decline in stock markets worldwide.
“I wish to assure depositors in our banks that their deposits are entirely safe,” Singh said, days after the Sensex fell below 10,000 and ramped up fears of the global crisis hitting Indian banks. Listing the measures taken by the government, the prime minister spoke about the Rs 25,000 crore pumped into the banking system under the debt waiver and debt relief scheme, the extension in limit of investment by financial institutional investors in corporate bonds from US $ 3 billion to US $ 6 billion and increased public expenditure on social sector schemes.
Singh said the RBI's move to cut the repo rate would have a beneficial effect on the interest rate structure and increase liquidity which would support economic activity and investment. Singh said RBI and the government were monitoring the flow of credit and would ensure that the additional liquidity infused translated into actual credit.
Repo cut to have beneficial impact on interest rates: PM
Prime Minister Manmohan Singh today said Reserve Bank's decision to reduce short-term lending (repo) rate by 100 basis points will have beneficial impact on the interest rates. "It will have beneficial effect on the interest rate structure, and in combination with the other steps to increase liquidity, will help to support economic activity and investment," he said while making a statement on the impact of ongoing global financial crisis on India.
Reserve Bank has lowered the repo rate by 1 per cent in the morning allowing banks to borrow funds from the central bank at 8 per cent as against 9 per cent earlier. The decision was aimed at improving the liquidity position in the country. "Government welcomes this decision," Singh said while pointing out that it was broadly consistent with "our objective to control inflation which has already begun to moderate."
Recalling the steps taken by the RBI to infuse liquidity into the system, Singh said the central bank has cut the Cash Reserve Ratio (CRR) by a total of 250 basis points and relaxed the Statutory Liquidity Ratio (SLR) requirements by one percentage point.Subsequently, he added, the RBI opened an additional window of half a percentage point specifically to enable banks to draw funds to provide liquidity to the mutual funds.
"As a result of these steps, the liquidity position in the financial system has improved considerably. The call money rate today is around 6.8 per cent," the Prime Minister said.In addition, he said, the government also arranged to provide, in advance, a sum of Rs 25,000 crore to the banking system under the debt waiver and debt relief scheme.
However, the Prime Minister added, "it is not enough to infuse liquidity. The liquidity must translate into expanded flow of credit to industry, trade and business. Suitable advisories have been issued by RBI and Ministry of Finance to the banks to ensure that borrowers are provided adequate credit, including export credit and working capital".
The banks, he stressed, must also provide adequate funds in the form of investment or credit to mutual funds and NBFCs for on-lending to industry, trade and business. "These institutions are an important part of larger financial system and banks are being encouraged to provide liquidity to ensure that there is no disruption.
Reserve Bank has lowered the repo rate by 1 per cent in the morning allowing banks to borrow funds from the central bank at 8 per cent as against 9 per cent earlier. The decision was aimed at improving the liquidity position in the country. "Government welcomes this decision," Singh said while pointing out that it was broadly consistent with "our objective to control inflation which has already begun to moderate."
Recalling the steps taken by the RBI to infuse liquidity into the system, Singh said the central bank has cut the Cash Reserve Ratio (CRR) by a total of 250 basis points and relaxed the Statutory Liquidity Ratio (SLR) requirements by one percentage point.Subsequently, he added, the RBI opened an additional window of half a percentage point specifically to enable banks to draw funds to provide liquidity to the mutual funds.
"As a result of these steps, the liquidity position in the financial system has improved considerably. The call money rate today is around 6.8 per cent," the Prime Minister said.In addition, he said, the government also arranged to provide, in advance, a sum of Rs 25,000 crore to the banking system under the debt waiver and debt relief scheme.
However, the Prime Minister added, "it is not enough to infuse liquidity. The liquidity must translate into expanded flow of credit to industry, trade and business. Suitable advisories have been issued by RBI and Ministry of Finance to the banks to ensure that borrowers are provided adequate credit, including export credit and working capital".
The banks, he stressed, must also provide adequate funds in the form of investment or credit to mutual funds and NBFCs for on-lending to industry, trade and business. "These institutions are an important part of larger financial system and banks are being encouraged to provide liquidity to ensure that there is no disruption.
French farmer is new sun king:
WEINBOURG, France (Reuters) - Bright winter sun dissolves a blanket of snow on barn roofs to reveal a bold new sideline for Jean-Luc Westphal: besides producing eggs and grains, he is to generate solar power for thousands of homes. Economic crisis has cast doubt on funding hopes for many big renewable energy projects, but the giant panels built into roofs on this sloping farm at the foot of the Vosges hills in eastern France are attracting attention from farmers to financiers.
Westphal is one of a small but growing band of farmers in the European Union's biggest agricultural producer who are taking up new incentives for solar power to supplement farm incomes as well as help France meet renewable energy targets. "We're trying to go a bit beyond agriculture to earn our living in a different way," said Jean-Luc Leonhart, an old classmate of Westphal's visiting his friend's project with a view to installing solar panels on his own farm.
In a mountainous region famed for Munster-Gerome cheeses and good quality white wines, Westphal is working on a grand scale. His built-in panels form one of the largest integrated installations of photovoltaic systems -- which generate electricity direct from solar power -- yet built. The 20 million euro ($26 million) investment means constructing five enormous sheds covered by 36,000 square meters of solar panels with a capacity to generate 4.5 megawatts (MW) of electricity, enough to power 4,000 homes.
"It's quite a gamble," said Westphal, who runs the farm with his brother. The size, combined with a government guarantee of long-term electricity contracts at an inflation-linked "feed-in" tariff, helped win the scheme bank support. Banque Populaire jointly financed Westphal's project with Credit Agricole, France's leading lender to farmers.
"It was the economies of scale that convinced them," Westphal said. The farmer expects to generate 2 million euros a year in electricity sales from his solar site. The type of solar-panel roof Westphal is using -- known as "integrated" because the panels are built into the roof rather than superimposed -- is booming in France thanks to legislation creating 20-year contracts with strong incentives to sell electricity to the grid.
At 0.55 euros per kWh, integrated solar photovoltaic panels generate nearly twice the revenue of ground-mounted and superimposed solar panels.The built-in technology is encouraged by the authorities as aesthetically acceptable, in a country where wind farms have been sharply criticised as eyesores.
Westphal is one of a small but growing band of farmers in the European Union's biggest agricultural producer who are taking up new incentives for solar power to supplement farm incomes as well as help France meet renewable energy targets. "We're trying to go a bit beyond agriculture to earn our living in a different way," said Jean-Luc Leonhart, an old classmate of Westphal's visiting his friend's project with a view to installing solar panels on his own farm.
In a mountainous region famed for Munster-Gerome cheeses and good quality white wines, Westphal is working on a grand scale. His built-in panels form one of the largest integrated installations of photovoltaic systems -- which generate electricity direct from solar power -- yet built. The 20 million euro ($26 million) investment means constructing five enormous sheds covered by 36,000 square meters of solar panels with a capacity to generate 4.5 megawatts (MW) of electricity, enough to power 4,000 homes.
"It's quite a gamble," said Westphal, who runs the farm with his brother. The size, combined with a government guarantee of long-term electricity contracts at an inflation-linked "feed-in" tariff, helped win the scheme bank support. Banque Populaire jointly financed Westphal's project with Credit Agricole, France's leading lender to farmers.
"It was the economies of scale that convinced them," Westphal said. The farmer expects to generate 2 million euros a year in electricity sales from his solar site. The type of solar-panel roof Westphal is using -- known as "integrated" because the panels are built into the roof rather than superimposed -- is booming in France thanks to legislation creating 20-year contracts with strong incentives to sell electricity to the grid.
At 0.55 euros per kWh, integrated solar photovoltaic panels generate nearly twice the revenue of ground-mounted and superimposed solar panels.The built-in technology is encouraged by the authorities as aesthetically acceptable, in a country where wind farms have been sharply criticised as eyesores.
Credit crisis turns financial titans into pygmies:
VANCOUVER, Canada (Reuters.com) -- Almost a year ago, I analyzed in this column the extent to which the decline of the U.S. dollar had reshuffled the ranks of the world's biggest companies. What a difference a year makes. Since then, global equity markets have collectively lost 50 percent of their market capitalization, energy and commodity prices have plunged, and the global economy hovers on the brink of recession for the first time in decades. Currencies have also been unusually volatile in recent months, with the U.S. dollar getting stronger and the euro trending lower. Needless to say, in this environment, it hasn't been business as usual for Big Business.
The biggest losers, not surprisingly, are the world's financial titans.The biggest financial crisis in a generation has turned many giants into pygmies within the space of a year. This is especially true for banks and financial institutions in the U.S. and Europe. While a number of these banks had already slipped in their rankings last year, they have fallen off the A-list totally this time. For example, Bank of America ranked No. 8 on the Financial Times Global 500 as of March 31, 2007, and fell to No. 23 a year later, at which point it had a market capitalization of $168 billion.
But an 80 percent plunge in the stock since then has slashed its market value to $34 billion (all figures as of Feb 25). As a result, it does not figure currently among the world's 100 largest companies. Citigroup's fall from grace has been even more precipitous. It went from No. 4 on the FT 500 in 2007 to No.53 in 2008, when it had a market value of $107 billion. Following a decline of 90 percent over the past year, it now has a market capitalization of $13 billion.
Some of the biggest European banks have been hit hard as well. Royal Bank of Scotland, which ranked No. 97 on the FT 500 in 2008, has seen its market value dwindle from $67 billion to $16 billion. So have other stalwarts such as Barclays and Deutsche Bank, down 82 percent and 74 percent respectively over the past year. Is it any wonder, then, that there are few familiar names from the financial sector among the world's Top 25 companies? Of the four financial institutions that currently figure in the Top 25, three are from China.
The fourth is Warren Buffett's Berkshire Hathaway, which ranks No. 14 with a market value of $122 billion. The next representative from the U.S. financial sector, J P Morgan, only shows up at No. 40. U.S. banks may now seem a trifle under-represented among the world's biggest companies. However, the diversity and resilience of the U.S. economy can be gauged from the fact that it continues to dominate the list of the world's largest companies, despite being Ground Zero for the financial crisis.
A year ago, U.S. companies accounted for nine of the Top 25; that number has since risen to 11. Europe, which then had eight companies in the Top 25, now has seven. China's representation has gone up by one to five, while Japan and Brazil have one company each. There are as many as 32 U.S. firms in the next tier of 75 companies, which means that the U.S. accounts for 43 of the world's 100 biggest companies. Europe has 33, while China has 9. The other BRIC nations - Brazil, Russia and India - do not have much representation among the world's 100 biggest companies, with a total of only four between them. Japan, thanks to the surging yen, now accounts for six, up from only one last year.
The biggest losers, not surprisingly, are the world's financial titans.The biggest financial crisis in a generation has turned many giants into pygmies within the space of a year. This is especially true for banks and financial institutions in the U.S. and Europe. While a number of these banks had already slipped in their rankings last year, they have fallen off the A-list totally this time. For example, Bank of America ranked No. 8 on the Financial Times Global 500 as of March 31, 2007, and fell to No. 23 a year later, at which point it had a market capitalization of $168 billion.
But an 80 percent plunge in the stock since then has slashed its market value to $34 billion (all figures as of Feb 25). As a result, it does not figure currently among the world's 100 largest companies. Citigroup's fall from grace has been even more precipitous. It went from No. 4 on the FT 500 in 2007 to No.53 in 2008, when it had a market value of $107 billion. Following a decline of 90 percent over the past year, it now has a market capitalization of $13 billion.
Some of the biggest European banks have been hit hard as well. Royal Bank of Scotland, which ranked No. 97 on the FT 500 in 2008, has seen its market value dwindle from $67 billion to $16 billion. So have other stalwarts such as Barclays and Deutsche Bank, down 82 percent and 74 percent respectively over the past year. Is it any wonder, then, that there are few familiar names from the financial sector among the world's Top 25 companies? Of the four financial institutions that currently figure in the Top 25, three are from China.
The fourth is Warren Buffett's Berkshire Hathaway, which ranks No. 14 with a market value of $122 billion. The next representative from the U.S. financial sector, J P Morgan, only shows up at No. 40. U.S. banks may now seem a trifle under-represented among the world's biggest companies. However, the diversity and resilience of the U.S. economy can be gauged from the fact that it continues to dominate the list of the world's largest companies, despite being Ground Zero for the financial crisis.
A year ago, U.S. companies accounted for nine of the Top 25; that number has since risen to 11. Europe, which then had eight companies in the Top 25, now has seven. China's representation has gone up by one to five, while Japan and Brazil have one company each. There are as many as 32 U.S. firms in the next tier of 75 companies, which means that the U.S. accounts for 43 of the world's 100 biggest companies. Europe has 33, while China has 9. The other BRIC nations - Brazil, Russia and India - do not have much representation among the world's 100 biggest companies, with a total of only four between them. Japan, thanks to the surging yen, now accounts for six, up from only one last year.
Abu Dhabi reviewing Citigroup investment sources:
ABU DHABI (Reuters) - Abu Dhabi is assessing its $7.5 billion investment in Citigroup as the bank's problems deepen and consequences of a possible nationalization become clearer, according to sources close to the Abu Dhabi Investment Authority (ADIA). ADIA invested $7.5 billon last year in Citi through convertible bonds that pay 11 percent in interest, but it must start converting the bonds into 235.6 million shares in Citigroup from March next year.
"Nothing has changed from ADIA's perspective at this point. ADIA's convertible bonds are due for conversion in a phased manner between March 2010 and September 2011, and that stands," an Abu Dhabi government official told Reuters. "But it is carefully assessing its options due to the latest events -- although no decision is taken yet," he said, declining to be named.
A spokesman for ADIA, thought to be the world's largest sovereign fund, declined to comment. Abu Dhabi is the wealthiest of seven emirates within the United Arab Emirates, the world's fifth-largest petroleum exporter. ADIA's returns as a bondholder have been unaffected by continuing troubles at Citigroup, but the dramatic fall in Citi's share price has eroded the conversion value of the mandatory convertible bonds.
In the original deal with ADIA, the Citi securities must be converted into common stock at a price between $31.83 and $37.24 a share between March 2010 and September 2011. Citi last traded at $1.50 a share. Options for the investment include holding them through to the conversion, which may allow enough time for the share price to recover, or converting them early, in a move that may head off the possibility of the U.S. government nationalizing it.
"We know ADIA is following the recent developments closely, but as a bondholder, ADIA's investments are secure because the U.S. government has left bond holders untouched, unlike other investors such as preferred shareholders," a senior Abu Dhabi-based banker close to ADIA said."However, it is early days, and we need to wait and see what ramifications the latest events would have and whether there would be pressure on investors in bonds to convert (early)," he said.
Citi, he said, has been urging preferred shareholders and convertible bond holders to convert to common stock to help avoid nationalization by the U.S. government. On Friday, the U.S. government announced it would convert up to $25 billion of its $45 billion worth of preferred stock into common equity at $3.25 per share. Other preferred shareholders, including the Government of Singapore Investment Corporation and Saudi Arabia's Prince Alwaleed, will convert up to $27.5 billion of their holdings at the same price.
"Nothing has changed from ADIA's perspective at this point. ADIA's convertible bonds are due for conversion in a phased manner between March 2010 and September 2011, and that stands," an Abu Dhabi government official told Reuters. "But it is carefully assessing its options due to the latest events -- although no decision is taken yet," he said, declining to be named.
A spokesman for ADIA, thought to be the world's largest sovereign fund, declined to comment. Abu Dhabi is the wealthiest of seven emirates within the United Arab Emirates, the world's fifth-largest petroleum exporter. ADIA's returns as a bondholder have been unaffected by continuing troubles at Citigroup, but the dramatic fall in Citi's share price has eroded the conversion value of the mandatory convertible bonds.
In the original deal with ADIA, the Citi securities must be converted into common stock at a price between $31.83 and $37.24 a share between March 2010 and September 2011. Citi last traded at $1.50 a share. Options for the investment include holding them through to the conversion, which may allow enough time for the share price to recover, or converting them early, in a move that may head off the possibility of the U.S. government nationalizing it.
"We know ADIA is following the recent developments closely, but as a bondholder, ADIA's investments are secure because the U.S. government has left bond holders untouched, unlike other investors such as preferred shareholders," a senior Abu Dhabi-based banker close to ADIA said."However, it is early days, and we need to wait and see what ramifications the latest events would have and whether there would be pressure on investors in bonds to convert (early)," he said.
Citi, he said, has been urging preferred shareholders and convertible bond holders to convert to common stock to help avoid nationalization by the U.S. government. On Friday, the U.S. government announced it would convert up to $25 billion of its $45 billion worth of preferred stock into common equity at $3.25 per share. Other preferred shareholders, including the Government of Singapore Investment Corporation and Saudi Arabia's Prince Alwaleed, will convert up to $27.5 billion of their holdings at the same price.
HSBC slashes 6,100 U.S. jobs, sets huge share sale:
LONDON (Reuters) - HSBC launched Britain's biggest rights issue on Monday, to raise 12.85 billion pounds ($18.3 billion) to help it overcome big losses in the United States and exploit the woes of weaker rivals. Europe's biggest bank said it would shut most of its U.S. consumer lending business, cutting 6,100 jobs, but that it was ready for acquisitions in its traditional stronghold of Asia where many banks are pulling out to focus on their core markets.
HSBC said it would sell 5.1 billion shares at 254 pence each which is a 48 percent discount to Friday's close. Shares in the bank were down 20 percent at 395p by 1111 GMT (6:11 a.m. EST), but they were still comfortably above the 254p issue price. HSBC's Hong Kong-listed shares were suspended.
"It's always difficult for a market that's feeling jittery to absorb 12.5 billion of new stock," said Jane Coffey, head of equities at Royal London Asset Management which is HSBC's 24th largest shareholder according to Thomson Reuters data. "I am not surprised the stock is down but they are doing the right thing and we are going to support the issue."
The stock has halved in value since Lehman Brothers collapsed in September but HSBC's relative resilience to the global financial crisis means it has outperformed European peers which have lost almost two-thirds of their value. Its share price fall ranked it as the world's fourth-biggest bank, just behind JP Morgan Chase, with a market value of just over $70 billion.
Several investors had told Reuters last week they would support a rights issue, and wanted management to act quickly to remove uncertainty hanging over its share price. "The move seems to be timely and gives them greater flexibility and it certainly puts the bank in a better position but the success will be determined by the manner in which the market moves on from here," said one top ten shareholder in HSBC who asked not to be named.
U.S. JOB LOSSES Unlike many global players HSBC reported a profit for 2008 but it still took a hit with a pretax profit of $9.3 billion some 62 percent below the $24.2 billion reported for 2007. The slide in profits was largely the result of a goodwill impairment charge of $10.6 billion in the United States. Excluding the charge, pretax profit fell to $19.9 billion which was ahead of the $19 billion expected by analysts.The bank also cut its dividend for the full year by 29 percent to 64 cents per share and said it would close its troubled U.S. consumer loans business, HFC.
HSBC said it would sell 5.1 billion shares at 254 pence each which is a 48 percent discount to Friday's close. Shares in the bank were down 20 percent at 395p by 1111 GMT (6:11 a.m. EST), but they were still comfortably above the 254p issue price. HSBC's Hong Kong-listed shares were suspended.
"It's always difficult for a market that's feeling jittery to absorb 12.5 billion of new stock," said Jane Coffey, head of equities at Royal London Asset Management which is HSBC's 24th largest shareholder according to Thomson Reuters data. "I am not surprised the stock is down but they are doing the right thing and we are going to support the issue."
The stock has halved in value since Lehman Brothers collapsed in September but HSBC's relative resilience to the global financial crisis means it has outperformed European peers which have lost almost two-thirds of their value. Its share price fall ranked it as the world's fourth-biggest bank, just behind JP Morgan Chase, with a market value of just over $70 billion.
Several investors had told Reuters last week they would support a rights issue, and wanted management to act quickly to remove uncertainty hanging over its share price. "The move seems to be timely and gives them greater flexibility and it certainly puts the bank in a better position but the success will be determined by the manner in which the market moves on from here," said one top ten shareholder in HSBC who asked not to be named.
U.S. JOB LOSSES Unlike many global players HSBC reported a profit for 2008 but it still took a hit with a pretax profit of $9.3 billion some 62 percent below the $24.2 billion reported for 2007. The slide in profits was largely the result of a goodwill impairment charge of $10.6 billion in the United States. Excluding the charge, pretax profit fell to $19.9 billion which was ahead of the $19 billion expected by analysts.The bank also cut its dividend for the full year by 29 percent to 64 cents per share and said it would close its troubled U.S. consumer loans business, HFC.
U.S. says increases AIG rescue by $30 billion:
WASHINGTON (Reuters) - The Treasury and Federal Reserve said on Monday that ailing insurer American International Group will get up to $30 billion more from U.S. taxpayers as part of a new government rescue bid.AIG posed a "systemic risk" that meant government action was necessary to buttress the insurer and ward off the possibility troubles at the insurer could damage the entire financial system, the Treasury and Fed said.
The joint announcement came just minutes before AIG reported that it had lost $61.7 billion, or $22.95 per diluted share, in the fourth quarter.The revamped rescue bid market the third time since last fall that the government had stepped in to help AIG, once the biggest insurer by market value.As part of the latest bailout effort, the Fed will reduce a $60 billion credit facility in exchange for taking a preferred interest in AIG subsidiaries American Life Insurance Company and American International Assurance Company Ltd. The credit line will not fall below $25 billion.
All the common stock of the two AIG units will be held in a so-called special purpose vehicles that will allow AIG to keep control of them but give the Fed rights to protects its ownership interest. The Fed will also ease the interest rate it charges AIG for tapping the credit line. AIG agreed to issue on March 4 shares of convertible preferred stock equaling a 77.9 percent interest in return for the new government money.
The shares will be held in an independent trust for the benefit of the U.S. Treasury.The Treasury and the Fed said that AIG, which has counterparites around the globe, was so important to the U.S. economy and financial system that it had to be helped, and they held out the possibility more aid might be needed."This will take time and possibly further government support if markets do not stabilize and improve," they said.
The joint announcement came just minutes before AIG reported that it had lost $61.7 billion, or $22.95 per diluted share, in the fourth quarter.The revamped rescue bid market the third time since last fall that the government had stepped in to help AIG, once the biggest insurer by market value.As part of the latest bailout effort, the Fed will reduce a $60 billion credit facility in exchange for taking a preferred interest in AIG subsidiaries American Life Insurance Company and American International Assurance Company Ltd. The credit line will not fall below $25 billion.
All the common stock of the two AIG units will be held in a so-called special purpose vehicles that will allow AIG to keep control of them but give the Fed rights to protects its ownership interest. The Fed will also ease the interest rate it charges AIG for tapping the credit line. AIG agreed to issue on March 4 shares of convertible preferred stock equaling a 77.9 percent interest in return for the new government money.
The shares will be held in an independent trust for the benefit of the U.S. Treasury.The Treasury and the Fed said that AIG, which has counterparites around the globe, was so important to the U.S. economy and financial system that it had to be helped, and they held out the possibility more aid might be needed."This will take time and possibly further government support if markets do not stabilize and improve," they said.
ATM SERVICES:
A T M (Automated Teller Machine) facilitates the customer to do Banking transactions such as Cash withdrawal, balance enquiry, obtaining mini-statement, transfer of funds between his/her own accounts etc. Union Bank of India tied up with Visa for issuing International Debit Cards to the customers of all its branches. The Debit Card provides ‘ANY TIME / ANY WHERE’ Banking to the customers. Presently, Bank has 1664 ATMs (as on 26.02.2009) which are on-line (connected to a switch), conveniently located and spread across the country.
The Debit Card can also be used for making purchases. The daily withdrawal limit through ATMs is Rs.25,000/- and the limit for making purchases is Rs.25,000/- (combined limit Rs.50,000/-).Issue of ATM cum Debit Card to customer is made very simple and most convenient. A Readykit containing both Debit Card and Pin are handed over to the customer immediately on opening of the account and in case of existing customers, the same is provided immediately on demand.
The Debit Card is activated on the next working day. There is absolutely no waiting period for obtaining the Debit Card from the Bank. Experience for yourself by opening an account with any of our CBS branches and getting the Readykit instantlyThe Debit card gets activated only when it is used alongwith PIN at ATM for cash withdrawal. Only after the first transaction at ATM, the customer will be able to use the Debit Card for making purchases. For providing better facility and wider acceptance of the Debit Card, the Bank has entered into ATM sharing arrangements with Cash Tree Group, SBI group, NFS group and VISA. Under these arrangements Union Bank cardholder can access over 32000 ATMs of 42 banks across the country.
Union Bank has completely freed the transaction charges for using it’s cards in any other Bank’s ATM all over IndiaInternational Transactions – 2% Currency Conversion charges extra .Free Insurance against Accidental death of principal card holder Rs.2.00 lacs and in case of Add on cardholder – Rs.1.00 lac. Lost card liability restricted to Rs.1,000 from the time of reporting the loss. Multiple account access : The customer can get 3 accounts linked to the Card. Issue of Add on Card in case of Joint accounts with Either or Survivor mandate.
The Debit Card can also be used for making purchases. The daily withdrawal limit through ATMs is Rs.25,000/- and the limit for making purchases is Rs.25,000/- (combined limit Rs.50,000/-).Issue of ATM cum Debit Card to customer is made very simple and most convenient. A Readykit containing both Debit Card and Pin are handed over to the customer immediately on opening of the account and in case of existing customers, the same is provided immediately on demand.
The Debit Card is activated on the next working day. There is absolutely no waiting period for obtaining the Debit Card from the Bank. Experience for yourself by opening an account with any of our CBS branches and getting the Readykit instantlyThe Debit card gets activated only when it is used alongwith PIN at ATM for cash withdrawal. Only after the first transaction at ATM, the customer will be able to use the Debit Card for making purchases. For providing better facility and wider acceptance of the Debit Card, the Bank has entered into ATM sharing arrangements with Cash Tree Group, SBI group, NFS group and VISA. Under these arrangements Union Bank cardholder can access over 32000 ATMs of 42 banks across the country.
Union Bank has completely freed the transaction charges for using it’s cards in any other Bank’s ATM all over IndiaInternational Transactions – 2% Currency Conversion charges extra .Free Insurance against Accidental death of principal card holder Rs.2.00 lacs and in case of Add on cardholder – Rs.1.00 lac. Lost card liability restricted to Rs.1,000 from the time of reporting the loss. Multiple account access : The customer can get 3 accounts linked to the Card. Issue of Add on Card in case of Joint accounts with Either or Survivor mandate.
Internet Banking frauds:
Internet Banking Fraud is a fraud or theft committed using online technology to illegally remove money from a bank account and/or transfer money to an account in a different bank. Internet Banking Fraud is a form of identity theft and is usually made possible through techniques such as phishing. Now internet banking is widely used to check account details, make purchases, pay bills, transfer funds, print statements etc. Generally, the user identity is the customer identity number and password is provided to seure transactions. But due to some ignorance or silly mistakes you can easily fall into the trap of cyber criminals.
Here are some simple tips to prevent you from falling into the trap of cyber criminals. Remember, a simple ignorance or oversight can make a huge dent in your hard- earned savings.
Securing your account : Avoid online banking on unsecured wifi systems and operate only from PCs at home. Never reveal password to anyone. Do not even write it on a piece of paper on diary. Just memorise it. It should be alphanemeric and change it frequently. Never reply to queries from bank online about account or personal details. The personal information should not be kept in a public computer or in emails.
Phishing: A person's personal details are obtained by fraudsters posing as bankers, who float a site similar to that of the person's bank. They are asked to provide all personal information about themselves and their account to the bank on the pretext of database upgradation. The number and password are then used to carry out transactions on their behalf without their knowledge. Phishing involves using a form of spam to fraudulently gain access to people's online banking details. As well as targeting online banking customers, phishing emails may target online auction sites or other online payment facilities. Typically, a phishing email will ask an online banking customer to follow a link in order to update personal bank account details. If the link is followed, the victim downloads a program which captures his or her banking login details and sends them to a third party.
Spam: Spam is an electronic 'junk mail' or unwanted messages sent to your email account or mobile phone. These messages vary, but are essentially commercial and often annoying in their sheer volume. They may try to persuade you to buy a product or service, or visit a website where you can make purchases; or they may attempt to trick you into divulging your bank account or credit card details.
Nigerian Scam: Niegerian or Frauds 409 or 419 are basically the lottery scam in which some overseas persons are involved to cheat innocent persons or organizations by promising to give a good amount of money at nominal fee charges. Their intention
is to steal money in the form of fee against the lottery prize.
Spyware: Spyware such as Trojan Horse is generally considered to be software that is secretly installed on a computer and takes things from it without the permission or knowledge of the user. Spyware may take personal information, business information, bandwidth; or processing capacity and secretly gives it to someone else. "Trojan Horse" scheme unfolds when malicious software (malware) embeds to a consumer's computer without the consumer being aware of it. Trojans often come in links or as attachments from unknown email senders. After installation the software detects when a person accesses online banking sites and records the username and
password to transmit to the offender. People using public computers, in places like Internet cafes, are often susceptible to Trojans like malware or spyware.
Check sites Url: Always check the URL of your bank's web site. Fraudsters can lure you to enter your user ID and password at a fake website that resembles your bank. If you see anything other than the bank's genuine URL, it has to be fake.
Never enter your user ID or password or such sensitive information without ascertaining that you are on the right website. Always type the Web address of your bank into the browser address space. Never click on the link in the email.
Fool-proof password: Change your online banking password at regular intervals. Also, avoid easy-to-guess passwords, like first names, birthdays, kid's or spouse's name and telephone numbers. Try to have an alpha-numeric password, one that combines alphabets and numbers.
If you have several bank accounts, never use the same online banking password for all. Never select the option on browser that stores or retains user name and password. As it can easily be cracked by cyber criminals. Also, never paste your password, always type it in. This little amount of `finger exercise' will go a long way in safety.
Always check 'last logged': Most banks have a 'last logged in' panel on their websites. If your bank has it, check the panel whenever you log in. If you notice irregularities (like you are logging in after two days, but the panel says you logged in that morning!), report the matter immediately to your bank and change your password rightaway. Always log out when you exit the online banking portal. Close the browser to ensure that your secure session is terminated. Never exit simply by closing the browser.
Keep your system up to date: Regularly check for security updates for your computer operating system. Most security updates are aimed at reducing risks to your computer, these may be data-related or otherwise. Make sure that your operating system and browser have the latest security patches installed. And, always install these only from trusted websites.
Install a personal firewall to prevent hackers from gaining unauthorised access to your computer, especially if you connect to the Internet through a cable or a DSL modem.
Public access can be injurious: Don't leave the PC unattended after keying in information while transacting on the website. Avoid accessing your bank online at cyber cafes or on a share or public computer. Also, avoid locations that offer online connections through wireless networks (Wi-Fi), where privacy and security are minimal.
Follow Bank instructions: Banks say that appropriate upgradations are carried out from time to time by their IT departments for risk mitigation. They issue instructions to the customers to manage their accounts through virtual keyboards by way of which the characters typed by them are not identified by hackers. SMS alerts are also an important tool since any transaction carried out on account is reported to the account holder through an SMS.
Protection: Learn the ways to protect yourself from online banking fraud schemes. Detect Trojans that appear on your PC in the form of viruses, spyware or malware through Antivirus Software, anti Spyware, and Adware. Also, learn to keep your cards, documents and passwords safe, and monitor your accounts to safeguard yourself from bank fraud committed through identity theft.
Here are some simple tips to prevent you from falling into the trap of cyber criminals. Remember, a simple ignorance or oversight can make a huge dent in your hard- earned savings.
Securing your account : Avoid online banking on unsecured wifi systems and operate only from PCs at home. Never reveal password to anyone. Do not even write it on a piece of paper on diary. Just memorise it. It should be alphanemeric and change it frequently. Never reply to queries from bank online about account or personal details. The personal information should not be kept in a public computer or in emails.
Phishing: A person's personal details are obtained by fraudsters posing as bankers, who float a site similar to that of the person's bank. They are asked to provide all personal information about themselves and their account to the bank on the pretext of database upgradation. The number and password are then used to carry out transactions on their behalf without their knowledge. Phishing involves using a form of spam to fraudulently gain access to people's online banking details. As well as targeting online banking customers, phishing emails may target online auction sites or other online payment facilities. Typically, a phishing email will ask an online banking customer to follow a link in order to update personal bank account details. If the link is followed, the victim downloads a program which captures his or her banking login details and sends them to a third party.
Spam: Spam is an electronic 'junk mail' or unwanted messages sent to your email account or mobile phone. These messages vary, but are essentially commercial and often annoying in their sheer volume. They may try to persuade you to buy a product or service, or visit a website where you can make purchases; or they may attempt to trick you into divulging your bank account or credit card details.
Nigerian Scam: Niegerian or Frauds 409 or 419 are basically the lottery scam in which some overseas persons are involved to cheat innocent persons or organizations by promising to give a good amount of money at nominal fee charges. Their intention
is to steal money in the form of fee against the lottery prize.
Spyware: Spyware such as Trojan Horse is generally considered to be software that is secretly installed on a computer and takes things from it without the permission or knowledge of the user. Spyware may take personal information, business information, bandwidth; or processing capacity and secretly gives it to someone else. "Trojan Horse" scheme unfolds when malicious software (malware) embeds to a consumer's computer without the consumer being aware of it. Trojans often come in links or as attachments from unknown email senders. After installation the software detects when a person accesses online banking sites and records the username and
password to transmit to the offender. People using public computers, in places like Internet cafes, are often susceptible to Trojans like malware or spyware.
Check sites Url: Always check the URL of your bank's web site. Fraudsters can lure you to enter your user ID and password at a fake website that resembles your bank. If you see anything other than the bank's genuine URL, it has to be fake.
Never enter your user ID or password or such sensitive information without ascertaining that you are on the right website. Always type the Web address of your bank into the browser address space. Never click on the link in the email.
Fool-proof password: Change your online banking password at regular intervals. Also, avoid easy-to-guess passwords, like first names, birthdays, kid's or spouse's name and telephone numbers. Try to have an alpha-numeric password, one that combines alphabets and numbers.
If you have several bank accounts, never use the same online banking password for all. Never select the option on browser that stores or retains user name and password. As it can easily be cracked by cyber criminals. Also, never paste your password, always type it in. This little amount of `finger exercise' will go a long way in safety.
Always check 'last logged': Most banks have a 'last logged in' panel on their websites. If your bank has it, check the panel whenever you log in. If you notice irregularities (like you are logging in after two days, but the panel says you logged in that morning!), report the matter immediately to your bank and change your password rightaway. Always log out when you exit the online banking portal. Close the browser to ensure that your secure session is terminated. Never exit simply by closing the browser.
Keep your system up to date: Regularly check for security updates for your computer operating system. Most security updates are aimed at reducing risks to your computer, these may be data-related or otherwise. Make sure that your operating system and browser have the latest security patches installed. And, always install these only from trusted websites.
Install a personal firewall to prevent hackers from gaining unauthorised access to your computer, especially if you connect to the Internet through a cable or a DSL modem.
Public access can be injurious: Don't leave the PC unattended after keying in information while transacting on the website. Avoid accessing your bank online at cyber cafes or on a share or public computer. Also, avoid locations that offer online connections through wireless networks (Wi-Fi), where privacy and security are minimal.
Follow Bank instructions: Banks say that appropriate upgradations are carried out from time to time by their IT departments for risk mitigation. They issue instructions to the customers to manage their accounts through virtual keyboards by way of which the characters typed by them are not identified by hackers. SMS alerts are also an important tool since any transaction carried out on account is reported to the account holder through an SMS.
Protection: Learn the ways to protect yourself from online banking fraud schemes. Detect Trojans that appear on your PC in the form of viruses, spyware or malware through Antivirus Software, anti Spyware, and Adware. Also, learn to keep your cards, documents and passwords safe, and monitor your accounts to safeguard yourself from bank fraud committed through identity theft.
Do Not Call Policy for Consumers & Customers:
If you don't want to receive sales calls from Global Telelinks Inc., you can ask us to place your name on the Global Telelinks Inc "Do Not Call" List. In compliance with federal and state laws, we will document your request immediately. Please allow up to 30 days for your name and telephone number to be removed from any sales programs that are currently underway.
Your request can be in writing or by phone, and must include your name, address, and telephone number. If you have multiple telephone numbers, tell us all numbers that you want to be included. You'll remain on our "Do Not Call" List for 10 years, unless you move and disconnect your number or contact us and ask to be removed from the list. If your name, address or telephone number ever changes, you must give us your new information for your "Do Not Call" status to remain in effect.
When we solicit prospective customers, we honor "Do Not Call" requests on behalf of consumers that are maintained by various state-agencies. We also honor the National Do Not Call Registry maintained by the Federal Trade Commission. Many state "Do Not Call" regulations permit companies to contact their own customers even though they are on these "Do Not Call" lists. Therefore, if you are a Global Telelinks Inc customer, Global Telelinks Inc may contact you even though you are on a state or national "Do Not Call" list.
If you do not want to be contacted by Global Telelinks Inc even though you are a customer, simply follow the steps above to be placed on the Global Telelinks Inc "Do Not Call" list and your request will be honored. Being on the Global Telelinks Inc "Do Not Call" list means that you won't receive sales calls by anyone representing Global Telelinks Inc . We may still contact you, however, for non-solicitation purposes. This would include things like surveys, contract renewals and other service-related matters.
Your request can be in writing or by phone, and must include your name, address, and telephone number. If you have multiple telephone numbers, tell us all numbers that you want to be included. You'll remain on our "Do Not Call" List for 10 years, unless you move and disconnect your number or contact us and ask to be removed from the list. If your name, address or telephone number ever changes, you must give us your new information for your "Do Not Call" status to remain in effect.
When we solicit prospective customers, we honor "Do Not Call" requests on behalf of consumers that are maintained by various state-agencies. We also honor the National Do Not Call Registry maintained by the Federal Trade Commission. Many state "Do Not Call" regulations permit companies to contact their own customers even though they are on these "Do Not Call" lists. Therefore, if you are a Global Telelinks Inc customer, Global Telelinks Inc may contact you even though you are on a state or national "Do Not Call" list.
If you do not want to be contacted by Global Telelinks Inc even though you are a customer, simply follow the steps above to be placed on the Global Telelinks Inc "Do Not Call" list and your request will be honored. Being on the Global Telelinks Inc "Do Not Call" list means that you won't receive sales calls by anyone representing Global Telelinks Inc . We may still contact you, however, for non-solicitation purposes. This would include things like surveys, contract renewals and other service-related matters.
About Global Telelikns:
Global Telelinks Inc, is a fully owned subsidiary of Global Telelinks GmbH located in CHAM Switzerland. Global Telelinks GmbH is one of the fastest growing long distance telecommunications companies, carrying millions of minutes of voice calls across the globe. The main operations of Global Telelinks GmbH is in the USA.
Global Telelinks Inc, deploys state of the art next generation technology products in order to cater for customers needs in a centralized system. Global Telelinks Inc, unlike other carriers provides transparent billing, which is visible online for each call made for every subscriber. Global Telelinks generously offers a full transparent refund policy as per the terms and conditions.
Global Telelinks Inc launched its pinless service ‘Super Mobile’ to make long distance calls anywhere in the World from any registered mobile or landline phone in USA. Global Telelinks Inc is using CLI (Calling Line Identification) or ANI (Automatic Number Identification) based services and technology developed by Opto Telelinks Limited. The result is a smooth pinless service. The launched referral program proves to be a popular way for existing customers to be rewarded via the introduction of their friends. Global Telelinks Inc proceeded to market the IP Telephony service in the brand name of IP Phone Global in August 2004 and is successfully working for the long distance calls using IP Phone or adapters for broadband internet subscribers.
Global Telelinks Inc, via its parent company Global Telelinks GmbH is interconnected with more than 20 International Carriers to provide best voice quality and connectivity anywhere in the World. The ‘Super Mobile’ services were originally launched to provide long distance services to India with whom we are interconnected with 4 Tier 1 Carriers in India.
Global Telelinks Inc offers 24 x 7 technical support for any query regarding our service or any problems our subscribers face in using our service. Our network center is operational 24 x 7 to monitor the performance of the network and provide best connectivity to any destination available throughout the world.
Global Telelinks Inc, deploys state of the art next generation technology products in order to cater for customers needs in a centralized system. Global Telelinks Inc, unlike other carriers provides transparent billing, which is visible online for each call made for every subscriber. Global Telelinks generously offers a full transparent refund policy as per the terms and conditions.
Global Telelinks Inc launched its pinless service ‘Super Mobile’ to make long distance calls anywhere in the World from any registered mobile or landline phone in USA. Global Telelinks Inc is using CLI (Calling Line Identification) or ANI (Automatic Number Identification) based services and technology developed by Opto Telelinks Limited. The result is a smooth pinless service. The launched referral program proves to be a popular way for existing customers to be rewarded via the introduction of their friends. Global Telelinks Inc proceeded to market the IP Telephony service in the brand name of IP Phone Global in August 2004 and is successfully working for the long distance calls using IP Phone or adapters for broadband internet subscribers.
Global Telelinks Inc, via its parent company Global Telelinks GmbH is interconnected with more than 20 International Carriers to provide best voice quality and connectivity anywhere in the World. The ‘Super Mobile’ services were originally launched to provide long distance services to India with whom we are interconnected with 4 Tier 1 Carriers in India.
Global Telelinks Inc offers 24 x 7 technical support for any query regarding our service or any problems our subscribers face in using our service. Our network center is operational 24 x 7 to monitor the performance of the network and provide best connectivity to any destination available throughout the world.
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