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Ayodhya Verdict Reinvoking Lord Rama once again amidst Nuclear Hindu Nationalism Brahaminical Zionist Blind have paved way for Global governance pushing forward on the super high way of Economic Reforms as Foreign Capital Captures India and SENSEX hides the Real Economy of Exclusion and Ethnic Cleansing, Holocaust and Exodus, Persecution, AFSPA, Green Hunt, Corporate War, LPG Mafia Raj, Co Option and Discrimination! The Rothschild managed neo liberal policies are implemented with Surgical Precision as the Manusmriti Hegemony accomplished the agenda of Hinduisation of the aboriginal indigenous and minority communities with overall HINDUTVA Polarisation! Whatever may be the outcome of the Ayodhya Dispute, it is irrelevant as the Political polarisation to endorse the ECONOMIC Disaster is complete with Excellent Mind Control as Knowldege is denied once again and information shaped as Misinformation entertaining and sexy with overlapping technology succeeded to make us Robotic Clones in Compliance without Resistance whatsoever!

Ensured of the most Wanted Continuity of Economic Reforms and subordination to gloabal Governance,Indian equities gained for the fifth consecutive week, with Nifty and Sensex gaining around 2% each during the week. Consistent FII inflows and strong global cues helped the markets to rally! On 28 th the day originally scheduled for Ayodhya verdict saw Indo US defence Deal of no less than 3.2 billion dollar signed without any notice. Most dangerous step ahead to Global corporate Governance was ensured with UID Adhaar project launch in Maharashtra. The Hyped Event concluded in total Ten Bhil Tribals getting the Unique Identity Numeber amongts total Seventeen Hundred Tribal people. The day of the Ayodhya Verdict was chosen to escalate Rural Retail FDI Relaxation. Today, Reliance for which the Bell tolls in Indian Economy, is allowed to get One Hundred Crore by issuing BOND. It is first time that an Indian company is allowed to get capital issuing Bond. Mind you, Reliance is previlleged to get Oil and Gas from KG basin with relaxed norms so that it may earn maximum Profit. The Company is way ahead in Oil, gas, energy and Communication sectors.That is why neither Hindus nor Muslims won the battle, the clear winners happnes to be India Incs which Governs the Free market US Sponsored Democracy!The Indian government has manual access to Canadian Research in Motion's (RIM.TO) BlackBerry messenger services and is hopeful of getting automated access from January 1, a top official said on Friday.

Thus,Sensex jumps 375 points on first day of October series!Realty, metal, consumer durable and IT stocks saw bulk of the buying. All 13 sectorals on the the Bombay Stock Exchange (BSE) were in the green.The rupee posted its best weekly gain in nearly nine months on Friday boosted by robust portfolio investments and tracking broad losses in the dollar versus major currencies overseas.On the other hand,India's largest carmaker, Maruti Suzuki India, reported Friday record monthly sales of more than 100000 vehicles for September, driven by strong consumer demand and cheap finance deals.German luxury carmaker Audi today said it has launched a petrol variant of its sports utility vehicle Q7 in India, priced at Rs 59.29 lakh (ex-showroom, Delhi).

The BSE's 30-share sensitive index (Sensex) which opened at 20,094.1 points, closed at 20,445.04 points, up 375.92 points or 1.87 percent, from its previous close at 20,069.12 points.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty ended at 6,143.4 points, up 1.88 percent.

Broader markets also ended with gains. The BSE midcap closed 1.6 percent higher and the smallcap index 1.54 percent up.

The market breadth was positive with 1,993 scrips advancing, compared to 984 stocks declining and 122 remaining unchanged.

Hinduised SC/STs (30%) keep Bengal under the Brahmin

MANOHAR MOULI BISWAS, 651-VIP NAGAR, CALCUTTA - 700 100
The Bengali Namasudras and other Dalit communities such as Poundras, Rajbanshis, Malos, Muchis etc. have become the most obedient slaves of the different Brahminical political parties. They have forgotten their own identity and history. The Dalits and Tribals comprise 30% of the state total population. They can change the political scene but are unable to do it. Why? It is simple. The Bengal Dalits and Adivasis think they are Hindu and better Hindu and hence obey Brahminical fascism. This makes them believe that they are destined to remain as slaves. They are not interested in Dalit Voice.

Even being India's most literate, Kerala Dalits continue as slaves

DR. RAJAN BABU, SUPER SPECIALITY HOSPITAL, MUNDAKKAYAM - 686 513
Babasaheb Ambedkar's sweat benefited only the elite Dalits. They however forgot our Father, as you said several times. After Babasaheb there is no Dalit movement.
The cream of our community wants only position, money and luxury. The community is forgotten. The elite Dalits have fallen into the trap of Brahminism. They sacrificed the community for their MP/MLAship. They have no time to study the works of our Father.
Most of the elite Dalits in govt and non-govt. services get 4-5 digit salary per month but no time and money for Dalits. They spend a major portion of their time and money for unwanted things and to their upper caste masters. In Kerala, Nairs, Christians, Ezhavas and Muslims are leading their movements — NSS, SNDP, MES, Syrian Christian etc. They are investing in schools, colleges and other institutions, media, co-operative societies, run their own banks for the benefit of their community. They collectively vote to any one of the fronts (UDF or LDF) beneficial to their jati.
These four communities (Nair-Christian-Ezhava-Muslim) are for ever the rulers of Kerala. According to the Kerala Census 2001:
(1) Nair -14.41%, (2) Ezhava - 22.91%, (3) Muslim - 24.73%, (4) OBC - 6.3%, (5) SC - 9.82%, (6) ST - 1.12%, (7) Dalit Christians - 3.35%.
See the pitiable condition of Kerala Dalits even though they are the most literate among India's Dalits. In all they constitute (SC/ST/Dalit Christians) about 14.30% which is equallent to the population of Nairs. Even though Dalits are members in their sub-caste oranizations like Pulaya/Cheramar, Paraya/Sambhava, Kurava/Sidhanar etc., at the time of elections they vote for UDF or LDF. If the all leaders abandon their ego and realise the truth, they can demolish the Brahminical ruling front. The Pulaya/Cheramar community itself can make wonders if they unite and vote like the Chamars of UP.

http://www.dalitvoice.org/Templates/oct2010/articles.htm

फैसले ने बाबरी विध्वंस को उचित नहीं ठहराया : चिदंबरम

एनडीटीवी खबर - ‎1 घंटा पहले‎
गृह मंत्री पी चिदंबरम ने कहा कि इलाहाबाद उच्च न्यायालय का फैसला किसी भी तरीके से 1992 में हुए बाबरी मस्जिद के विध्वंस को उचित नहीं ठहराता है और यह अब भी 'अस्वीकार्य' और 'आपराधिक कृत्य' बना हुआ है। चिदंबरम ने संवाददाता सम्मेलन को संबोधित करते हुए कहा कि इस फैसले का उस कृत्य से कोई लेना-देना नहीं है जिसे छह दिसंबर 1992 को अंजाम दिया गया था। उन्होंने कहा, 'मेरी नजर में यह अब भी आपराधिक कृत्य बना हुआ है। 1992 में जो कुछ भी हुआ था, ...

अयोध्या में यथा स्थिति बनी रहेगी : चिदम्बरम (लीड-1)

That's Hindi - ‎7 घंटे पहले‎
चिदम्बरम ने कहा, "इस फैसले का 1992 के बाबरी मस्जिद विध्वंस से कुछ लेना-देना नहीं है। लिब्रहान आयोग के मुताबिक वह पूरी तरह अस्वीकार्य था। यह फैसला किसी भी रूप में बाबरी मस्जिद के विध्वंस को न्यायोचित नहीं ठहराता। वह आज भी एक आपराधिक मामला है।" अयोध्या मसले पर उच्च न्यायालय का फैसला आने के एक दिन बाद चिदम्बरम ने अपने मंत्रालय का मासिक रिपोर्ट कार्ड पेश करने के दौरान यह बात कही। उन्होंने कहा, "जब तक सर्वोच्च न्यायालय में मामला ...

'बाबरी तोड़ना अपराध ही रहेगा'

डी-डब्लू वर्ल्ड - ‎8 घंटे पहले‎
गृह मंत्री पी चिदंबरम ने कहा है कि अयोध्या मुद्दे पर यथास्थिति और कानून व्यवस्था को बनाए रखने से ज्यादा केंद्र की कोई भूमिका नहीं है. उन्होंने कहा कि इस फैसले में बाबरी विध्वंस को न्यायोचित नहीं ठहराया गया है. गृह मंत्री ने अयोध्या की विवादित जमीन की मिल्कियत के बारे में हाई कोर्ट के फैसले के बाद लोगों के "सम्मानजनक और गरिमापूर्ण" रुख पर संतोष जताया है. उन्होंने कहा कि यह तय ही था कि हाई कोर्ट के बाद मामला सुप्रीम कोर्ट ...

'बाबरी विध्वंस मामले पर असर नहीं'

बीबीसी हिन्दी - ‎9 घंटे पहले‎
केंद्रीय गृहमंत्री पी चिदंबरम का कहना है कि उन्हें नहीं लगता कि अयोध्या मामले पर गुरुवार को आए फ़ैसले से बाबरी मस्जिद विध्वंस के मसले पर कोई फ़र्क पड़ने वाला है. दिल्ली में पत्रकारों से हुई चर्चा में उन्होंने कहा, "बाबरी मस्जिद का विध्वंस एक आपराधिक मामला था और आपराधिक मामला रहेगा." उल्लेखनीय है कि गुरुवार को इलाहाबाद हाईकोर्ट के लखनऊ पीठ के बहुमत के आधार पर दिए गए फ़ैसले में कहा गया है कि जिस स्थान पर भगवान राम की ...

फैसले का बाबरी विध्वंस पर असर नहीं

Patrika.com - ‎10 घंटे पहले‎
नई दिल्ली। अयोध्या फैसले के एक दिन बाद केन्द्रीय गृहमंत्री पी. चिदंबरम ने सभी पक्षों और जनता के संयम बरतने पर खुशी जताई है। उन्होंने आज शास्त्री भवन में मासिक रिपोर्ट की ब्रीफिंग करते समय कहा कि अयोध्या फैसले से सरकार खुश है और फैसले के बाद जनता के सम्मानजनक और जिम्मेदार रवैए से संतुष्ट भी। चिदंबरम ने एक सवाल के जवाब में कहा कि अयोध्या फैसले से बाबरी विध्वंस मामले पर कोई फर्क नहीं पड़ेगा। बाबरी विध्वंस आपराधिक मामला था ...

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India Inc cold shoulders Delhi CWG

- IE Finance
As the final countdown for the Commonwealth Games begins, the mega sporting event continues to be cold shouldered by corporates....

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Bloomberg

Reliance Said to Seek Banks for $1 Billion Bond Sale

October 01, 2010, 6:35 AM EDT

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                        By Suprotip Ghosh and George Smith Alexander

(Updates with analyst comment in third paragraph.)
Oct. 1 (Bloomberg) -- Reliance Industries Ltd., India's biggest company by market value, approached banks to help it raise at least $1 billion from a bond sale, according to three people with direct knowledge of the matter.
The energy explorer, owned by billionaire Mukesh Ambani, may use the money for acquisitions, one of the people said, asking not to be identified as the matter is private. Reliance rose 2.1 percent to 1,007.90 rupees in Mumbai, its biggest gain in two weeks.
"Even if you consider that this is from Reliance, it's still a big issue," said Jagdish Meghnani, an oil and gas company analyst for Alchemy Share & Stock Brokers Ltd. in Mumbai. "There are margin pressures on the core business, and people are expecting much more excitement in terms of new plans to be announced for the company."
Ambani, ranked by Forbes India as the nation's richest person with $27 billion of wealth, told shareholders in June that Reliance is planning "mega" investments in power generation as well as expansion in telecommunications. The company, which owns the world's largest refinery, has spent $3.4 billion since April buying U.S. shale-gas assets, and may invest in a Chesapeake Energy Corp. asset, people familiar with the matter said last month.
Biggest Dollar Sale
A $1 billion bond sale would be Mumbai-based Reliance's first benchmark-sized offering in the U.S. currency, according to data compiled by Bloomberg. It raised $162 million in 2007 from 6.24 percent notes due in 2017, the data show.
Spokesman Manoj Warrier said in an e-mailed response to questions from Bloomberg News that he had no immediate comment.
Reliance received $1 billion of term loans from a group of 31 banks in August, a person familiar with the matter said at the time. A $500 million, five-year facility pays an all-in fee of 171.5 basis points more than the London interbank offered rate, while a similar-size, seven-year facility pays 192 basis points, the person said.
The company and its units have the equivalent of $1.4 billion of bonds and loans due by the end of 2012, according to data compiled by Bloomberg.
--Editors: Will McSheehy, Chitra Somayaji
To contact the reporters on this story: Suprotip Ghosh in Mumbai sghosh47@bloomberg.net; George Smith Alexander in Mumbai galexander11@bloomberg.net
To contact the editor responsible for this story: Will McSheehy at wmcsheehy@bloomberg.net
            http://www.businessweek.com/news/2010-10-01/reliance-said-to-seek-banks-for-1-billion-bond-sale.html

The Hindu Business Line : Crisil assigns AAA for Reliance bonds issue

6 Sep 2003 ... Crisil assigns AAA for Reliance bonds issue. Our Bureau. Mumbai , Sept. 5. Crisil has assigned an AAA (triple A) rating to the Rs 1000 crore ...
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Answers.com - Would Reliance.com or R.B.I. Bonds be a better place ...

Economics question: Would Reliance.com or RBI Bonds be a better place to invest? · Im Matias from GRUPO AHUARQ. We we specialize in the development of ...
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Reliance Said to Seek Banks for $1 Billion Bond Sale - Bloomberg

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Corporate World Wins the Ayodhya Battle amidst KASHMIR Stand Off as Free Sensex Green Signal for Killer Supersonic Robotic Economic Reforms and Global Corporate Governance! Ruling Zionist Brahaminical Nuclear Hegemony Encash Hindutva Polarisation and Blind Nationalism!

Aiming to assist SMEs grow and forge cross-border alliances, the World Trade Centre and All India Association of Industries (AIAI) together announced the second edition of the Global Economic Summit between January 27-29, 2011 at the WTC in Mumbai.

Meanwhile,Indian Muslim clerics and leaders rallied on Friday against a court ruling over the disputed Ayodhya site that largely favoured Hindus, raising fears of further alienation of the minority community.But analysts say India has moved on from 1992 -- then just a year into the economic reforms that saw the rise of a new middle class -- which explains the muted reaction from both sides.

It may also explain the sober approach of the main opposition Hindu-nationalist Bharatiya Janata Party, in contrast to 18 years ago when its then-leader L.K. Advani led Hindus on a pilgrimage to tear down the mosque.

Hindus and Muslims have quarrelled for more than a century over the history of the Babri mosque.

Hindus claim that the mosque stands on the birthplace of their god-king Rama, and was built after the destruction of a Hindu temple by a Muslim invader in the 16th century.

Fresh calls were made on Friday for another attempt for a negotiated settlement to the Ayodhya issue, as Governments at the Centre as well as political parties hailed the "respectful and dignified" response of people to the court verdict.

The Centre as well as the Congress also made it a point to stress that the Thursday's Allahabad High Court judgement in no way justified the "criminal act" of demolition of Babri Masjid that took place on December 6, 1992.

With no untoward incident being reported from any part of the country a day after the Allahabad High Court verdict, political parties played the peace card and renewed appeals for maintaining communal harmony.

Congress favoured a negotiated settlement of the Ayodhya issue, while the BJP said this possibility could be explored to settle the issue amicably instead of dragging the sensitive matter further.

"Not only government, but all right thinking people should work for a negotiated settlement. From our side, we will try for a settlement. The issue should be resolved," said AICC General Secretary Digvijay Singh. If this is not possible, then the court verdict should be honoured, he added.

When asked whether the party was in favour of out-of-court settlement, senior BJP leader Venkaiah Naidu said "If there is a possibility, the issue should be settled amicably instead of dragging it further."

Mr. Naidu also asserted that the judgement "vindicated the party's stand that Ayodhya was birthplace of Lord Rama."

Mr. Chidambaram said the Centre has no role in the issue except to maintain status quo and ensure law and order across the country.

Playing the minorities' card, Samajwadi Party supremo Mulayam Singh Yadav said the Muslim community felt "cheated" by the Ayodhya title suit verdict, prompting Uttar Pradesh Chief Minister Mayawati to warn of strict action against any attempt to vitiate the communal atmosphere.

"I am disappointed at the judicial verdicts that give precedence to faith over law and evidence. This does not augur good for the country, the Constitution and the Judiciary itself," Mr. Yadav said reading out from a written statement.

Echoing Mr. Yadav, LJP president Ramvilas Paswan said the verdict had brought disappointment among the minority community but they should not take it as a final one.

AIADMK chief Jayalalithaa described the verdict as "admirable" and urged the parties concerned to "fully appreciate the judgement."

"I feel that the learned judges have delivered an admirable verdict. It is a judgement that opens the door to the path of reconciliation," she said in a statement.

CPI said there are enough legal avenues for the people who feel aggrieved at the verdict.

It said the verdict based more on faith and religious belief than the basic tenets of history, archaeology, legal logic and historical facts of other streams of scientific knowledge can spark a debate on the jurisdiction of the courts.

The Forward Bloc while appealing for calm said the Ayodhya issue should be settled before the judicial courts and not at the streets.

A court in Uttar Pradesh said in a judgment on Thursday that the site of a demolished mosque should be split between Hindus and Muslims. The 1992 demolition of the mosque by Hindu mobs triggered some of India's worst riots, killing 2,000 people.

The court ruled Hindus would get two-thirds of the land and be allowed to keep a makeshift temple that was built over the razed mosque's central dome.

The decision has been met with calm throughout India, despite fears the ruling could spark religious riots.

In Delhi's Jama Mosque, one of India's largest, the chief cleric rejected the verdict.

"If we do not get our rights we will never be able to walk in this country with our heads held high," said Shahi Imam Bukhari to shouts of "Allahu Akhbar", or "god is greatest" by thousands of Muslims after Friday prayers.

"It is our responsibility to maintain the peace, but we will not be broken, we cannot be broken. If the Supreme Court endorses the High Court's decision, I will urge all Muslims to consider the matter with all seriousness and concern."

But there were no reports of protests in Muslim-dominated areas, partly because people remained wary of inflaming public tensions in a country where Muslims account for only 13 percent of the 1.2 billion plus population.

Muslim groups said reaction was also measured because they still hoped to appeal in Supreme Court and rebuild the mosque.

SECULAR NATION

India is officially a secular nation and its top women's tennis star, its vice president and one of its richest men are all Muslims, as are some Bollywood stars and top ministers.

But such high-profile success stories often mask the real status of Indian Muslims, who are some of the poorest communities in the country. Since Partition in 1947 amid sectarian violence there have been periodic riots between Hindus and Muslims.

Alienation of Muslims has partly been fuelled by communal riots in the western state of Gujarat in 2002, when around 2,500 people, mostly Muslims, were hacked or burned to death. Little has been done to catch the culprits despite a national outcry.

Muslims account for fewer than 7 percent of public service employees, only 5 percent of railway workers and there are only about 30,000 Muslims in India's 1.3 million-strong military.

Some fear the mosque verdict may yet turn into a recruitment tool for home-grown Islamist militants who have been blamed for a series of bomb attacks in Indian cities in recent years.

"There will always be few a hotheads who will try to exploit this verdict," said Amulya Ganguly, a leading political commentator based in New Delhi.

Thousands of police maintained calm in the cities of Lucknow and Hyderabad with sizeable Muslim populations. In Kashmir, where rioting broke out last month over reports of alleged desecration of the Koran in the United States, no protests were reported.

Kashmir's main hardline Muslim leader Syed Ali Shah Geelai said the verdict "is hurting Muslims throughout the world".

"To convert a mosque into a temple or something else is intolerable to the Muslim community," he told reporters.

अयोध्या में यथास्थिति बहाल रखना केंद्र की जिम्मेदारी: मायावती

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केंद्र के पास अब भी अयोध्या पर सुलह का वक्त: राजनाथ

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यह कहानी ईमेल करें

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1 Oct, 2010, 05.29AM IST,ET Bureau

UID, a great piece of reform

The Unique Identity (UID) project or Aadhaar, to assign all citizens a unique 12-digit number associated with biometric data, has the potential to improve , but is no magic substitute for it. It can accurately target delivery of development programmes, and more. The number and biometric data being stored in a queriable central database, provides indisputable identity that is portable pan-India .

But also presupposes continuing governance reforms, without which the UID's potential would remain untapped. The actual access to governmental programmes on health, education and employment do require proactive policy; the UID cannot and must not be seen as a cure-all for responsive governance . The identity that Aadhaar provides can, however, be used to rightfully access social programmes, and open, say, a bank account (subject to attendant requirements like address verification). The way ahead is for public agencies and organisations to incorporate UID in their schemes and products.

The the biggest beneficiary of Aadhaar will be the aam aadmi, the common man, provided reform of governance structures and institutions are streamlined for a sound development delivery mechanism. The reality on the ground is that guaranteed identity is only available at a premium, which is why for, example, the subsidies really meant for the poor are routinely appropriated by the nonpoor . UID can be used to design a foolproof platform for the delivery of citizen services, as it would link an individual's digital footprint across multiple government agencies . The project authorities do need to put in place systems to avoid potential tracking, profiling and data misuse via UID.

But its real potential is that it could put paid to fuzzy policymaking, with beneficiaries traceable and very much identifiable across space and time. The objective ought to be to purposefully target subsidies, rev up efficiency in policy-making and provide fiscal space for forward-looking investment in social and physical infrastructure . UID is also a tool for fiscal reform, provided transparency and governance gets the requisite leg up.
http://economictimes.indiatimes.com/opinion/editorial/UID-a-great-piece-of-reform/articleshow/6662003.cms

1 Oct, 2010, 03.45AM IST,PTI

India's billionaire club swells to record 69 members

NEW DELHI: Concerns over infrastructural bottlenecks notwithstanding, Indian business tycoons continue to build upon their sizeable cash piles, with a record 69 bnaires featuring in Forbes India's Rich List for 2010.

"Amid further disenchantment with national infrastructure undertakings, such as the botched preparation for the Commonwealth Games, Indian tycoons continue to flourish, sometimes off those same public projects," magazine said.

The 8.5 per cent of the Indian economy and bullish stock markets have pushed up the net worth of the tycoons in the top 100 list, making as many as 69 of them bnaires.

The wealth of Indian bnaires suffered a huge correction in 2008, when there were only 27 bnaires. The number of members in India's Richie-Rich club has increased since then and touched 52 in the year 2009, before increasing over two-fold to 69 this year.

"This year's list signals a second wave of Indian capitalists accumulating fantastic fortunes, after an initial slew earlier in the decade," Forbes India said, adding that, "In between, Indian wealth suffered a huge correction in 2008, when only 27 were bnaires."

Despite the rising stock markets and booming economy, the fortunes of some tycoons, like property baron Kushal Pal Singh, the owner of debt-laden DLF , Hero Honda's Brijmohan Lall Munjal, wind energy entrepreneur Tulsi Tanti and slum re-developer Rakesh Wadhawan, plummeted significantly.

"Property baron Kushal Pal Singh, owner of debt-laden DLF, lost nearly one-third of his wealth despite a real estate rebound," Forbes India said.

Meanwhile, Pravin Kumar Tayal, who sold Bank of Rajasthan to ICICI Bank fell off the list.

The four richest Indians are worth a combined $ 86 bn, well short of the $ 180 bn record they set three years ago.

Though the fortunes of both and steel magnate have dipped in comparison to the previous year, they still retain the top two positions, with Mukesh Ambani holding on to his numero uno rank for the third straight year.

Infotech tycoon Azim Premji has moved up to third place, displacing younger Ambani sibling Anil Ambani, who "despite making peace with his brother", has dropped to the sixth position.

The biggest gainer in percentage terms was media baron Kalanithi Maran, whose net worth jumped 74 per cent after he purchased a big stake in low-cost airline SpiceJet .

The latest Forbes India list features more pharma and property titans than business tycoons from traditional industries like IT, steel and energy.

GREAT BETRAYAL BY THE "EDUCATED CLASS"

How did Dr. Ambedkar's prophecy of Bahujans "blowing up" constitution go wrong ?

Dr. Babasaheb Ambedkar while concluding his marathon historic speech presenting the draft constitution of India to the Constituent Assembly (1949) had made a historic prophecy which is very often quoted.
This prophecy made by the "Father of India" is the subject of this Editorial. He said:
"On the 26th of January 1950, we are going to enter into a life of contradictions. In politics we will have equality and in social and economic life we will have inequality. In politics we will be recognizing the principle of one man one vote and one vote one value. In our social and economic life, we shall, by reason of our social and economic structure, continue to deny the principle of one man one value. How long shall we continue to live this life of contradictions? How long shall we continue to deny equality in our social and economic life? If we continue to deny it for long, we will do so only by putting our political democracy in peril. We must remove this contradiction at the earliest possible moment or else those who suffer from inequality will blow up the structure of political democracy which this Assembly has so laboriously built up".
(Dr. Babasaheb Ambedkar: Writings & Speeches, Vol.13, p.1216).
[The full text of the Constituent Assembly speech will be published in the next issue]
This famous speech made 64 years ago deals mainly with the social contradictions for which Brahminism, disguising as Hinduism, is so famous. Babasaheb spoke the truth on this contradictions with which nobody then disagreed in the august hall in Parliament House.
Those present in the Constituent Assembly were all great Hindu leaders like Jawaharlal Nehru, Rajendra Prasad, T.T. Krishnamachari, H.V. Kamath, etc.
Babasaheb expressed his grave fears about India retaining its independence because as a student of history he knew how it was ruled by the British and earlier by Muslims etc.
Hindu rulers invited foreigners: How did India lose its independence so often? He said:
"What perturbs me greatly is the fact that not only India has once lost her independence, but she lost it by the infidelity and treachery of some of her own people". (Dr. Ambedkar Writings & Speeches, p.1214).
He said the foreigners were invited by Hindu rulers like Jai Chand. When Shivaji was fighting for the liberation of Hindus, the other Maratha rulers and Rajput kings were fighting on the side of Moghuls. Gulab Singh helped the British in their war against Sikhs. In 1857 when the war of independence was raging, the Sikhs were silent spectators, he said expressing the fear:
"Will history repeat itself?" Will the Hindus place creed above the country?
He also expressed the fear that the hard won democracy was giving place to dictatorship.
Havoc of Hindu bhakti: He also expressed the fear that when a constitution was in place, would the rulers resort to unconstitutional methods.
He also expressed the fear that the Hindu bhakti, hero worship, will enter politics and predicted:
"... In politics, bhatki or hero worship is a sure road to degradation and even dictatorship." (p.1216).
After saying all these the "Father of India" comes to the most important warning and concludes with a prophetic utterance and also what would happen to India if his warning was not heeded.
This prophecy is fully quoted on p.3.
Did the oppressed msses revolt: Our question is: Did those who suffer from inequality "blow up the structure of political democracy?"
No.
Even 64 years after Babasaheb's prophecy, the oppressed Bahujans, denied food, clothing, shelter, education, health — on the top of that kicked, killed, burnt, raped and their little property destroyed and form over 50% of the country's 1,300 million population — did they get angry and "blow up the structure of political democracy", as Babasaheb predicted?
No.
Babasaheb's prophecy went wrong. Why?
Sunset on the Dalit world: Alright. Was there any discussion, debate, or heart-searching over how the "Father of India" erred? What is the role of his children in making the prophecy go wrong? In the year 2000, as the Millennium was ending and the country was entering a new century, we wrote our Editorial: "Sunset on the Dalit World". And suggested a "conclave of 100 Best Brains". Sorry. None responded.
Between 1950 and 2010, already 60 years are over, much water has flown down the bridge. At least four generations of "educated" Dalits have passed. If this is the picture on one side, the other side is shocking poverty.
Who is sucking our blood: At least 50% of the Bahujans (SC/ST/BCs and Muslim/Christian/Sikhs) are so poor, so unconscious, so unthinking that they do not even know who is sucking their blood.
Morning to night they are busy trying to fill their belley. Besides, poverty and illiteracy, they are steeped in superstition as well. And kept divided in their villages by the Hindu caste system.
Why villages are peaceful: That is how the Indian villages are so peaceful. The upper caste landed gentry act as the police plus judge.
The rest of the Bahujans, about 30% having migrated to urban areas lost their caste consciousness and got merged in the urban anonymity — busy working from morning to night. At least they get stomach-full of food which the other 50% can't even think of.
Educated lot join enemy camp: Yes. At least this 30% of the Bahujans who migrated to urban areas could have thought of the "blowing up structures of political democracy" if only Babasaheb's children, educated in his burning thoughts, had prepared their minds, hit back and taken the road to revolution.
The Ambedkarites, Budhists and all those who today parade in the name of Babasaheb failed.
They failed because they betrayed Babasaheb and crossed over into the enemy camp of the Hindus.
And this is how Babasaheb's prophecy failed.
Dalits hinduised: After Babasaheb made the above prophecy, he quickly realised that if his prophecy had to come true he should present to his children a philosophy which he gave in the form of Budhism. Here too, there was a setback. Soon he was killed by a Hindu conspiracy hatched by his own Brahmin wife. (DV Nov.16, 2009, p.20: "Who killed the prophet of new India? Brahmin second wife & her boy friend caused the death, says secretary"). Once he died, his followers quarrelled between themselves and Budhism itself was perverted and swallowed by Hinduism.
Babasaheb did not realise that the cunning Hindu rulers would scuttle his mission through job reservation to SC/ST which helped convert them into good Hindus. The Hindu rulers could easily hinduise the ant-Hindu SC/STs. Yes they did it with a vengeance.
The job reservation also helped the Brahminical enemies to divide the SC/STs. Only the educated mcro-minority Dalits got jobs and the rest left behind to rot. And these Dalits who got the jobs became good Hindus — and slaves.
IAS/IPS not interested in DV: When the educated Dalits got jobs (only petty jobs were given) they were also hinduised (enslaved) and Budhism, which was already captured by the corrupt, helped the Hindus to further enslave them. Vipassana speeded up the enslavement drive.
Today, we hardly find any IAS/IPS or other top officials among SC/STs as members of Dalit Voice for fear of offending the Brahmins.
DV dying: That is how Dalit movement died. Brahminism killed it.
That is how Dalit Voice — the only voice of the Dalit-Bahujans, is also dying.
Babasaheb is remembered only on his birth anniversary.
Budhism has lost all its revolutionary character outlined by Babasaheb in his magnum opus, Buddha & His Dhamma.
The country's most explosive commodity, the SC/STs, have been hinduised. And instigated against OBCs and BCs dubbing them enemies. Brothers fighting the brothers.
At the same time SC/ST/BCs are so much hinduised that they can be readily made to run at the throat of Muslims and Christians.
Meaning of Hinduism: The Hindu job is over. By this process the over 85% of India is enslaved and made to rot. This is the meaning of Hinduism.
India does not belong to the Brahminist foreigners. But the Bahujan children of the soil do not know what they are doing.
In the process the country itself is dying. But the educated "middle class" (read upper castes) live in its own fool's paradise mesmerised by the media magic — painting the picture of "India Shining", "India booming".
Babasaheb weeping in his grave: Babasaheb Ambedkar is silently weeping in his Dadar Chowpatty grave. He is weeping because his prophecy that "those who suffer from inequality will blow up the structure of political democracy" has gone wrong.
But who cares?
The Hindu rulers killed India itself.
Did not our "educated" Dalits help the Hindus to kill India — built so laboriously by Babasaheb?
http://www.dalitvoice.org/Templates/oct2010/editorial.htm

Will Kashmir lead to war with China ?

OUR CORRESPONDENT
Bangalore: Will the current explosion in Kashmir ultimately lead India to another war with China? Reports say ruling "Jews of India" have been asked by the Jews to widen the conflagration so that China, which is already in the "Pak-occupied Kashmir", is provoked to intervene through Pakistan. India may then seek US support.
The staple food of the Jews and "Jews of India" has been war and violence to establish world domination. Having been defeated in their experiment in Iraq and Afghanistan, they are now trying to shift the scene to Asia and confront China with the help of the "Jews of India".
Our sources say if there is such a direct confrontation between US and China it will lead to World War-III with Russia, Iran and the entire Muslim world. Dangerous days are ahead.

Jews & "Jews of India" conspiring to instal Rahul Gandhi as PM ?

OUR CORRESPONDENT
Bangalore: That Rahul Gandhi has become the blue eyed boy of the Brahminists is already known. DV has reported the world's richest man, Bill Gates (Jew), coming to the constituency of Rahul in UP and assuring him full financial support. (DV June 1, 2010, p.5)
The upper castes are all agog over the coronation of the Prince of Wales.
The beauty of India that is Bharat is the Brahminists can manipulate and manage anything and everything. They can convert a damn donkey and call it the Derby race horse and make us believe it.
Dr. Ambedkar hated: The "Father of India", Dr. Ambedkar, India's greatest genius and the liberator of the millions, is dubbed a hate-monger.
So when the ruling micro-minority (15%) has such magical, mesmerising power they can easily instal Rahul on the Delhi throne.
The formula is keep the country hungry, illiterate and dumb. And put a donkey on the throne.
But the country is yet to know what Rahul stands for. The country's overwhelming poverty-stricken masses have not even heard his name.
Nothing is working: Dalits of UP, India's single largest state ruled by a Dalit know that he is anti-Dalit.
Nothing is working in India. Our Army itself has proved it. The No.2 man in the Army is facing court martial for corruption. The entire govt. and even private sector apparatus is inefficient, dishonest, corrupt and lost the people's trust. Every wing of the society has collapsed.
Besides, every neighbouring country has turned hostile. Giant China is just watching. Over 85% of India's deprived destitutes are in great pain. Both internally and externally, India is extremely weak.
Will the Jews, the enemy's of the Western world, teaming up with the hated "Jews of India" be able to rescue India by imposing Rahul Gandhi?

Caste census: OBCs stand cheated

OUR CORRESPONDENT
Bangalore: Finally, after good deal of delay the Union Cabinet surrendered to the OBCs on their just demand to enumerate caste in the current census (2011) but, as expected, added a pinch of Brahminical mischief.
The mischief is too many: The caste data collection in June 2011 will be a mere head count of castes without collecting the vital socio-economic-educational-demographic data. Mere head count is a futile exercise which means nothing but cheating over 35% of the country's population.
OBCs hinduised: But the OBCs, with all their population strength and political clout, have proved to be obedient slaves of Brahminists. In other words there will be no protests and OBCs stand cheated.
Caste decides everything: The enemy knows the danger of "caste identity" and will do everything to delay it, if not sabotage it.
Every thing in India is decided on caste basis. The Union cabinet, Supreme Court, Army appointments, every job, every decision and finally every election is caste-based. The mere 15% Brahminists rule India from centuries is also on the caste basis. Caste is India and India is caste.
Tamil Chettiar: The Tamil Chettiar opposed caste enumeration in census because caste threatens his job. The "Khatri Sick" PM was silent on caste to please his Brahmin bosses.
We have discussed this subject elaborately in our book, Caste — A Nation within the Nation, which won the international award from the London Institute of South Asia. (Copies available with Dalit Voice, Rs. 140).
The OBCs stand to gain in the caste count. They can now force a constitutional amendment to get reservation like the SC/STs.But, again, hold on. The SC/STs have the reservations from day one. But the implementing authorities are the Brahminists who sabotaged it. Will the same rulers tolerate a bigger OBC danger?
What then is the solution? Yes. Defeat Brahminism. Not only OBCs and SC/STs will be liberated but more than that the country itself can live in peace.

"Khatri Sick" as India's worst & the weakest PM

OUR CORRESPONDENT
Bangalore: For the first time even the world-famous Economist (Sept.4, 2010) owned by the Jews has criticised the "Jews of India" and their "Khatri Sick" PM who has messed up the whole country in his love to please the Brahminical rulers.
India never had an unelected person as its PM. But the World Bank, owned by the Jews, imposed the "Khatri Sick" who is loved because he cheated over 85% of the have-nots of the country.
He just doesn't understand India, doesn't want to understand India. In his meeting with some editors on Sept.7, 2010 in Delhi he revealed his thorough incompetency to understand India.
Muslims enslaved: He expressed fears over the forthcoming Babri Masjid judgment. There is bound to be widespread violence and killing of Muslims.
Babri Masjid was felled by the Brahminists to defeat the Mandal Commission Report that favoured reservations to OBCs. By felling the Babri Masjid they killed two birds in one stone. They cut the OBCs, made them willing slaves of Brahminism to attack and kill Dalits and Muslims. And at the same gave a shock to Muslims that in "Hindu India" their job is to remain as second-grade citizens.
The "Khatri Sick's" Congress Party, then headed by the notorious Telugu Brahmin, P.V. Narasimha Rao, willingly collaborated with the Hindu terrorist party of BJP and helped Babri demolition.
3 headaches: The "Khatri Sick" PM listed his following fears at his meeting with the editors: (1) Babri Masjid judgment, (2) the current Kashmir upheaval, (3) Maoist violence in the eastern part of India.
All the three are the creations of the ruling 15% upper castes. Neither the SC/ST/BCs (65%) nor the Muslim/Christian/Sikhs (20%) created these problems.
The caste system (Hinduism) is the cause of all the problems listed by the "Khatri Sick" PM — plus the growing poverty, deprivation and destitution of the people in which the PM takes no interest.
The ruling Brahminists (15%) headed by the 2% "Jews of India" are not ready to solve any problem. They want all these problems to continue to keep the people enslaved. This is the crux of the problem.
Caste system cause of all problems: The "Khatri Sick" PM fortunately admitted the problem of poverty facing India. But poverty is the by-product of the Brahminical exploitation. The rulers want poverty to keep the slaves poor and hungry so that they remain weak, helpless and hence obedient. This is called the divide and rule.
Caste system, which is the other word for Hinduism, is the cause of all our problems. Are the ruling upper castes ready to get rid of the caste system? No.
Because they know the death of caste system means the death of Brahminical imperialism.
But the "Khatri Sick" PM is a great supporter of Brahminism. The corporate world is the creation of the "Jews of India". The Jews in the West and "Jews of India" are cousins. Our theory is now accepted all over the world.
In other words, all these problems are inter-connected. The source of the problem is Brahminism.
Jews grooming Rahul Gandhi: You can't govern India while keeping in tact all the skeletons in the cupboard.
That is how the "Khatri Sick" proved to be a spineless PM — warming the seat for Rahul Gandhi who is being groomed by the Jews and "Jews of India" to take over — to push India into greater tragedy. (See p.14)
Loving the hated Kalmadi: That is how the "Khatri Sick" PM complimented the hated Brahmin Kalmadi, despite his proven corruption in the stinking Commonwealth Games work.
What type of PM he is when he defends Kalmadi whom the whole country hates? (DV Sept.1, 2010 p.8: "Anatomy of corruption").
Growing poverty: Even the Economist says the PM has failed in every sector: infrastructure, health care, education, feeding the hungry. India is now in total chaos and confusion. All-round fall.
The United Nations (MDG) itself has condemned India for pushing country's 77% of the population under the poverty line. The credit goes to the "Khatri Sick" PM.
Universal primary education is dead. India has become the world's largest country of illiterates.
The "Khatri Sick" will get many feathers on his cap as he is kicked out as India's worst PM.

Tirupati temple honours "Khatri Sick" for devastating the country

OUR CORRESPONDENT
Bangalore: As the Brahminic rulers (15%) are dancing with joy over "India booming" the United Nations has come out with a shocking report that about 77% of our 1,300 million population is living below the poverty line.
This report is blacked out in all the "national" media. Yes. The "freedom of press" is total in "free India".
The report released from Delhi will not bother the rulers because it is totally blacked so that nobody will read it. The victims of below the poverty line (namely SC/ST/BCs) any way are already the most obedient slaves of the rulers being devout Hindu.
The country under the "Khatri Sick" leadership has not fulfilled even a single promise given to the people — or even the United Nations. Hinduism does not ask you to fulfil any promise. You will be a good Hindu only when you violate all the societal rules.
That is why the Hindus love the "Khatri Sick" because he has expedited the pledge given to the ruling class to devastate the country.
The country's rich Brahminical temple at Tirupati recently honoured him for flying the Hindu flag so high.
The willing slaves of India have facilitated his mission putting the "Khatri Sick" on fast track.
Please read the report by the Delhi correspondent of the Deccan Herald.

Secret of Hindu rulers keeping India poor, illiterate & yet "peaceful"

OUR CORRESPONDENT
Bangalore: Hindu India is emerging as the world's largest country of illiterates. But the Hindus are not bothered about it because illiteracy has helped the 15% ruling upper castes (Hindus) to remain as permanent rulers.
The mantra is: Keep the SC/ST/BCs (65%) plus Muslims/Christians/Sikhs (20%) — a total of 85% — poor which will force them to remain illiterate and also peaceful.

NO COURAGE TO PROTEST

Once you are both poor and illiterate you lead an animal existence. Brainwash them with Hindu poison which will dope them into eternal silence. Wonderful.
Otherwise, by this time Hindu India would have exploded — blown into pieces if only the 85% of the sub-humans had some strength to stand and protest, a courage which they will get only if they are literate.

HINDU RULE

This is the secret of the eternal, unquestioned Hindu rule.
Hinduism is a poison pill that can lull you to permanent sleep. Is it not working wonders with 1,300 million slaves enjoying their slavery? May be in the eastern part of India, some stray tribals are protesting. They are dubbed maoists and will be soon gunned down by their own brothers in the equally illiterate police force.

SOUTH INDIA AS EXCEPTION

Barring the four southern states of AP, Karnataka, TN and Kerala and to some extent Maharashtra, the rest of India is packed with hungry, illiterate Bahujans. It is in this part of India, called the "cow belt" (also called BIMARU states) that Hindu terrorist party is having its rule. The most stinking Hindu holy places are in BIMARU states.
How the Hindus are ruling India?

WORLD'S LARGEST ILLITERATE COUNTRY

The secret is already revealed above.
There are hardly any schools in rural areas. The rural India is totally devastated.
Even if there is a school, it has no teacher. If it has a teacher, it has no building.
The teacher is so ill-paid, he or she has no desire to teach. Because the teacher is so ill-paid. That is how India has become the world's largest country of illiterates. But the Hindu rulers are least worried. Because there is not even a protest. Once upon a time, teaching profession commanded the highest respect. Guru Devo Bhava.
Brahminists realised the danger and quickly killed the very teaching profession. Today the teachers command no respect from their own students.

EDUCATION AS A LUXURY

Many schools go without teachers because he or she gets no place to stay. If he is a Dalit or "low caste" nobody will give even a room. The basic salary of a govt. primary teacher in Karnataka is Rs. 6,235 which is less than the pay of a bank peon. Schooltext books and midday-meals are there only on paper.
As you go North there is neither schools nor teachers. If both are present there will be no students because the parents are so poor that they can ill-afford to send their children to schools as they are needed at home to work.
When filling the stomach of so many in the house is the problem, education is a luxury in Hindu India.
See, how beautifully and effectively Hindus have kept India poor, illiterate and also peaceful.

Web is dying as China starts building its own internet

OUR CORRESPONDENT
Bangalore: Two big sensational news: (1) The worldwide web (WWW), popularly known as the internet, created by the American Jews, is dying.
(2) The second more sensational news is China, the rising super power, is creating its own internet. It has pressed 35,000 engineers to do the big job which needs wiring under and over the oceans, round the globe. The Chinese wonder is not yet reported in the Western media but the West, particularly the US, is fully in the know of it.
Fall of the West: As the US and the Western influence is fast declining, China, which has already taken over the No.2 place of Japan, is getting ready to replace USA. DV was the first in the world to predict it and we have proved correct.
Hindu India falling: We have also proved right that "Hindu India" is fast slipping. The Jews are killing the US and the West. And the "Jews of India" are killing India after breaking it (1947) into three pieces — India, Pakistan, Bangladesh. Afraid of more divisions. The world famous weekly, Economist (Sept.4, 2010) has announced the "web is dead".
Christian surrender to Jew: The world is anyway divided racially, class-wise, politically, and religiously. Added to this comes the disaster of the digital divide.
This is the result of the White Western Christians surrendering to the zionist Jews.
The Economist says the internet is getting divided. Each country including China and India are putting up its own "wall" and concludes saying "web is dead".
Did we not say that anything the Jews and the "Jews of India" touch is bound to die?

Gandhi in India & Mandela in S. Africa

OUR CORRESPONDENT
Bangalore: Jews are making plans to break up South Africa with the help of the notorious much-married Jacob Zuma. South Africa was once the stronghold of the Jews who monopolised its diamond and gold. Zionists controlled S. Africa with the help of their stooge, Nelson Mandela, whom they boosted and made him world famous.The "Jews of India" boosted the Gujarati Bania, Gandhi, who helped them to partition India and hand over the country to Brahminical wolves. The Africans threw out Mandela and brought the upright Mbeki who cut the Jews to size and brought respect and made the country the richest and the most important in the whole African continent. The Jews quickly worked to topple Mbeki with the help of Zuma who is helping the Jews to break up the country. That day is nearing. Zuma is not only digging his grave but conspiring to hand over the country back to Jews.

RULING CLASS STRATEGY

OBCs used against Dalits & Muslims & yet cheated

OUR CORRESPONDENT
Bangalore: Look, how easily and yet effectively Brahminism governs India.
It used every caste (or even subcaste) under "Hinduism" to fight against each other so that the principal enemy at the top is not only safe but in full command of the country. And yet the idiotic castes, powdered in the Brahminical grinding machine, are absolutely unaware of their pain. Not one link (caste) in this ascending order of reverence and descending degree of contempt is aware that it is the victim of Brahminism — the principal contradiction.

Slaves enjoying their slavery

Every revolutionary who worked and died for the liberation of the suffering slaves has said this. But the slaves, alas, have not only become better slaves but blissfully enjoying their slavery. Who can save these slaves?
A TOI report from Madras says how the OBCs have been cheated by the rulers despite making them good Hindus (slaves) and using them to fight Dalits and Muslims.

Who is the enemy of OBCs

All over India OBCs are behaving as the Brahminical musclemen.
What did great OBC revolutionary saints like Phule, Narayana Guru, Periyar EVR say? Did they not tell the OBCs that Brahmins are their enemy? And Dalits and Muslims are blood brothers?
OBCs are cheated by whom? Are they cheated by Dalits or Muslims? They are cheated and taken for a ride by the Brahminic rulers.
They all know it and yet they work only against Dalits and Muslims.
OBC leaders like the "Cut Throat" in TN, who claims to be the No.1 disciple of Periyar, Lalu Yadav in Bihar, have done nothing to guide their people. The Marathas in Maharashtra are more Brahminical than the Brahmins.

Dalits led Mandal war

Read (box item) the TOI report.
During the peak of the anti-Mandal war and violence, we had shifted to Delhi from where the Brahminists launched their war against Mandal which was meant to benefit the OBCs. But the people who led the agitation and faced enemy violence were the Dalits.
Yet in UP, Bihar, Maharashtra — nay all over India — Other Backward Castes (OBCs) go against Dalits. And yet the Brahminists cheated OBCs after using them in full.
All over India it was the Dalits who took the lead and faced the upper caste violence.
What is the situation today? OBCs are mostly with the enemy refusing to fight with their blood brothers Dalits and Muslims. Dalits attend OBC meet and even the Muslims. But OBCs keep off Dalits and Muslim thinking they are Hindu.
That is how the OBCs are helping the enemy by dividing the Bahujans.

Brahminist university at Nalanda to propagate "Budhism"

OUR CORRESPONDENT
Bangalore: The Jews and the "Jews of India" are planning a "world famous" university at Nalanda (Bihar) where the world famous Budhist university once stood — half a millennium before the founding of Oxford University.
It was during the Budhist period India flowered gaining international heights. Brahminism simply died — though Budhism never persecuted the Brahmins.

GOLDEN PERIOD OF INDIAN HISTORY

Budhism became India's national religion before Jesus was born and before the world knew what was civilization. Thousand years of Budhist rule (600 BC to 800 AD) is hailed by historians as "Golden Age of India". Fahian, a Chinese pilgrim, wrote volumes on this period. Another Chinese visitor, Hieun-Tsang, wrote more about India's Budhist glories.
The "Jews of India", who have already hinduised (enslaved) the children of Babasaheb Ambedkar who revived Budhism, have drawn a multi-million dollar plan to build a university at Nalanda.

AMARTYA SEN, KING OF CONSPIRATORS

As the children of Babasaheb are put to eternal sleep, the Brahminical wolves are on a hunting spree.
The king of conspirators is Amartya Sen whose wife belongs to the House of Rothschilds, the king of Jews.
With outside money and Jewish support, the "Jews of India" will now become custodians of Budhism.
The Bihar Govt. has agreed to give 500 acres for a new campus at Nalanda which will be used by the "Jews of India" — the killers of Budhism — to publicise their achievements, deceive outsiders and claim credit for Budhism.
The Planning Commission has allotted Rs. 1 billion. A Chancellor has been selected. Japan and Singapore have shown great interest.

LOTUS SUTRA

Nalanda matters to the Eastern Asia, where Budhism spread after the Brahmins destroyed it in India, because it was here that the famous Lotus Sutra of Mahayana Budha was unveiled.
Brahminism swallowed Budhism long back. Dr. Ambedkar's Buddha & His Dhamma is buried. The Marwadi Bania, Goenka, is preaching Vipassana and made monkeys out of the entire educated Dalit traitors to Ambedkarism.
The Brahminists have already full control over the Bodh Gaya. Now they have taken over Nalanda too. Where are our Budhists?

Hindu racism spreads to Britain

OUR CORRESPONDENT
Bangalore: Hindu racism is not confined to "Hindu India" only. Wherever the Hindus (read upper castes) migrate they carry their caste system like the monkey going with its tail.
Britain itself is suffering from this Hindu monkey business, according to a report in the Hindu (Sept.4, 2010), India's biggest Brahminical English daily.
Britain's 2,00,000-strong Dalit community has won its battle against widespread Hindu (read Brahminical) racism in their country. The British Govt. is asked to recognise that casteism (the other name for Hinduism) is nothing but racism.
The British Govt. will accept the demand and ban Hindu racism. But how?
The Hindus no doubt will be furious not only in India but even in Britain, US and all other Western countries. Because these "highly educated" Hindus have been bluffing that Gandhi's Hindu India is a land of peace, non-violence, milk and honey.
All a big, bloody bluff. The British Govt. will be the first in the world to call this bluff.
Top universities have researched into the prevalence of widespread racism in Britain among the Hindus. The Hindu heroes in Britain, however, have not given up their war to practice racism.
But the Hindu Govt. in Delhi is fully supporting the Hindus in Britain.
Hinduism is killing not only India. It will prove to be a killer wherever Hindus migrate.

Bengali language got international status because

of Bangladeshi Muslims

A Bengali Hindu on Hindu atrocities on Muslims

THE MENACE OF HINDU FASCISM

Dr. W.C. Deb

Eminent Hindu leader of Bengal

Says the three "eminent" Congress leaders — Lal, Bal, Pal — engineered partition of India. Hindu terrorist Savarkar's call to "Hinduise politics and militarise Hinduism" inflicted so much violence on Muslims.
Calcutta University was a Hindu fortress. Most Hindus in every village were richer than the richest Muslim. Not a single Muslim had cultivable land in my village. In the 80s, Hindu communalism transformed into Hindu fascism.
It was the Muslim invaders who gave us the name "Hindu". Savarkar formulated the "two-nation theory" much before Jinnah. The worst anti-Muslim culprit was Bankim Chandra Chatterji, a Bengali Brahmin, the author of Vande Mataram. Muslims never observed untouchability. That is how Dalits opted for Islam in a big way and got liberated.
Muslim rulers Indianised themselves. Dalits fought Brahmins and when defeated embraced Budhism and fought them again after becoming Muslims. Bengali Muslims are mostly Dalit converts. Even Swami Vivekananda said "Islam was a great blessing and liberated the oppressed". Upper castes partitioned Bengal. Gandhi was a cunning fox" and "a Hindu revivalist".
"Babri Masjid" was a Hindu conspiracy.
Muslims are too poor to be polygamous but Bengali Brahmins were polygamous.
Though an upper caste Hindu (Kayasth), Deb is very critical of Gandhi, Nehru, and all the Bengali upper castes. On the Babri Masjid, he says it was a Brahmin-instigated conspiracy as old as 1885. He quotes L.K. Advani, the villain who demolished the Masjid: "The Congress wanted the demolition and they had it done by us".

1995 pp.92

Progressive Publications, Delhi

Photocopies available with DV. Please send Rs. 85

THUS SPAKE PERIYAR

All punishment for sudra & respect for Brahmin

If the sudra attacks a Brahmin with hands or with a stick the part affected should be noted and the sudra should be beaten severely at the same part of his body. His hand should be cut off, if he had used his hands. His legs should be cut off, if he had used his leg. (Chap.9.S.224,248).
If the sudra takes away anything belonging to the Brahmin he should be tortured and killed. (Chap.9.S.248).
If a sudra leaves his trade and seeks the trade of others, the king should confiscate his property and excommunicate him. (Chap.10.S.96).
If a non-Brahmin enjoys with a Brahmin wife, he should be punished till he breathes his last. (Chap.8.S.359).
If a sudra enjoys a Brahmin girl without protection, his male organ must be cut off. If he enjoys a Brahmin girl in a family, his body must be cut to pieces and his property should be confiscated. (Chap.8.S.374).
For eliciting truth and for taking a promise, the sudra should be made to hold a hot iron or be immersed under water. (Chap.8.S.114).
If the sudra's hands are not scorched, and if he does not de in the water then only the words of the sudra could be taken as true. (Chap.8.S.115).
A country where the sudras have no other work than being slaves, is the only right place where the Brahmin can live. (Chap.2.S.24).
A Brahmin should not live in a place where the sudra is ruling. A Brahmin should not live in a place near the abode of the Chandalas (Chap.4.S.61).
No right to the sudras:
A sudra should not be taught the sastras. Brahmin should not given food to anyone other than his disciples or followers. Offerings of the homa should not be given to any sudra. Brahmins should not go for performing rites or pooja to any one who boycotted the Brahmins. (Chap4.S.80).
The dead body of the sudra should be taken by the south direction. The dead body of the Kshatriya should go by north. The dead body of the Vaisya should go by the west. The dead body of the Brahmin should alone go by the east. (Chap.5.D.92).
Brahmin rule:
A king should receive preaches of the vedas and the sastras and all Brahmins. Every morning he must meet their demands and rule the country as dictated by the Brahmins. (Chap.7.S.37).
A country ruled by a king will be ruined, if the vedic scholars and the Brahmins are made to suffer for food. (Chap7.S.134).
If a king does not rule the country as is stated in the Manu's code, (varnasrama dharma) the ministers and others should kill the king. (Chap.7.S.26).
A sudra should be suppressed by the Brahmin without minding the powers of the king. If the varnadharma is dishonoured by a king, the Brahmins should take up the weapons and fight. (Chap.8.S.348).
A country where a sudra administers justice, will undergo sufferings as a cow caught in the marshy pond. (Chap.8.S.21).
Share in the treasure:
If a king finds a treasure in his country he should first give half of the treasure to the Brahmins and take the other half only to his treasury. (Chap 8.S.38).
Hanging:
Punishment by hanging is not applicable to the Brahmins.
Instead of hanging, it is enough if his head is shaved. Others could be hanged. .. (Chap 8.S.379).
A Brahmin and a snake should not be heckled, even if weak in health. (Chap.4.S.135,136).
Even if the Brahmin commits a very serious offence, he should not be tortured or hung. He should be sent away with his belongings. (Chap.8.S.380).
Women:
Bed, seat, beauty, pregnancy, anger, lie, betrayal etc. were created only for the sake of women. (Chap.9.S.17). (To be continued)
[Collected Works of Periyar , (pp.129 to 131) (4th edn. 2007), The Periyar Self-Respect Propaganda Institution, Periyar Thidal, 50-EVK Sampath Rd., Vepery, Madras - 600 007].
http://http://www.dalitvoice.org/Templates/oct2010/reports.htm
.dalitvoice.org/Templates/oct2010/reports.htm

'Split between Ambani bros was good as it unlocked value'

Journalist Hamish McDonald, author of the recently-released book 'Ambani & Sons', today said that the split in the Reliance empire has been good for India as it unlocked a lot of value.

"Overall, its been better for India. The split has been good for the share market, it has unlocked a lot of value and helped entrepreunership," McDonald said at an event for the book's promotion here.

After the split in 2005, younger brother Anil went to the backward areas and Hindi belt, while elder sibling Mukesh went out and bought assests abroad, McDonald said.

"It was good for Reliance as well...it could focus on its key businesses and the split also took it back to its strengths," McDonald said.

In a lighter vein, McDonald added, "It's better for two brothers to watch the outside world rather than watching each other."

After the demise of the Reliance patriarch Dhirubhai Ambani, the empire was split between the Ambani brothers, with Mukesh getting and IPCL and his younger sibling Anil heading Reliance Capital, Reliance Energy and Reliance Infocom.

Now, however, five years after they split, the two brothers seem to have patched-up their differences though they still operate their different empires.

India Inc's foreign investments to rise in next few years

Corporate India's overseas investment is likely to see a significant jump in the next few years, as more companies seek to explore newer markets and make strategic moves in crisis-hit developed economies, a report has said.

"India's outward foreign direct investment should continue its rapid upward trend over the next few years, as more companies seek to transfer their products and services innovations to new markets, and acquire strategic international know-how and market shares, particularly in crisis-hit developed economies," the Vale Columbia Center on Sustainable International Investment said in a report.

According to the report titled 'Outward from India', the country is now "world's 21 largest outward investor and Indian firms have invested over $75 billion overseas in the past decade."

The report said that substantial improvements in the country's economic performance and the competitiveness of its firms and their strategy, due to ongoing liberalisation in economic and outward FDI (OFDI) policies, made these developments possible.

India's average annual OFDI flows are now higher than those of many developed market economies and over a half of India's total 2002-2009 OFDI flows went into developed economies and most of them in the form of M&As.

has replaced as the largest host to Indian OFDI, the report said.

Though there was a 25 per cent drop in Indian OFDI in 2009, Indian firms are once again increasing their overseas investment, including through mergers and acquisitions (M&As), the report said.

The global crisis caused Indian OFDI flows to fall from their high of $18.8 billion in 2007 to $14.5 billion in 2009, largely because Indian multinational enterprises had borrowed heavily in dollars to finance mega cross-border M&As.

They were thus hit badly by the sharp rupee depreciation and tightened international credit conditions.

Between 2007 and 2009, the number of overseas M&As plummeted from 243 to 82; the total cross-border M&A value fell from $32.8 billion to $1.4 billion; and the average M&A size decreased from $135 million in 2007 to $17 million in 2009.

The report said the growth of Indian OFDI is expected to continue. The sectoral and regional distribution of Indian outward FDI is broadening.

Indian MNEs would continue to invest in developed-country based companies, particularly now that they are more affordable due to the global crisis. In addition, Indian MNEs are seeking more strategic investments in emerging markets, particularly in Africa.

1 Oct, 2010, 05.48AM IST, H M Seervai,

Babri: Constitution disregarded

The destruction of the was a serious crime under Sec 295, IPC. The destruction violated the Constitution as it denied to every Muslim or a section thereof, the freedom of religion guaranteed to them by Articles 25 and 26 of our Constitution. The destruction of the masjid put an end to all previous controversies raised by Hindu organisations about their alleged right to erect a temple on the place where the masjid stood. This is because no court will give any assistance to those who unilaterally by criminal acts destroyed the subject matter of the dispute and violated the Constitution and the law.

After December 6, 1992, the earlier controversies were replaced by one question: What was the duty of the central government once the Babri Masjid had been destroyed by the unconstitutional acts of a fanatical Hindu mob? To this, there can be only one answer: the Babri Masjid must be rebuilt, and Prime Minister (P V Narasimha Rao) gave that answer on December 7, 1992, when he said that he considered it his duty to rebuild the Babri Masjid.

Far from the Prime Minister and his Cabinet discharging their duty to rebuild the Babri Masjid by taking valid legal steps to make such rebuilding possible, they have sidetracked the real question, thereby evading their clear duty. On January 7, 1993, the President promulgated The Acquisition of Certain Areas of Ordinance, 1993.

Also, on January 7, 1993, the President , acting under Article 143(1), referred the following question for the advisory opinion of the Supreme Court: "Whether a Hindu temple or any Hindu religious structure existed prior to the construction of the Ramjanmabhumi-Babri Masjid (including the premises of the inner and outer courtyards of such structure) in the areas on which the structure stood?" Some of the recitals to the Ordinance state that the lands at Ayodhya were being acquired to maintain publicorderandtopromotecommunalharmony and common brotherhood amongst the people of . The Ordinance and President's reference are interconnected, for recital 5 to the reference states that notwithstanding the vesting of the area acquired in the central government, the Centre "proposestosettlethesaiddisputeafterobtaining the opinion of the and in terms of the said opinion" .

The Ordinance and the President's reference cannot possibly achieve the objectives set out in those measures. First, it is well settled that an advisory opinion binds nobody, not even the Supreme Court. Secondly, no court, much less the Supreme Court, would answer a question which required the court to carry out research not only in 500 years of history and archaeology but also in myths and legends contained in epic poems and in folk lore. Further, under Article 143(1), the Supreme Court may give its opinion but is not bound to do so. If, as is almost certain, the Supreme Court declines to give its opinion, the Ordinance and the reference cannot achieve the central government's objective ofsettlingthedisputeinthelightofthatopinion . Further, the central government cannot settle the Babri Masjid dispute. It can be settled only in one of three ways:

By the parties to it setting out their respective cases for the decision of a competent court, and the Supreme Court is not a competent court of original jurisdiction for this purpose. Secondly, the parties can agree to the dispute being settled by arbitration. And, thirdly, the parties can settle the dispute on thetermsagreeduponbetweenthemselves. Therefore, the Ordinance and reference cannot resolve the Babri Masjid dispute.

The Ordinance is void because it violates the fundamental rights of Muslims and Muslim denominations to the freedom of religion conferred on them by Articles 25 and 26. Clause 3 of the Ordinance vests the area acquired in Ayodhya in the central government . Clause 4(1), inter alia, vests all movable and immovable property in the acquired area in the central government. Clause 4(2), inter alia, extinguishes all trusts on which such property is held. Also, all restrictionsimposedontheuseofsuchproperty by any court, tribunal or other authority would cease to have effect.

Clause 4(3) puts an end to all pending suits, appeals or other proceedings in relation to the properties vested in the central government. Clause 9 states that the provisions of the Ordinance states that the provisions of the Ordinance shall have effect notwithstanding anything inconsistent therewith in any other law or in any decree or order of any court, tribunal or other authority.

But the provisions of the Ordinance cannot override the provisions of our Constitution . The SC has held in cases too numerous to mention that any law which extinguishes a religious trust or removes the trustees or managers of properties movable and immovable belonging to a religious trust is void, as violating Articles 25 and 26.

(Excerpts from a two-part article by an eminent lawyer published in ET in April 1993)
http://economictimes.indiatimes.com/articleshow/6662068.cms
1 Oct, 2010, 05.55AM IST, M Y Khan,

A U-turn banking: Entry of new private players

The government in its last Budget announced a decision to permit the entry of new private banks in the country . The (RBI) has seriously pursued this recommendation and prepared a draft on the scheme for issuing licences to the private sector.

It is understood that new banks will start relatively on small scale in the beginning with Rs 500 crore to Rs 1,000 crore capital. The perception of experts is that the new banks will promote competition in the banking sector, which can result in more clientfriendly operations. This is one synergy, which can be realised through more competition in the financial sector. One can also conceive that the policy has taken a U-turn from the policy focus on consolidation of banks by merger.

Former finance minister P Chidambaram made several statements saying that public sector banks, even the large ones, should merge in order to increase their scale of operation to compete with giant foreign banks. The Report on Trends & Progress of Banking in India 2006-07 stated: "The increased competition has provided impetus to bank mergers and acquisitions globally . Apart from meeting the challenges of increased competition, the mergers and amalgamations may be triggered by the deterioration in the financial health of these institutions, in particular those which are no more financially viable." The former finance minister consistently emphasised the consolidation and merger of banks to reap the benefits of synergies to the banking system. Why should we then promote new small banks in the private sector?

Will new banks serve the deprived sections of the country by reaching out to small rural and urban households suffering from poverty? Statistics show that the rural sector received only 13% of total credit extended by the (SCBs), but generated only 9% of total deposits of SCBs in 2006-07 . This low percentage of rural deposits may be due to low per capita income of rural households at Rs 7,500 as against the per capita income of urban households at Rs 52,852.

As a matter of fact, one can conclude that 90% of the rural households will be earning below the average of Rs 7,500. It may also be noted that the rural sector, with 60% of the workforce, generates only 17% of total GDP from agriculture. We do not have such statistics on poor and assetless urban households. So, with such a low per capita income, they necessarily should be considered for progressive financial inclusion on concessional basis.

Will these banks with small-scale operations survive the present competition? If the banks are set up by industrial houses combined together, there is a danger of concentration of deposits. This may, first of all, impact the performance of public sector banks in terms of deposit mobilisation and lending business. The resources of the new banks may be diverted for investments and lending to industry and other non-agricultural sectors. Over the long period in future, the vision of former Prime Minister Indira Gandhi should not be lost by the politicians.

http://economictimes.indiatimes.com/articleshow/6662083.cms
1 Oct, 2010, 06.00AM IST, T R Ramaswami,

How regulations actually facilitate IPO underpricing

1 Oct, 2010, 06.00AM IST, T R Ramaswami,

Only 21 players have achieved the Grand Slam or career slam, Nadal being the latest. However the hotly discussed "slam" is that delivered to merchant bankers. IPO pricing is not even regulated. When will promoters be slammed for not conforming to the freefloat regulation? This single measure will knock all the helium in the and take care of pricing and other chinks. It is easy to slam merchant bankers , particularly when fear and harassment are still the regulatory philosophies . But merchant bankers have thick skins — they would have taken the slam through one ear, slammed it out of the other and will continue the status quo. Some CEOs were there long before the regulator and have seen all chiefs come and go. And they will see many more.

Merchant bankers are in a Catch-44 situation — caught between the devil, the deep sea, a rock and a hard place — i.e., regulator, media, investors and promoters. Let alone overpricing, they are also accused of "maximising promoter interests and not investors" . But they have only themselves to blame for this image, which is enhanced by their presence on promoter/corporate associations . Are merchant bankers found on any investor forum? Shouldn't their affiliations be neutral, given that they are charged with a trustee role? Isn't this a minimum corporate governance arm's-length requirement? After all, they have their own industry body. If the index of internal cooperation is low and there is a self-created biased image, then you will get slammed, even if it is not your fault.

But if merchant bankers are overpricing IPOs, then has the price discovery process failed? If the market is oversubscribing , then where is the overpricing? And "leaving something on the table" in a "market-based price discovery" system is a classical oxymoron . Let us ask one question — how many who "observe and regulate" have worked for a single day in a capital market intermediary, let alone handling an IPO? With a price band, 100% margin, pro-rata allotment and a closed syndicate , price discovery is a blind man looking for a non-existent black cat in a dark room.

Rather than overpricing issues , merchant bankers underprice them. With margins and pro-rata allotment , underpricing is a well-engineered financial conspiracy among promoters, merchant bankers, their inhouse broking outfits (syndicate) and fixers. Only the company suffers. Recall the famous case of Salomon vs Salomon & Co. The interests of the promoter and his clique are not necessarily in the interests of the company.

Under-pricing creates a good grey market and the listing day tamasha when the stock price is like a gymnast on a trampoline. Also, the longer it takes for a document to be "observed" , the better as plenty of time is available to arrange the set-up . Since only the syndicate knows who has the shares, they make money in the frenzied listing-day trading when grey market bets are covered. What is lost in fees is recovered by brokerage. And regulations facilitate this working on both sides of the deal! Stocks have to be fully priced in the short term so that only long-term investors come in. Instead of worrying about pricing, which is not its concern, let the regulator and investor forums take a look at other aspects like the abridged prospectus (aka raddhi) — never in any industry has so much been printed that no one will ever read. What a waste of paper and trees. Mr Jairam Ramesh — are you reading this?

Of IPOs since 2007, 62% are trading below their offer prices. What about 1947 or 1857? How long does an issue remain an IPO? Just six months, i.e. two quarterly reports, or the next annual report, whichever is earlier. Stocks have to always quote higher than their ?? Then back we go to the famous "at par" pricing or the more infamous CCI formula, which was tougher than Einstein's relativity theory.

But "at par" is also a price and recall how issues highlighted as 'at par' took investors and yes, you know who, for a ride. And can we have statistics whether PSUs have done better than private sector issues? Because when it comes to pricing, the country's biggest promoter is also a greedy Gordon Gecko. That's why the much despised discretionary allotment has come back in the avatar of "anchor investor" just before the . To enable our netas and babus to allot underpriced shares to their favourites. The stories behind how IPCL and priced their IPOs before the book-building era would also be very interesting; but for space constraints , this will have to wait.

http://economictimes.indiatimes.com/articleshow/6662053.cms

Friday October 1, 09:02 PM

Source: Indian Express Finance

Lending rates in India set for hike

By Agencies
After some leading lenders hiked their deposit rates and lending rates yesterday, many more bankers today said there is a clear upward bias in the interest rate regime and that soon they will have to take a call on revising their lending rates.
Leading bankers HDFC Bank, Corporation Bank, Central Bank of India, Bank of Baroda, StanChart, and Indian Overseas Bank (IOB.NS : 136.2 +4.25

These bankers were talking to newsmen after a meeting with the Reserve Bank on how the UID project can leveraged to drive the objective of financial inclusion.
The country's second largest private sector lender HDFC Bank's managing director Aditya Puri said there is a clear upward movement in the cost of funds and that lending rate has to match the cost of funds.
"We will be having a meeting of our Alco (asset and liability management committee) soon and we will take a call on the lending rate," Puri said.
To a specific question on any move to revise the base rate, he said, "my base rate is currently lower than the State Bank and that the rising cost of deposits should reflect the lending rate too."
Similarly, chairmen and managing directors of public sector lenders such as Central Bank of India's S Sridhar, Ramnath Pradeep of Corporation Bank, Bank of Baroda's MD Mallya and SA Bhat of Indian Overseas Bank all opined that they would take a call on revising the lending rate within a day or two as there is a clear northward movement of cost of funds following the recent steps taken by the RBI.
Many bankers had announced increase in their both lending and borrowing rates from today, making home and auto loans costly at the same time providing higher returns on deposits.
While six banks including PNB, IDBI Bank (IDBIBANK.NS : 0 0

SBIN.NS : 3272.15 +31.7

KOTAKBANK.NS : 496.55 +20.25

These measures follow the recent RBI move on September 16 to hike the short term borrowing rate by 50 basis points and lending rate by 25 bps to contain the rising inflationary pressure in the economy.
As per the RBI guideline, banks are supposed to review their base rate every quarter. This is the first review of the rate since it was introduced in July this year to replace the benchmark prime lending rate system to improve transparency.
On the UID project, foreign lender Standard Chartered Bank chief executive for India region Neeraj Swaroop said, the public sector banks are doing a good job on the financial inclusion front and we are keen to do out bit on the same with the rollout of the UID programme.
HDFC Bank's Puri said, the UID team has done a revolutionary work and that he is looking forward to working with them.

Friday October 1, 03:43 AM

Source: Indian Express Finance

'Aadhaar data privacy concerns were misplaced'

By Nistula Hebbar
A day after the rollout of the first Aadhaar numbers from the tribal heartland of Maharashtra, Aadhaar chief Nandan Nilekani said privacy and data protection concerns were misplaced. In fact, Aadhaar firewalls were being offered to all government registrars, he said.
Aadhaar registrars include the revenue department, the RGI and other government departments. "It is a government-to-government exchange of data, so there should not be a problem with it," he said.
"Our database is like a black hole, once the data is entered it cannot go out. The only use of the database is to authenticate your identity in your presence," he said. On concerns expressed by rights activist over data vulnerability, Nilekani made it clear that UID was not the only platform where such fears existed. "Credit card companies, passport forms, mobile phone connection forms, deal with far more intrusive data, therefore we suggested that all these issues can be taken on board by an over arching law dealing with privacy and data protection," he said.
Incidentally, a group set up under department of personnel and training (DoPT) Shantanu Consul is in the process of firming up suggestions for a new law on data protection.
The next big challenge, Nilekani said was not privacy but scaling up the Aadhaar operations and enrollments. "We are looking at scaling up to millions of enrollments per month," he said. Seven states have signed up for a post-October scaling up including Madhya Pradesh, Andhra Pradesh, Maharashtra, and Jharkhand.
"We will also test out the various applications that we want to link with the Aadhaar numbers including the public distribution system, MGNREGA, and financial inclusion," he said.
Next stop is using Aadhaar numbers to implement the Food Security Bill.

Friday October 1, 07:55 PM

Source: Indian Express Finance

Vedanta's wait for Cairn could get longer

By Gireesh Chandra Prasad
Government approval for Cairn Energy Plc's proposed majority stake sale to Vedanta Resources may get delayed considerably, as the petroleum ministry is expected to seek more information from the parties and comb through every detail of the $9.6 billion deal that involves the country's largest on-land oil field.
Before taking a view, the ministry is also expected to wait for the views of solicitor general Gopal Subramaniam's views on whether ONGC (ONGC.NS : 1405 +0.9

"The government may ultimately clear the deal. But securing more information on every aspect of it from the parties and getting fully satisfied about the implications could take even up to two years," a person privy to the developments said.
Sources said the government had to put its foot down to make Cairn accept the fact that it required the State's approval to consummate the deal. Cairn initially maintained that since it is a sale in the shares of its Indian arm, it does not require government approval which is necessary when assets change hands. But on September 15, Cairn India agreed that the transaction is subject to consents and approvals in India and in the UK. The company hopes to conclude the deal by the year-end or early next year. Official sources, however, said the deal's scrutiny is going to be tough indicating that a flurry of time-consuming exchange of queries and responses between the government and the company is in the offing. Cairn Energy has called a general meeting of its shareholders on October 7 to ratify the deal.
The ministry is also thinking of going to the Union cabinet and amend production sharing contracts signed before 1999 (called Pre-Nelp contracts) to ensure that foreign investors cease to get royalty exemption if ownership changes abroad. The logic is that royalty exemption is given to a foreigner to bring capital and technology and if the investor quits the project and realises its value, the government is no longer obliged to give the same incentive to a new foreign buyer. ONGC now pays the entire 20% royalty on the production from the Cairn India-operated Barmer field in Rajasthan to the state government although it has only one-third interest in the field. At $60 a barrel, ONGC was estimated to pay Rs 12,000 crore to the state over the life of the Barmer field, but with a 40% higher estimate of output, this will also go up.
There is also the view within the government that the recent Supreme Court ruling in the RIL (RELIANCE.NS : 1007.9 +20.65

RNRL.NS : 39.5 +0.85

Friday October 1, 03:37 AM

Source: Indian Express Finance

No profit-linked tax breaks in ninth Nelp auction

By Gireesh Chandra Prasad
The petroleum ministry has amended the terms of licensing oil and gas blocks to companies so that the provisions of the direct tax code 2010 will apply to companies winning them in the next auction of blocks to be launched on October 15.
The ministry will soon clarify to potential bidders that no profit-linked tax breaks will be available to bidders in the ninth auction of blocks under the new exploration licensing policy (Nelp 9). The 7-year tax free profit that is now available to the Nelp 8 and coal bed methane (CBM 4) blocks will be available for their unused period and will be grandfathered. New investors will only get investment linked deductions for calculating taxable income.
The ministry has amended the model production sharing contract (PSC), which winning bidders have to sign with the government, to specify that whatever tax regime comes into force from time to time, will be applicable to oil and gas producers.
This puts to rest the hopes that the finance ministry may allow seven-year tax free profits to those who produce oil and gas from the Nelp 9 blocks considering that the global investors are now moving away from risky assets. Some experts even speculated that if the government launches Nelp 9 and contracts are signed before the DTC comes into force, these blocks may be eligible for profit-linked deduction.
About 35 blocks, nearly half of it offshore fields, will be offered to oil and gas explorers in Nelp 9 auctions, which is being launched on October 15.
"The amendment to the PSC would ensure that instead of the profit linked deduction on the taxable income that is now available to crude oil and gas produced from Nelp 8 and CBM4 blocks, investment-linked deduction would be applicable on the blocks that are licensed out under Nelp 9 and CBM5," a source told FE.
The direct tax code 2010 proposed to replace profit-linked incentives with investment-linked incentives. Schedule 11 of the Code allows capital expenditure incurred by oil and gas explorers as a deduction from the gross income while calculating taxable profits.

Monday September 27, 04:30 PM

Vodafone tax liability over 120 bln rupees: tax official

Click to enlarge photo

NEW DELHI (Reuters) - Vodafone has a total tax liability of more than 120 billion rupees ($2.66 billion), including interest, on its 2007 purchase of Hutchison Whampoa Ltd's<0013.HK> India mobile business, the head of India's top tax authority said on Monday.
The Indian tax authorities will raise the demand with Vodafone within four weeks, S.S.N. Moorthy, chairman of Central Board of Direct Taxes, told reporters.
Earlier on Monday, Vodafone said in a statement that India's Supreme Court will set a date on Oct. 25 for hearing the telecom operator's appeal challenging a lower court ruling that Indian tax authorities had jurisdiction over tax bills in cross-border deals.
India's top court has also asked the tax department to determine by Oct. 25 the potential tax liability related to Vodafone's $11.1 billion purchase of Hutchison Whampoa Ltd's India mobile business, the world's largest telecommunications operator by revenue said.
(Reporting by Sanjeev Choudhary; editing by Malini Menon)
(For more business news visit Reuters India)

Thursday September 30, 04:21 AM

Source: Indian Express Finance

Core Worries

By fe Bureau
Infrastructure is key to realising India's potential but bureaucracy, tough financing and hesitant overseas investment have slowed development in the sector, calling into question the country's future as an emerging economic powerhouse. With its economy growing at 8.5% and a fast-urbanising population of 1.2 billion, the need to speed project approvals, implement new financing models and lure foreign investors is increasingly acute.
Here are some highlights from the Reuters India Investment Summit, which focused on infrastructure:
EXPERTSPEAK
ADI GODREJ (GODREJCP.NS : 410.75 +4.85

Chairman, Godrej Ggroup
They (regulatory restrictions) must be reasonably long-term and they must not be case by case, because in India, case by case regulatory restrictions lead to what we call suitcase by suitcase responses
PRAVEEN SOOD
Group CFO, Hindustan Construction Company
In India, caste is a thing. Like, a Brahmin guy will go for a Brahmin girl and I have no problem with the caste, I can go for any kind of a girl.
I don't care about it. I am just looking for a good girl. Earlier, when I used to go overseas and people would find out I am from India, they would say: 'You must know about snakes.'
Now when I go overseas, they say: 'Here is my laptop. Can you fix it,' when speaking about skill shortage in India
GV SANJAY REDDY
Vice-chairman, GVK
MBA schools in the country have to have a subject called ego management. It is very important and I am not joking. Reddy was speaking about the difficulty in dealing with local people, politicians, and bureaucrats while trying to get projects done in India
GAUTAM BHANDARI
Managing director, Morgan Stanley
Unfortunately there's a generation of people who are computer engineers, which is good, but I don't think they can build roads.
The amount of investment that is required to set up a typical 1,300 megawatt power plant exceeds the amount of investment that was made to start Google

Friday October 1, 08:02 PM

Source: Indian Express Finance

Chary of US, RIL stops oil sales to Iran

By Agencies
Mukesh Ambani-led Reliance Industries (RELIANCE.NS : 1007.9 +20.65

In addition to RIL, several other petrochemical companies from other countries have also assured the US government that they are not selling refined fuel products to Iran.
As part of efforts to increase pressure on the government of Iran to discontinue its alleged nuclear weapons programme, the US has been aggressively urging foreign governments and companies to avoid commercial activity in Iran's energy sector, the State Department said after releasing a list of
such companies.
"The results of the state department's efforts are clear: companies are recognising the increased risks of doing business in Iran and terminating their operations there or committing not to engage in any new activities in Iran," the State Department said a day after the Obama Administration slapped another set of sanctions on certain Iranian individuals accused of human rights violations.
French oil group Total, Royal Dutch Shell, Kuwait's Independent Petroleum Group and India's Reliance informed the State Department that they have stopped refined product sales to Iran earlier this year, it said.
In addition, Turkish refiner Tupras told the State Department in August that it had cancelled contracts to supply gasoline to Iran.
Swiss energy traders Vitol, Glencore, and Trafigura all gave a public commitment in March, 2010, that they will not supply refined petroleum products to Iran, while Russian oil firm LUKOIL announced in April that it had ceased gasoline sales to Iran, it said.
LUKOIL reconfirmed this commitment to US officials on September 2 after press reports to the contrary, the statement said.
BP and Shell have told the State Department they are no longer supplying jet fuel to Iran Air, it said.
In upstream projects, Shell, Total, ENI and Statoil have all ended or are in the process of terminating their activities in Iran and have all committed not to engage in any new activities there, the State Department said.
Shell and Repsol have abandoned negotiations over development of phases 13 and 14 of the South Pars gas field and have committed to us not to engage in any further discussions with Iran, it added.
What is more, South Korea's GS Engineering & Construction announced on July 1 that it had cancelled a USD 1.2 billion gas processing project in Iran, while Lloyds of London had announced on July 9 that it will not insure or reinsure petroleum shipments going into Iran.
The State Department noted that key shipping associations have created clauses in contracts that enable ship-owners to refuse to deliver refined petroleum cargoes to Iran.
Recently, Hong Kong shipping company NYK Line Ltd announced that it had decided to withdraw from trade with Iran, the State Department said.

Reliance BIG, Tom Hanks in animation JV

‎

Hindustan Times - 29 minutes ago

Anil Ambani-promoted Reliance Big Entertainment (RBE) has entered a joint venture with Tom Hanks and Gary Goetzman's Playtone. The alliance will create ...

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Reliance Steel Makes Acquisition

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Metalbulletin.com (subscription)

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MRO (press release)

Mukesh Ambani turns author to tell Reliance story

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International Business Times - 2 hours ago

By Mohit Malukani | October 1, 2010 11:25 AM EDT Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, India's largest private sector ...

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Outlook

Reliance Industries Said to Cut Offshore Oil Output After Drop in ...

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Bloomberg - 4 hours ago

By Rakteem Katakey - Fri Oct 01 12:26:35 GMT 2010 Reliance Industries Ltd., India's most valuable company, cut crude oil output at an offshore field by 29 ...

Reliance Said to Seek Banks for $1 Billion Bond Sale‎ - BusinessWeek

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RBNL raises Rs 283.25 cr; allots 3.33 cr shares

‎

Economic Times - 7 hours ago

MUMBAI: Anil Ambani-led Reliance Broadcast Network today said it has raised Rs 283.25 crore by allotting a total of over 3.33 crore shares to potential ...

Reliance MF makes addendum to its Liquid fund

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India Infoline.com - 4 hours ago

Reliance Mutual Fund has announced that it has decided to change the features of Reliance Liquid Fund - Cash Plan, an open ended liquid scheme, ...

IGI line delay: Reliance subsidiary fined

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Times of India - Megha Suri Singh - 22 hours ago

... a subsidiary of Reliance Infrastructure, which had been awarded the line for the next 30 years on Public Private Partnership (PPP) model. ...

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NDTV.com

Keep stop loss above 1000 and short Reliance on the rise: Praveen

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RCap may issue bonus shares next yr

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Reliance Capital, the financial services arm of the Reliance-Anil Dhirubhai Ambani Group ... The stake is being bought by a subsidiary of Reliance Capital. ...

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Reliance Globalcom bags over $100 mn managed services contracts

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Sify - 1 day ago

Mumbai, Sep 30 (IANS) Reliance Globalcom, a division of India's largest integrated telecom service provider Reliance Communications, has bagged managed ...

Rel Globalcom bags contracts worth $100 mn in over 3 months‎ - Economic Times

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1 Oct, 2010, 10.33PM IST,REUTERS

Gold at record high for sixth day; US monetary policy in focus

LONDON: hit record highs for a sixth successive session on Friday as the fell to a six-month low against the euro, with expectations for further driving strong demand for the precious metal.

Spot gold touched a peak of $1,317.80 and was bid at $1,315.50 an ounce at 1248 GMT, against $1,305.25 late in New York on Thursday. US gold futures for December delivery rose $7.20 to $1,316.80.

Gold looks resilient after ending September with its eighth consecutive quarterly gain, analysts say, having risen 6 percent in the third quarter.

"Gold seems to be following the weak dollar," said Afshin Nabavi, head of trading at MKS Finance. "These levels are really uncharted territory, but should the dollar weakness continues, it looks like $1,325 may be the next resistance."

The dollar accelerated losses against the on Friday after New York Federal Reserve Bank President William Dudley said more Fed action is warranted unless the US economic outlook improves.

Dollar weakness tends to benefit gold, as it boosts gold's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. With the US currency seen extending losses to the end of the year, gold is expected to benefit.

"The US dollar had its worst month since May 2009 against a basket of currencies and its worst quarter since April 2002, as it continued to come under pressure over concerns that the Federal Reserve is poised to fire the starting gun on further asset purchases," said CMC Markets analyst Michael Hewson.

"Early indications suggest that these US dollar declines look set to continue for now as we head into a new month, and the final quarter of 2010, as the US dollar index heads back towards levels last seen in January this year."

TECHNICALS POSITIVE

On the physical side of the market, a Singapore-based trader reported firm gold demand from Thailand and India, where buyers appear to be becoming acclimatised to record-high prices.
1 Oct, 2010, 11.26AM IST,ET Bureau

Edit: No legal clarity or scope for amicable settlement

The split verdict of the Lucknow bench of the neither brings legal clarity to the dispute nor paves the way for an amicable settlement . It is most apposite that one party to the case has decided to move the against the verdict.

The essential non-judiciability of the dispute has manifested itself in the verdict as a jumble of faith, evidence, compromise and an implicit appeal for a negotiated partition of the disputed site among three claimants, including the Muslim body that claims to own the site on which the Babri mosque stood before its undisputed demolition in 1992.

It is difficult to accept such a jumble as a reasoned judicial verdict. The Supreme Court needs to redeem the law from its deformation into a plea for pragmatic giveand-take . Granted, the Supreme Court is unlikely to find a legal solution to a problem that is not amenable to legal resolution. But, at least, it would be able to delineate the boundaries of what the law can establish and what it cannot . This is a task that has completely eluded the Lucknow bench of the Allahabad High Court in the present case.

A court verdict is but one of the many components that together constitute public life in India with its immense diversity of language, religion, region, ethnicity, community grouping, educational attainment and integration with globalised modernity. Such diversity is as much cause for celebration and cultural strength and richness as it is fraught with the threat of schism. What use we make of diversity is our collective choice. In making that choice, democracy has to distinguish itself from majoritarianism, which does not recognise the rights of assorted minorities.

A majoritarian campaign to redefine India's nationhood in religious terms demolished the Babri mosque and weakened the secular foundations of the Republic. Judicial pronouncements, their articulation in state policy and political action must seek to reinforce those weakened foundations, not strike at them further. Political practice must now live up to this goal, even if the Ayodhya verdict has not. So far, the major political parties seem to agree. The Supreme Court can end fuzziness on the imperative of constructive political action to solve the dispute.

India to get Russian nuclear submarine in March

India's undersea warfare will receive a major boost after transfers its nuclear-powered K-152 Nerpa attack submarine on a 10-year lease in March next year.

The governor of the Far East Khabarovsk region told reporters in Russia Friday that the vessel is ready.

"The boat has been handed over (to the fleet) now. According to the agreement, it will be transferred to India in March next year," Vyacheslav Shport said, as quoted by the Ria Novosti.

The $900-million lease contract was drawn up after Moscow and New Delhi sealed a deal in January 2004, in which India agreed to fund part of the Nerpa's construction.

The 12,000-ton K-152 Nerpa, an Akula II class nuclear-powered attack submarine, was originally scheduled to be introduced into the as by mid-2008.

A crew of Indian submariners last year took part in sea trials of the submarine.

The boat, damaged in a fatal accident during tests last November, resumed sea trials last year in the Sea of Japan after extensive repairs.

On Nov 8, 2008, while the Nerpa was undergoing sea trials in the Sea of Japan, its on-board fire suppression system activated, releasing a deadly gas into the sleeping quarters. Three crewmembers and 17 shipyard workers were killed.

Akula II class vessels are considered the quietest and deadliest of all Russian nuclear-powered attack submarines.

UK defends immigration limit on Indian professionals

LONDON: The government defended its decision to introduce an interim limit on skilled workers from India and other countries outside the European Union, despite concerns raised by the Confederation of British Industry (CBI) and others.

The government has placed a temporary limit of 24,100 until April 2011, when a permanent annual limit will be announced. The cap has already adversely affected companies who are unable to recruit the skills required from India and elsewhere.

Damian Green, minister for said: "The interim limit was introduced to stop a rush of last minute applications ahead of the annual limit being introduced in April next year and the Border Agency has been working very closely with businesses to ensure that these arrangements have been implemented effectively".

Campaign groups such as Joint Council for the Welfare of Immigrants have announced plans to mount a legal challenge against the annual limit on the ground that the restrictive measure did not get parliamentary approval.

Green said: "There are millions of people in Britain who employers can freely recruit and I expect companies to look to fill job vacancies from the resident labour force before they look for skills outside the UK.

Last year, visas were granted to almost 36,000 workers from outside the EU while we currently have hundreds of thousands of unemployed graduates in subjects such as IT and engineering."

The CBI is one of the business organisations to have responded to the government's consultation on the annual limit. Green added: "The ability of employers to fill vacancies is affected by a wide range of factors including their own training policies, pay and conditions and corporate reputation.

In the vast majority of cases it is unfair to blame our limits for recruitment difficulties".

The Joint Council for the Welfare of Immigrants has not yet been given permission by the courts to seek a judicial review of the annual limit.

Green said: "We will rigorously defend this challenge and are confident of success. The government has been clear; we will introduce our permanent annual limit on economic migrants from outside the EU from April 2011.

While we decide how the annual limit should operate it is imperative that we have interim measures in place to avoid a rush of applications from migrants before the new rules take effect".

Green reiterated the coalition government's promise to to reduce the level of net migration back down to the levels of the 1990s - tens of thousands each year, not hundreds of thousands.

Introducing a limit on migrants from outside Europe coming here to work is just one of the ways we intend to achieve this, he said.

India Inc happy about defeat of anti-outsourcing bill in US

A relieved that lobbied hard against anti-outsourcing campaign in the US hailed the Senate Republicans for blocking the bill that denied to US companies moving jobs offshore.

The defeat of the bill comes a week after a Nasscom delegation comprising representatives of top IT companies such as Infosys, Wipro and TCS visited the US and lobbied with the key Congressmen and corporations.

"We welcome the move. The anti-offshoring bill was more of an electoral rhetoric. We had met the Congressmen, key Government officials and American industry last week and expressed our concerns against the protectionist measures," Nasscom Vice-President Ameet Nivsarkar said.

The mid-term Congressional elections due in November and the high unemployment rates have triggered a spate of protectionist moves by the US government.

As part of efforts to boost employment in the US, President Obama is vigorously pushing to end the tax breaks for companies, which ship jobs overseas saying they should go to firms who create jobs in America. The Obama administration has also recently hiked fee for professional visas, hurting interests of the Indian IT industry.

FICCI Secretary General Amit Mitra said,"We believe that the majority of has kept in mind the larger interest of the US economy, its corporations and global economy".

Opposition from several US business groups, including the National Association of Manufacturers (NAM), to the bill showed that these groups realised that such measures would only hurt the competitiveness of US companies.

Assocham President Swati Piramal said the anti-outsourcing bill was against free trade and a non-tariff barrier. "Offshoring creates job opportunities" for both the countries-those which outsource and the suppliers of services.

Ganesh Natarajan, the chairman of the CII national committee on IT and the CEO of Zensar Technologies said, "Unemployment is a concern in the US. But they should understand that any protectionist barrier will deepen the recession. This kind of measures will not help create job in the US."

US sings conciliatory tone on outsourcing row

: A day after Senate Republicans blocked passage of an anti-outsourcing bill, Democrat-led US made a conciliatory tone, stating the issue, which was an "irritant" in with India, can be "managed".

"... In any mature relationship, there will be irritants. There will be conflicts. But the key is not to focus on any specific conflict or irritant but how we manage those and how we take advantage of that opportunity," US Under Secretary of Commerce for International Trade Francisco Sanchez said on the sidelines of an AMCHAM meeting here.

In a move that augured well for India, Senate Republicans blocked the passage of an that denied tax breaks to the US companies which move jobs overseas, dealing a blow for President .

Sanchez said the US wants increased commercial engagement with India. "Quite frankly, we want to see more Indian companies invest in the US and we know that foreign direct investment is also like trade, a two-way street," he said.

Sanchez would conclude his three-day India visit today. He said protectionism is not good for any country which, "President Obama knows better than anyone in our country". Sanchez said the US market is "most open market in the world".

"But the key is not to focus on any specific conflict or irritant but how we manage those and how we take advantage of that opportunity," Sanchez said.

Of India's $50 bn IT and ITES exports, the US accounts for about 60 per cent. Besides, the bilateral merchandise trade was $36.5 bn in 2009-10.

As part of President Obama's National Export Initiative -- with the goal of doubling exports in the next five years -- US Department of Commerce's International Trade Administration has targeted India as one of the most promising global markets.

India's exports up 22.5 per cent at $16.64 bln

The country's exports grew by 22.5 per cent to USD 16.64 billion in August compared to the same period last fiscal.

Imports, too, jumped by 32.2 per cent year-on-year to USD 29.67 billion in August, according to the government data released here today.

Commerce Secretary Rahul Khullar had recently said that export growth is relatively slow and well below the level of 2008-09.

During April-August this fiscal, exports posted a growth rate of 28.6 per cent to USD 85.27 billion on a year-on-year basis.

Imports during the April-August period grew by 33.1 per cent to USD 141.89 billion.

The country's trade deficit widened to USD 13.03 billion in August compared to the year-ago period. For the April- August, 2010, period, the trade deficit amounted to USD 56.62 billion.
30 Sep, 2010, 05.28AM IST,ET Bureau

Govt tweaks FDI rules, wholesalers gain

NEW DELHI: In a move seen as benefitting wholesalers such as Bharti Wal-Mart, the government on Wednesday allowed retailers to sell goods sourced from their foreign investment-funded wholesale ventures by removing the stipulation that such sales should be for internal use. However, the 25% limit on such sales remains, implying that bulk of the goods will have to be sourced from outside the group.

The revised guidelines, issued through a circular on foreign direct investment, also allowed the use of internal funds for investment in downstream ventures but made things difficult for the construction sector.

"The change has been made in response to request for simplification of the guidelines received from stakeholders," the industry ministry said referring to the rules on wholesale while releasing the consolidated policy that is effective from October 1. The earlier policy put out by the industry ministry in April this year had imposed many restrictions on foreign investment funded retail in , including stiff guidelines for sale to group companies.

Such sales to group companies could be only 25% of the total sales of the wholesale venture and they had to be for the internal use of the buyer.

This was done to preclude indirect access to foreign investment to organised retail. Foreign investment is not allowed in multi-brand, but wholesale ventures can have 100% foreign direct investment.

The restrictions had hurt Bharti's retail plans in India. , an equal equity joint venture between Wal-Mart and the Bharti group, runs a cash and carry, or wholesale, retail operation.

This company sells merchandise to Bharti unit Bharti Retail, which operates under the Easyday banner.

"This is a step forward from the April directive but it still remains very restrictive," said Akash Gupt, executive director, PwC.

The new policy has also relaxed the rule for fully foreign-owned non-banking finance companies, or NBFCs, that meet the condition of minimum capitalisation of $50 million. These have been allowed to set up subsidiaries for specific NBFC activities without bringing additional capital.

The new FDI guidelines issued last year had said companies that receive downstream investments from foreign companies have to comply with relevant sectoral conditions including minimum capitalisation. This meant that every subsidiary of NBFC had to be capitalised as per the sectoral requirement.

The policy clarified that internal accruals of existing foreign ventures can be used to fund downstream investments, but these would have to comply with the restrictions on downstream investments on foreign companies, owned and/or controlled by non-resident entities.

The construction sector now faces a more restrictive regime. The FDI policy earlier said the original investment cannot be repatriated before a period of three years from completion of minimum capitalisation. This had created policy confusion, leading to the interpretation that only initial investment was locked in. The government has said entire FDI in construction will be subject to the three-year lock-in.

The other policy changes include counting of share premium towards minimum capitalisation and change in definition of 'capital' to allow FDI in partly-paid shares and warrants, through the government route.

Share swaps as means of bringing FDI explicitly allowed through the policy and the ban on FDI in tobacco incorporated in the consolidated document..

29 Sep, 2010, 03.29AM IST,ET Bureau

Finally, Budget for the aam aadmi in 216 pages

NEW DELHI: Few processes in governance have greater mystery attached to them than the making of the annual budget. What starts as hectic parleys between various arms of the sprawling government machinery at the Centre and the states, and the finance ministry, towards the latter part of the calendar year, builds into a frenzy as the secretive process gains momentum and finality towards the end of the fiscal.

The speech itself is among the most closely followed events of the year. Little, however, is known about how the detailed financials of a gigantic enterprise gets compressed into a single document.
The veil of secrecy has just been lifted.

In a detailed 216-page document, the finance ministry has demystified both the product and the process. It traces the history of the budget, dejargonises it and outlines its intricate passage through a fiscal year.

"Budget is shrouded in mystery. Even in the whole text of constitution, if you try to find out the word budget, you will not get it," said finance minister as he released the budget manual on Tuesday.
So, what is budget? Well, the constitution calls is the 'annual financial statement' and the details can be found in the article 112.

In his foreword to the manual the finance secretary writes that it is expected to 'bring about greater transparency' in budget making.

Indeed, deciphering the budget process has been a difficult process, though a cursory reading shows that over the years most details have been ferreted out.

That is what makes the document important—it puts all the information in one place for those interested. Sadly, you can never take bureaucratese out of an official document. In parts, the budget manual suffers from some of the same issues, such as needlessly complex language, as the budget.

It explains all the budget-related terms through a comprehensive glossary and outlines the key principles of the budget, such as it is made on a cash basis as opposed to accrual basis, a principle of accounting followed by companies, and that the rule of lapse says any unused funds are not available next year.

It lays bare the process of the budget and the role of the organisations involved. For instance, the is closely involved in the debt management aspects of the budget.

The level of detail also makes it an important document for the budget division of the finance ministry and the other ministries and departments, laying down clearly the time line of the budget and the duties of various officers.
There is also a good bit of trivia in the document.

It tells you that India's first budget was presented by James Wilson on 7 April 1860. At that time, India followed a 1 May to 30 April fiscal. The current system of April to March fiscal began in 1867. Interestingly, a government committee suggested in 1984 that India should shift to January to December fiscal, but government did not find enough benefit to justify the trouble.
28 Sep, 2010, 04.09AM IST, Vikas Dhoot,ET Bureau

Govt seeks to amend contract labour law

NEW DELHI: It is a new idea to achieve the UPA's elusive goal of inclusive growth while giving industry the hiring flexibility it needs. But the government's own narrow interests are holding it up.

With a vast part of the workforce now employed on contract basis without any job security, the Centre wants to amend the Contract Labour Act of 1971 to ensure a fair deal for such workers.

The proposed amendment mandates that contract workers get the same wages, facilities and benefits as regular employees. So even if contract workers have no security of tenure, they would get better salaries with health cover and social security benefits under the Employees' State Insurance Corporation and Employees' Provident Fund, respectively.

The labour ministry believes this would be a very effective instrument to transfer wealth and achieve the UPA's inclusive growth agenda.

"By one amendment, wages would increase," labour secretary Prabhat Chaturvedi told ET. "The trade unions' resistance to hiring contract workers will reduce and industry would get the flexibility it keeps asking for in hiring practices," he said.

Though there is no official fix on how many of India's 450 million-odd workers are employed on contract, such workers' exploitation is being seen as one of the reasons for rising industrial unrest in recent times.
"Most contract workers are paid just 40% of regular wages with no social protection. To earn profit by exploiting labour isn't desirable in a democratic country and welfare state," Mr Chaturvedi said.

The worst manifestation of such unrest was seen when Graziano Transmission CEO LK Chaudury was murdered by a mob of workers two years ago, after he laid off a few contract labourers. A Cabinet note moved by the labour ministry to amend the 1971 law has called for urgent action to prevent such instances from spiralling into a national labour crisis.

Maruti Suzuki managing executive officer SY Siddiqui agrees that industry must provide social security benefits to contract workers as it will also entail some flexibility in hiring.

"More flexibility in hiring would certainly help industries where there are demand surges and labour needs to vary through a year," he told ET.

But equity in compensation, Mr Siddiqui stressed, must depend on workers' skills. "If two sets of workers are doing the same job, there must be fairness in pay. But someone who unloads goods into my factory can't be paid the same as a shop-floor worker who ensures the quality of the final product," he explained. Mr Siddiqui is a member of the industrial relations council at the (CII).

"The law provides for paying at least the minimum wages to contract workers," said another CII official. "Industry strives to pay a little more, where possible, but to pay the same wages as regular workers would be difficult," he said.

While industry is sceptical about how these changes will be implemented, the government is in a tizzsy over the implications. Several ministries have called for a rethink as they rely heavily on contract workers. In many public sector firms, contract workers make up for over 70% of their staff. The government is one of the biggest users of contract labour, they have pointed out.

Noting such concerns, cabinet secretary KM Chandrashekhar has asked the labour ministry to evaluate the financial impact of the proposed changes on the Centre's finances as well as the economy at large.

The is now grappling with the question and is expected to submit its report this month. Mr Chaturvedi categorically dismisses the prospect of exceptions being made for PSUs or government departments under the new law. But the final shape of the law could alter on the basis of the impact assessment underway.
Ironically, rules to give contract workers fair wages and benefits already exist under the 1971 law, but they aren't implemented in letter or spirit.

It has been proposed that these norms be explicitly stated up front in the Act, instead of the rules. Principal employers and contractors would have to furnish challans to show every month's wage bill and social security benefit payments for contract workers.

While industry appreciates the intent of protecting contract labour from the prevalent exploitation, it has operational concerns.
"In many industries, permanent employees are no longer hired for some roles, such as security guards," said Deepak Gupta, executive director (tax and regulatory services) at PricewaterhouseCoopers. "So how do you determine the fair wages for them?" he asked.

Operational details could be ironed out. But as and when the proposed changes become law, it would constitute a significant reform in India's archaic labour legislations that are out of sync with post-liberalisation industrial realities.

Firstly, it would take cognisance of the fact that contract labour is here to stay—something that trade unions have been refusing to accept for two decades. More importantly, the changes could set the stage for Indian industry to hire workers with more freedom and give Indian youth a chance to realise the country's much-vaunted demographic dividend.
1 Oct, 2010, 05.55AM IST, Prabhakar Sinha,TNN

MF growth key to counter exit of foreign investors

NEW DELHI: The growth of the domestic mutual fund industry is important for the health of the Indian stock market, said , CMD of country's premier asset management company . With the rising , the role of domestic funds has become crucial as a stabilizing factor in the market , he added. "The stock prices are fairly valued at this level. Those who invest through systematic investment plans could make money in this market," he added.

According to fund managers , in the absence of strong domestic funds, the exit of FII investment, even by a small amount, could hit the market adversely. In the first nine months of 2010, FIIs have invested over $18 billion . So far, FIIs have invested around Rs 4 lakh crore in the equity market. In terms of market value, according to one estimate, this comes around Rs 10 lakh crore. As against this, the total market value of equity investments of domestic funds is around Rs 2 lakh crore.

The mutual fund industry has been facing tough times since September 2009 when Sebi prohibited fund managers from charging entry fees from investors. This means, if you invest Rs 100 in a scheme, you will be allotted units worth Rs 100. Earlier, fund managers could deduct a certain amount, which could go up to 2%, to meet their sales expenses. Since people are still not aware of the functioning of MFs and stock markets, they require proper information to invest in MF schemes, say fund managers.

As funds are not allowed to charge any entry fee, there is no incentive to push MF products. So far, the units were sold by agents who were paid from the commissions collected by funds as entry load. This has resulted in a fall in the number of folios or investors putting money into MF schemes since November 2009.

As the nominal growth (including inflation) of the economy is around 15%, the equity-oriented schemes over a longer period of five years and more give higher returns than the prevailing interest rates. In the last one year, the average return from investment in diversified MF schemes is 27%.

As the stock market is recovering after a steep fall due to the global financial crisis in 2008, return in the last three years is 6.73% because of high base effect. In the last five years, the investments in diversified funds have appreciated by around 18% on an average. This suggests that if one wants to participate in the India growth story, investing in equities via MFs could be a good move.

UAE paper praises Ayodhya verdict

Hindustan Times - ‎40 minutes ago‎

Dividing the Ayodhya disputed site among litigants was the only logical way out, said a United Arab Emirates (UAE) newspaper on Friday, commending the judgment by an Indian court.

Video: Negotiating Ayodhya

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Video: Negotiating Ayodhya

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Litigants call for burying Ayodhya dispute The Hindu

CNN International - Business Standard - Daily Pioneer - Wikipedia: Ayodhya debate

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'Sorry' Pervez Musharraf launches new Pakistan party

BBC News - ‎1 hour ago‎

Former Pakistan military ruler Pervez Musharraf has apologised for "negative" actions he took while in power, as he launched his new political party, the All Pakistan Muslim League, in London.

Video: ANP's Haji Adeel on Musharraf's new party APML

Express Tribune

Video: ANP's Haji Adeel on Musharraf's new party APML

Express Tribune

Musharraf launches new party Aljazeera.net

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Sydney Morning Herald

Controversy-hit Delhi CWG becomes biggest in terms of participation

Hindustan Times - ‎3 hours ago‎

PTI After a controversy-marred build-up and negative publicity, the Commonwealth Games set a historic landmark of being the biggest-ever in terms of participatants with more than 6700 athletes and officials confirming their entries for the event New ...

Video: McCully on security situation in Delhi

NZ Herald

Video: McCully on security situation in Delhi

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Showtime, ready or not Sydney Morning Herald

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Current Cricket Matches

Aus 224/5 - Paine* 1(14), Watson 101(279) | Ind yet to bat scorecard

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'India soon to be as big as any European car market'

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New HP Chief To Face Shareholder Pressure On 'Hurd Premium'

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Tamil star's blockbuster set to break box office record

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Voluntary blood donation yet to pick up

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People are slowly forgetting Mahatma: Sumitra Gandhi

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FII flows, record auto sales fuel Sensex to 33-month high

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In The News

Crisis response: Pakistan floods

'India soon to be as big as any European car market'

Hindu Business Line - ‎22 minutes ago‎

Dr Wilfried Aulbur, Managing Director and CEO, Mercedes-Benz India, at the launch of Mercedes E350 Cabriolet, in the Capital (file photo).

Mercedes-Benz to extend finance arm to India Business Standard

Merc fin serv biz in India by next year Hindustan Times

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ETR:DAI - PINK:DDAIY

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Indian Express

FII flows, record auto sales fuel Sensex to 33-month high

Hindu Business Line - ‎22 minutes ago‎

The benchmark stock indices touched a 33-month high on Friday as foreign institutional investors continued to bet on the India growth story.

Sensex touches 20445 — bulls on steroids eye all-time peak Hindustan Times

Sensex logs fifth consecutive weekly gain Myiris.com

mydigitalfc.com - India Infoline.com - Sify - Times of India

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Reuters India

Three more banks raise rates by up to 50 basis points

Hindustan Times - ‎3 hours ago‎

PTI Two state-owned lenders Indian Bank and Indian Overseas Bank on Friday announced raising their minimum benchmark lending rate by up to 50 basis points.

Banks raise base rates, BPLR Economic Times

Indian Bank, IOB hike lending rate to 8.5 percent Sify

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BOM:532814 - NSE:INDIANB - BOM:532388

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New HP Chief To Face Shareholder Pressure On 'Hurd Premium'

Wall Street Journal - Rex Crum - ‎35 minutes ago‎

Now that Hewlett-Packard Co. (HPQ) has picked its new chief executive, Leo Apotheker is about to get educated in the demands of the company's stockholders who grew accustomed to watching their shares more-than-double during the era of CEO ...

New HP CEO fails to rouse investors as shares slide Reuters

Wall Street gives chilly reception to new HP CEO AFP

BusinessWeek - Financial Times - CNNMoney - MarketWatch - Wikipedia: Léo Apotheker

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New Zealand Herald

Burrowing inside the world's first cyber superweapon

National Post - ‎55 minutes ago‎

Full Comment's Araminta Wordsworth brings you a daily round-up of quality punditry from across the globe. At first, it seemed like another hacker's prank - a computer virus that spread like wildfire through machines around the world.

US power plants at risk of attack by computer virus like Stuxnet Washington Post

Superbug that attacked 6 mn computers in China traced to US Economic Times

Christian Science Monitor - Times of India - AFP - New York Times - Wikipedia: Stuxnet

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The Guardian

E-book provider Kobo bets on BlackBerry Playbook

Reuters - ‎54 minutes ago‎

By Solarina Ho TORONTO (Reuters) - Canadian e-reading service provider Kobo Inc hopes to find success riding on the back of the BlackBerry PlayBook and other tablet computers even as it continues to expand its own line up of e-readers.

Week in review: PlayBook enters tablet playing field CNET

India Official: Trying To Find Appropriate Solution For Blackberry Monitoring Wall Street Journal

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Tamil star's blockbuster set to break box office record

BBC News - Thangavel Appachi - ‎1 hour ago‎

Tamil star Rajinikanth's latest film Endhiran (The Robot) has been made with a budget of 1.6bn rupees ($35m; £23m), according to the film's makers.

Masand: 'Robot' is an adventure waiting for you IBNLive.com

Rajini fells all records with sci-fi entertainer Endhiran Business Standard

Hindustan Times - BollyPatrika.com - Times of India - NDTV.com - Wikipedia: Enthiran

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Daily News & Analysis

Masand: 'Anjaana Anjaani' is deathly boring

IBNLive.com - ‎1 hour ago‎

Watching "Anjaani Anjaani" is the equivalent to having your foot run over by a speeding car - it's an unbelievably painful experience.

Article : Anjaana Anjaani Movie Review on ApunKaChoice Apun Ka Choice

Anjaana Anjaani- Uninspiring, non-entertainer Indiantelevision.com

Economic Times - GlamSham - Times of India - Desi Hits!

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New York Times (blog)

Reliance BIG, Tom Hanks in animation JV

Hindustan Times - ‎1 hour ago‎

Anil Ambani-promoted Reliance Big Entertainment (RBE) has entered a joint venture with Tom Hanks and Gary Goetzman's Playtone.

Reliance Big, Tom Hanks in new entertainment venture Economic Times

Reliance BIG Entertainment & Tom Hanks' Playtone To Produce "Electric City MediaNama.com

Times of India - FV Current Waves - Independent - Screen International

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Zaheer saves day for sloppy India

Hindustan Times - ‎1 hour ago‎

The Australians will be as unhappy as India are relieved at the end of the opening day of their Test series at Mohali. A day that began badly and threatened to get immeasurably worse ended in joy as India pegged Australia back to 224 for five.

Statistical highlights of India-Australia first Test Times of India

Watson slams ton; India end day on a high Zee News

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The Guardian

Ryder Cup 2010: US edge rain-curtailed first day

BBC Sport - ‎8 minutes ago‎

Venue: Celtic Manor, Newport Date: 1-3 October Starts: 0745 BST on Friday Coverage: Live commentary on BBC Radio 5 live & online, live text commentary online & daily highlights on BBC TWO.

Rain wreaks havoc at Ryder Cup; USA leads in two matches USA Today

Ryder Cup 2010: rain forces Celtic Manor organisers to abandon traditional format Telegraph.co.uk

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NDTV.com

Indian Chef de mission goofs up

Hindustan Times - ‎21 minutes ago‎

A comedy of errors unfolded at the Games Village on Friday during the media interaction to name India's flag-bearer and baton bearers.

Bindra to carry Tricolour during CWG opening ceremony Times of India

CWG: Confusion prevails over India's flag and baton bearers NDTV.com

IBNLive.com - Sify - Daily Pioneer - Rediff

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Voluntary blood donation yet to pick up

Times of India - ‎1 hour ago‎

KANPUR: The `World Blood Donation Day' was observed on Friday but a small percentage of people came forward to donate blood. Call it apathy, lack of awareness or the myths associated with it that the city lacks voluntary blood donors.

Blood donation phobia shows downward trend in Nagaland MorungExpress

Azad inaugurates "State of the Art Blood Mobile" van on National Voluntary ... Sify

NetIndian - MedIndia - NDTV.com - Mid-Day

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TheMedGuru

'Dependent 80-plus citizens neglect health'

Hindustan Times - ‎22 hours ago‎

Octogenarians in the city feel most insecure about their dependency on their children. This insecurity stops them from demanding attention from their children, both financial and emotional, thus neglecting their health.

Delhi's 80+ most dependent on their children, says survey Indian Express

Seniors Over 80 Dependent on Children in Delhi MedIndia

TheMedGuru - GroundReport - ABCNews.in - Orissadiary.com

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The Hindu

Council for human resource in health soon, says PM Manmohan Singh

Times of India - ‎6 hours ago‎

NEW DELHI: Stressing on the need to revamp the health education system in the country, Prime Minister Manmohan Singh on Friday said that a bill for the formation of a council for human resource in health will be introduced in parliament soon.

Human Resources Health Bill to be introduced in Parliament soon Sify

Efforts on to increase number of health professionals: PM Sify

Sify - The Hindu - Stock Market Today - Press Information Bureau (press release)

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Eight militants killed in two Kashmir gun fights

Sify - ‎2 hours ago‎

Srinagar, Oct 1 (IANS) Eight militants were killed Friday in two fierce gunfights in Kashmir, an official said. A defence spokesman here said alert army troops guarding the line of control (LoC) in Machil sector in north Kashmir Kupwara district foiled ...

Nine killed as Indian army foils infiltration bid in Kashmir AFP

3 militants, police constable killed, 2 jawans injured Central Chronicle

Reuters India - CNN International - Indian Express - Monsters and Critics.com

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Oneindia

Lokayukta apprehends influencing of witnesses in KIADB case

IBNLive.com - ‎1 hour ago‎

PTI | 11:10 PM,Oct 01,2010 Bangalore, Oct 1 (PTI) Karnataka Lokayukta Santosh Hegde today apprehended that witnesses may be "influenced" and "threatened" in the KIADB case in connection with which state minister Katta Subramanya Naidu''s corporator son ...

Tainted Karnataka BJP corporator in judicial custody Sify

Lokayukta arrests BJP Minister Katta Subramanya Naidu's son Mangalorean.com

Times of India - NDTV.com - Central Chronicle - Daily News & Analysis

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Branded a Pakistani, Wasil Khan now walks free as an Indian

Daily News & Analysis - ‎1 hour ago‎

Place: Amritsar | Agency: PTI Wasil Khan, who languished behind the bars for eight years after being wrongly branded a Pakistani and convicted in a terror attack case, was released today following a high court order.

Finally accepted as an Indian, Wasil Khan walks a free man Indian Express

Man branded a Pak terrorist is Indian and innocent NDTV.com

Punjab Newsline

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Reliance Said to Seek Banks for $1 Billion Bond Sale

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BusinessWeek - George Smith Alexander - 12 hours ago

A $1 billion bond sale would be Mumbai-based Reliance's first benchmark-sized offering in the US currency, according to data compiled by Bloomberg. ...

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Bloomberg - Krystof Chamonikolas - 3 hours ago

RELIANCE INDUSTRIES LTD. approached banks to help it raise at least $1 billion from a bond sale, said three people with direct knowledge of the matter. ...

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Bloomberg - Alaa Shahine - Ahmed A Namatalla - 1 day ago

The bonds will have a yield of 4.5 percent, and bids have been received for more than twice ... "It is also to reduce our reliance on domestic borrowing. ...

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Bloomberg - Garth Theunissen - 1 day ago

... its biggest trade deficit in six months, boosting the currency's reliance on foreign capital inflows. Bonds slumped after producer inflation quickened. ...

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Wall Street Journal - 1 day ago

Beijing is seeking to develop China's vast but still underdeveloped bond ... the onshore bond market to reduce domestic firms' reliance on bank loans, ...

Thai Central Bank May Buy Yuan Bonds, Suchada Says‎ - BusinessWeek

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BusinessWeek - Mark Deen - 2 days ago

29 (Bloomberg) -- France has begun reducing its reliance on short-term ... France plans to issue 186 billion euros of medium- and long-term bonds next year, ...

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IBNLive.com - 3 days ago

This attempted bid almost reminded us once again of how Reliance ... would get to fill in Bond's shoes (Hollywood hunks like Sean Connery, Roger Moore, ...

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Bloomberg - Emma O'Brien - 2 days ago

... biggest energy-exporting economy's reliance on natural resources. ... Bruhin said he bought Bank of Moscow bonds yesterday after Luzhkov's ouster. ...

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Bloomberg - Hari Govind - 2 days ago

... is in talks for mergers and acquisitions with India's Reliance ... India's 10-year bonds rose, pushing their yield to the lowest level in six weeks, ...

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Reuters (press release) - 3 days ago

The contemplated size of the bond issue is in the range US$200-400 million, ... in reliance on Regulation S under the Securities Act. The bonds may not be ...

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