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Former RBI Governor IG Patel passes away

      New Delhi: Former Reserve Bank of India (RBI) Governor Indravadan Gordhanbhai Patel passed away in a New York hospital Sunday night, family sources informed. He was 81. Patel was a well-known economist, and worked at some highest positions in the world of economics both in India and abroad. He has served also as Director of London School of Economics. He was born in Vadodara city of Gujarat and at the age of 25, in 1949 he became Principal of Baroda Colllege. He has also taught there as a Professor of Economics. He has also done research in the research department of International Monitory Fund (IMF). Patel, served the Government for 18 years on various positions, became the economic advisor in the Union Ministry of Finance in 1954. In UN he has worked as Deputy Administrator for the UN Development Programme (UNDP) for two years. He played an active role in availing of the IMF's Extended Fund Facility in 1981 due to balance of payments difficulties. This represented the largest arrangement in IMF's history at the time,' the RBI website says of his innings. Patel was succeeded as RBI governor by Manmohan Singh. When PV Narasimha Rao came to power in 1991, it was rumoured that Patel was his first choice as the country's finance minister. Eventually, it was Singh who got the coveted job. Prime Minister Manmohan Singh has paid his condolence on the death of eminent economist and former RBI Governor. Singh, who is in Washington on a three day visit, has conveyed his condolence to Patel's family in New York. He had also written critically acclaimed books like Glimpses of Indian Economic Policy, An Insider's View and An Encounter With Higher Education: My Years at LSE.

Supreme Court stays order in Rajiv Gandhi case (Go To Top)

     New Delhi: The Supreme Court on Monday stayed a Madras High Court judgement ordering the release of two Sri Lankans who had been suspected of playing a key role in the assassination of former Prime Minister Rajiv Gandhi in May 1991. In an order passed after hearing a CBI petition connected with the case, the apex court gave the Centre a fortnight's time to complete further investigation in the case. The court, however, said that the two Sri Lankan suspects could not be kept in detention indefinitely, as they had been incarcerated since 1999. Earlier, the Supreme Court was scheduled to hear a Central Bureau of Investigation (CBI) petition that challenged a Madras High Court April 25 order releasing two Sri Lankans suspected to have played "key roles" in the assassination of former Prime Minister Rajiv Gandhi in May 1991. The Special Leave Petition (SLP) filed by the CBI Director challenging the order states that the suspects, Lingam and Vasanthan, "had played an important role in the assassination of Rajiv Gandhi". Lingam and Vasanthan, lodged at present in a special camp for Sri Lankan Refugees at Chengalpattu near Chennai, have been detained under the Foreigners Act for illegally entering India without valid travel documents. The appeal said that the Memorandum of Action taken by the Central Government on the Jain Commission Report envisaged the setting up of MDMA in the CBI to further investigate the roles of 21 suspects in the Rajiv assassination case. Although the names of Lingam and Vasanthan were not included among the 21 accused listed in the Memorandum of Action Taken, the MDMA while investigating into the activities of the suspects concerned had come across information, which lead to suspicion that the present respondents had important roles to play in the assassination of Rajiv Gandhi, the appeal said.

George Fernandes welcomes end of RSS-BJP crisis (Go To Top)

     New Delhi: Former Defence Minister and convenor of the opposition National Democratic Alliance (NDA) George Fernandes on Monday welcomed the end of crisis between the Bharatiya Janata Party (BJP) and the Rashtriya Swayam Sewak Sangh (RSS) over the L.K.Advani leadership issue. In an exclusive interview to ANI TV, Mr.Fernandes, quoting a comment of a colleague on its impact on NDA, said "the engine is back on the track and the coaches are being attached". He said that both the BJP and the Sangh Parivar ( representing the RSS and its other right-wing affiliates) have decided to stick together and this should be welcomed. Asked whether the understanding reached by them last night that Mr.Advani would retain his job for the time being, and choose the timing of his exit would be a temporary solution, Mr. Fernandes said that he did not feel that way.

UK mother opts to have son operated in India (Go To Top)

    London: An exasperated mother of an injured British teenager has decided to take him to India for surgery, as he has been waitlisted for more than a year for treatment under Britain's National Health Service (NHS) scheme. Elliot Knott, 14, can barely stand and is in constant pain after he injured his back in an ice skating accident. His condition is called spondylolisthesis and occurs when a vertebra slips out of line in the spinal column and presses on a nerve. Southampton General Hospital told Elliot's parents Karen and Kevin, who both work for Westland Helicopters in Yeovil, Somerset, that Elliot would get an appointment in 17 weeks' time. He would then have to wait nine months for an operation - and only then if he is deemed serious. ?Karen has now sent Elliot's details to the Taj Mahal medical group which organises medical treatment abroad. "It seems an extraordinary step to take but desperate times call for desperate measures. We're prepared to travel any distance either in this country or abroad as we feel the most important thing is to get Elliot treated as soon as possible so that he can return to school and a normal life. To go private in this country would cost about 25,000 pounds, but the same treatment in India costs around 3,000 pounds," The Mirror quoted Karen, as saying. "Politicians talk about how the NHS is improving and waiting times are coming down - and they talk about the importance of education. But Elliot will be waiting over a year and is likely to have that time off school. He is supposed to start his GCSE courses in September. Waiting a year without doing anything will drive him mad.He injured himself on New Year's Eve and it got worse and worse," she added. "I understand how frustrating this is for people. Even though our waiting times are within the national levels, it's difficult when you are the person affected. Staff who have these specialised skills are in short supply and a lot of their time is taken up with emergency cases," a hospital spokesman said.

Over 7000 Pak 'Camel kids' still languishing in Gulf (Go To Top)

      Islamabad: The recent efforts by Pakistan and child rights group to bring back Pakistani children being employed as camel jockeys in the Gulf states, notwithstanding, as many as 7000 Pakistani children still continue to languish in the Gulf. Pakistan's Minister of State for Overseas Pakistanis, Tariq Azeem has said that over 10,000 children were being used as camel jockeys in the Gulf countries, out of which, 70 percent were Pakistanis, with the remaining 30 percent being Indian, Sri Lankan and Bangladeshis. He said that he came to know of the official figures of Pakistani children being used as camel jockeys in the Gulf nations through an email, of the death of a child in a race, who was run over by a camel. He further said that he also met the UAE interior minister in this regard and asked him to implement laws to effectively check that kids are not used in camel races. UAE had also under pressure from world human rights organizations, banned the use of children upto 16 years in camel races, reports The Nation. A Pakistan's Labour Ministry official said that the fact that over 7,000 children were flown out of the country on fake travelling papers for use as jockeys in camel races, made it on eof the biggest instances of human trafficking in Pakistan. He said that a scam of such proportion could not have been possible without the collaboration of Passport, Immigration and FIA officials.

Sensex hits historic peaks; up by 76 points (Go To Top)

     Mumbai: Backed by strong gains in technology, auto, pharma, cement and select FMCG stock and bolstered by consistent inflow of Foreign Institutional Investments (FII), the blue-chip sensex today soared by 76 points to end at an all-time high at 7347.10. The Bombay Stock Exchange 30-share Index today opened at 7325.65 and touched a new high of 7,359 in intra-day trades before ending the day at 7,347.10 against Friday's close of 7271.54, registering a net rise of 75.76 points or 1.04 percent. The benchmark has surpassed previous intra-trade historic peak of 7352.46 touched on July 12 and an all-time closing high of 7306.74 hit on July 11.

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