Main Page                                                                 Archives

CBI raids excise commissioner's house in Mumbai

          Mumbai: The Central Bureau of Investigation (CBI) today reportedly recovered Rs 2.7 crore of unaccounted cash, allegedly belonging to the Central Excise Commissioner, P K Ajwani. The team raided his residence on the 16th floor of Sripad Arcade at Nana Chowk in Central Mumbai. "Ajwani has confessed, but says he has misplaced his bank locker keys. We have asked the bank to freeze his accounts and co- operate with the investigations," said Karan Sigha, DIG, CBI. The commissioner had reportedly demanded Rs 1.5 crore to settle a probe into certain alleged irregularities. "He has written in his diary that if he gets a crore every month, he will donate Rs 10 lakh from it to the Tirupati temple. We have got clues like these. Now we will prosecute him," said Kiran Jadhav, SP, CBI. The CBI has also raided and sealed Ajwani's properties worth crores in Gurgaon, Madhya Pradesh, Goa and Andhra Pradesh. They are now checking into his bank accounts. Ajwani has been admitted to Mumbai's Lilavati Hospital with complaints of chest pains.

Chidambaram outlines need for a modern tax structure (Go To Top)

          New Delhi: To encourage tax reforms in states, Finance Minister P Chidambaram today outlined the need for a modern and efficient tax structure across the country. He was addressing an Empowered Committee on Value Added Tax. Official sources said the VAT panel discussed a wide range of aspects with the finance minister, including a compensation package and the phasing out of central sales tax after states switch over to VAT from April 2005. Asim Dasgupta, the Chairman of the Empowered Committee and Finance Minister of West Bengal, briefed Chidambaram about the perspectives and preparedness of different states with regard to the adoption of VAT and emphasized on the need for central support in case of any revenue loss after the introduction of VAT. He made a detailed presentation in front of the panel, explaining all necessary administrative aspects and asserted that the states were ready to implement VAT from April 2005. The panel also considered various suggestions of the technical expert committee, headed by NIPFP director Govinda Rao, on the modalities of phasing out CST when the new tax regime comes into effect.

PM finally makes a pitch for India's UNSC bid (Go To Top)

          United Nations: Asking the international community to avoid "selective approaches" and "political expediency" in the war against terrorism, Prime Minister Manmohan Singh today made a strong pitch for the inclusion of India as a permanent member in the UN Security Council. He expressed its determination to carry forward dialogue with Pakistan to a "purposeful and mutually acceptable" solution. Delivering his maiden address at the UN General Assembly, Singh highlighted the need for giving "substance and credibility" to the global coalition against terrorism. "We speak about cooperation, but seem hesitant to commit ourselves to a global offensive to root out terrorism, with the pooling of resources, exchange of information, sharing of intelligence, and the unambiguous unity of purpose required. This must change," he stressed. In a brief reference to India's relations with Pakistan, he said "I reaffirm our determination to carry forward this dialogue to a purposeful and mutually acceptable conclusion". In a departure from the past, Pakistan President Pervez Musharraf had delivered a considerably restrained speech at the UN on Wednesday, with New Delhi describing his references to Indo-Pak relations as "encouraging". Singh, who has his maiden meeting with Musharraf on Friday, said relations between India and Pakistan have been a matter of attention for the international community. "It is known that since January this year, India and Pakistan have initiated a composite dialogue to resolve all issues, including Jammu and Kashmir".

          Singh, who met several world leaders including US President George W Bush, said there was an increasing reliance on restrictive regimes and the use of punitive action to confront this threat to international peace and security. "While India is opposed to proliferation and has an impeccable record in this respect, we believe that it is only a global consensus of willing nations that would ultimately prove to more effective in this regard," he said. Singh also added that the Chemicals Weapons Convention was a good model to follow in respect of other weapons of mass destruction including nuclear weapons. The Prime Minister recalled that as far back as in 1988, Prime Minister Rajiv Gandhi had outlined a series of specific steps in an action plan. Its central proposition remains valid--that progressive steps towards the elimination of Weapons of mass destruction must be based on a balance of obligations between those who possess such weapons and those who do not, he stressed. "It is quite evident today that a global discourse is required for evolving a more cooperative and consensual international security order. India believes that this consensus must differentiate between States whose actions strengthen non- proliferation and those that weaken its objectives," he said.

Manmohan's pilgrimage to the 'Mecca of Mammon'
by TNS Behl

          New York: The origins of the name are rather unusual - a street built by using the remnants of a broken down wall that was constructed by the Dutch as a defence mechanism against the British in the 17th century came to be known as Wall Street. How decidedly un-financial! But it's a name that has inspired movies, soap operas and even the bankruptcy of an entire nation's economy. The street itself has a very quiet feel to it, hiding the adrenalin pumping action inside, behind security facades that could make you feel you are entering the White House. Perhaps it was Prime Minister Manmohan Singh's visit to it on Wednesday that had the security on its toes. But then, when there's an amount of over 40 billion dollars changing hands on a daily basis, a little precaution is always handy. The amount itself is certainly neat, if not handsome and for a first timer, even the air one breathes feels rich. If only... The most important building, without a shadow of doubt is the New York Stock Exchange (NYSE), started 209 years ago and being the largest bourse in the world, it is widely regarded as the Abode of Mammon - if and when he decides to immigrate to the US from Greece! Timings are strict, from half past nine in the morning when the "Opening Bell" is sounded till four in the afternoon when it's time for the "Closing Bell". In between, there's frenzied activity as if lives are at stake - which could well be the case since the NYSE has its fair share of attached suicides of failed investors driven to despair and untimely death.

           There's no stopping the business on the floor, not even if the CEO of the world's largest "working" democracy and second fastest growing economy is around. Singh, the first ever Indian Prime Minister to visit the NYSE, stood at the bell podium for a few minutes and was immediately greeted by shouts of "Mr Prime Minister" from the assembled Indian-Americans gathered in the viewer's gallery who waved at him. Perhaps a trifle bemused by such a boisterous reception, Singh also waved back - which became the cue for our NRI bhai-bandhu to press forward against the railing, crushing the assembled media men and their equipment in the process. And to top it all, the NYSE events co-ordinator shrugged it off with, "it's a democratic world." Sure lady, how about having unisex cloak rooms then? At the luncheon meeting, Singh was at his best, hardselling the country to money hardened executives, allaying their fears about the Leftists and the "red-taped" bureaucracy, remarking tongue- in-cheek that the "latter was a horse that could be led anywhere"! The prime minister, without taking names, mentioned the example of a premier state governed by Communists, which currently is at the forefront of attracting FDI to it. All quiet on the Left Front now, comrades? And as the media contingent was ushered out, one trudged back slowly, breathing in and out deeply. So what if one is not born rich, one can always "feel" rich!

Putin to visit India in December (Go To Top)

         New York: Russian President Vladimir Putin will visit India in December to further strengthen strategic ties between the two countries. External Affairs Minister K Natwar Singh and his Russian counterpart Sergei Lavrov reportedly discussed the modalities for facilitating Putin's visit during a 35-minute meeting here on Wednesday. The two leaders also exchanged views on Indo-Pak relations, UN reforms, besides the meeting of the G-4, comprising India, Japan, Germany and Brazil. Referring to the terrorist violence in Jammu and Kashmir, Lavrov said both India and Russia were victims of terrorism and agreed to cooperate at the Counter Terrorism Committee of UN.

Maruti to hold 70 pc stake in new JV with Suzuki (Go To Top)

         New Delhi: The country's car major Maruti Udyog Limited will have 70 per cent holding in the new joint venture with Suzuki Motor Corporation, which will have the remaining 30 percent. The MUL announced this after a Board meeting today following discussions between Union Heavy Industries Minister Santosh Mohan Dev and Suzuki yesterday. The company said that a separate joint venture for the new car plant has been created because Maruti's existing production facility in Gurgaon was operating at its full capacity. "The board decided that the best option would be to set a subsidiary alongwith Suzuki. This decision in principle was taken today. The subsidiary will have 70 percent Maruti shareholding plus 30 percent Suzuki shareholding. This has to be viewed in the context that in the next five years very substantial investments have to be made by Maruti in upgrading its existing plants," Maruti Chief Executive and Managing Director Jagdish Khattar said in the Capital. At present Suzuki owns a 54.2 percent stake in MUL, while the Indian government holds 18.29 percent. Besides, the two companies will also jointly build diesel engines in India through an existing joint venture, Suzuki Metal India Limited, in which Maruti will retain its 49 percent for now. Suzuki holds the balance 51 percent stake in Suzuki Metals, whose name is likely to be changed to Suzuki Engineering, Khattar said.

Hodge to replace Ponting for test series against India (Go To Top)

          Sydney: Middle order batsman Brad Hodge would replace Ricky Ponting, for the test cricket series against India, said the Australian Chairman of Selectors, Trevor Hohns, here today. He said that Hodge would join the team in India before the warm- up match against Mumbai on September 30, and that wicket keeper Adam Gilchrist would lead the team in Ponting's absence. "We were looking at a specialist batsman to come into the squad for Ricky and given Brad's consistency and his skills against spin bowling, he was a clear choice," said Hohns. Ponting was ruled out of the first cricket Test against India after fracturing his left thumb in Australia's semi-final encounter against England in the ICC Champions Trophy. He is expected to play the second Test in Chennai, starting on October 14.

Anju wins gold in Japan meet (Go To Top)

          New Delhi: Ace long-jumper Anju Bobby George upset Olympic champion Tatyana Lebedeva of Russia to win the gold medal in the Yokohama track and field meet in Japan on Thursday. World No. 6 Anju cleared 6.61 m to pip the World No. 1, according to information received here today. Lebedeva also recorded 6.61 m but had to settle for the silver as the Indian had a better second jump. Yuka Sato of Japan won the bronze with 6. 44 m. American Grace Upshaw finished fourth with a jump pf 6.43m while two-time Olympic champion Heike Drechseler, who bid her farewell, finished fifth. Result: 1. Anju George Bobby (India) 6.61m 2. Tatyana Lebedeva (Russia) 6.61m 3. Yuka Sato (Japan) 6.44m 4. Grace Upshaw (USA) 6.43m 5. Heike Drechsler (Germany) 6.24m .