| Updated daily at 1200 hrs (IST) |
Saturday,
24 March 2001
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MARKETS:
CLEANING CREW MOVES IN
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Income Tax officials conducted nationwide raids on Friday at the premises of six major exchange', most of them key figures in the controversy relating to the crash in stock prices in the wake of the Budget. They include Big Bull Ketan Parekh, former BSE President Anand Rathi who resigned for alleged links with a bear cartel and Shankar Sharma of First Global which has a stake in Tehelka. The raids have coincided with measures introduced by the regulator and the Finance Minister in the wake of the crisis which plagued brokers and investors across all stock exchanges, resulting in even a few suicides. The I-T raids began early afternoon with the CBI later joining in. Those raided were predominantly from the bear cartel but the department finally deemed it fit to narrow in on big bull Ketan Parekh. Both his office, NH Securities and his residence at New Marine Lines were searched. The others whose offices and residences were raided include Rathi, Nirmal Bang, RS Damani and Rakesh Jhunjhunwala. First Global and the Rathi group have deemed FII status. The total number of entities (individuals and companies) raided on Friday were 16. The number of premises raided was well over 50 in Mumbai alone. The raids on Friday covered Chennai, Calcutta and Delhi besides Mumbai, sources said. Over 120 I-T officers and a hundred policemen were drafted in Mumbai alone. In Friday's raids, the I-T department was looking for tax evasion, all transactions conducted over the last eight weeks and possible evidence of transactions booked in benami names. The raid is also likely to throw light on the sources of funds ploughed into the stock market during the bull run and during the bear-hammering after the Budget. Investigating agencies suspect that large amounts of illegal money both from within and outside and country had found its way into the stock market. It is learnt that a joint team of the Directorate of Revenue Intelligence (DRI), the Economic Intelligence Bureau (EIB), the Enforcement Directorate (ED), investigation wing of the Income Tax Department and the Intelligence Bureau (IB) has identified 80 individuals and companies for a probe into the recent share price crash and for an investigation into the nexus between stock market operators, corporates and film industry involving price rigging. 
Prime Minister Atal Behari Vajpayee on Friday expressed confidence that his Government would tide over the crisis facing it and complete its full term successfully. Admitting that the country was going through a difficult period, he urged the nation not to despair as this was a temporary phase. "We have tackled many problems during the past three years and will continue to do so", he said while observing that the current situation had arisen due to the approaching elections in some States. Stating that it was difficult to achieve an atmosphere of consensus among parties whenever polls were close, he expressed belief that things would improve after the Assembly polls. He, however, appealed to the Opposition to exercise some degree of restraint in keeping with the healthy traditions of its role in a democratic set-up. It could play its role effectively without resorting to a campaign of malice and calumny, Vajpayee stressed. "We don't suspect the intention of our rivals and they, too, must not harbour doubts about us. We are not in government for any personal gains but to carry out constructive work", the Prime Minister said. He was speaking at a public function where he gave away the Panchjanya Nachiketa Samman awards to journalists. He also urged the media to be responsible and desist from sensationalising news. Assuring that the Government would not, under any circumstances frame laws to check the media, he however urged the readers to use their discretion on such matters.
India on Friday told Pakistan that it is committed to creating good neighbourly relations and wants to foster peace and friendship. This message from President KR Narayananan and Prime Minister Atal Behari Vajpayee, delivered to mark Pakistan's National Day, was sent in two separate notes to Pakistani leaders. "India remains committed to the establishment of good neighbourly relations which will contribute to the welfare of the people of the two countries," said Vajpayee's note to Pakistani Chief Executive General Pervez Musharraf. President Narayanan in a message addressed to Pakistani President Muhammad Rafiq Tarar, said: "India looks to the future and seek to foster peace and friendship between India and Pakistan." The letters comes soon after General Musharraf's phone call to the Indian Prime Minister, offering his condolences of the Gujarat earthquake disaster and his offer of relief supplies.
Dr Joshi said, "The way the issue was projected by the Congress, Left parties, VP Singh and certain sections of Muslim leaders, it had created a divide between the two communities - Hindu and Muslims - on communal lines. It appears that they were interested only in keeping the divide alive for political gains, while the Bharatiya Janata Party consistently favoured a negotiated settlement of the issue". On Thursday too Dr Joshi had submitted that the dispute could be resolved either by negotiation or through legislation and not by the courts. "The issue having a historical background has been converted into a dispute between Hindus and the Muslims and it could not be called a political one. Rather it is a complex issue with social, historical, political, cultural and religions dimensions", Dr Joshi said. He reiterated that the problem could not be resolved by any court order.
Minister for Rural Development MV Naidu approved the project proposals under the Pradhan Mantri Gram Sadak Yojana. Work on the projects is expected to start shortly. To be executed by the Programme Implementation Unit (PIU), the project would be completed within nine months, from the date of approval. The roads constructed under the programme are expected to be of very high standard, requiring no major repairs for at least five years.
Kofi Annan is starting a campaign to keep his job as UN Secretary General with praise from key Governments impressed by his determination to combat poverty, war and human rights abuses in the 21st Century. Kofi Annan announced he would seek a second five-year term on Thursday, saying that he would be honoured to stay on if the United Nations' 189 members wanted him to. "There is a great deal still to be done to make the United Nations - this indispensable organisation - into an effective instrument humanity needs in this new century to fulfill the hopes for peace, development and human rights" Kofi Annan said.
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Due
to technical reasons the news sections of Bharat
Samachar could not be updated on Friday, 23 March 2001. For
the benefit of our viewers we are carrying the same today.
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| Updated daily at 1200 hrs (IST) |
Friday,
23 March 2001
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IN
THE GEORGE VERSUS GEORGE
BATTLE,NDA BETTERS CONGRESS |
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The war of nerves between the Government and the Opposition continued : For the seventh day running, Parliament failed to transact any business with the Opposition in both Houses unrelenting, demanding that the Government resign, owning moral responsibility for Armsgate. Outside the House, the battle shifted to the portico : BJP MPs displayed posters saying "George must go to jail" (a reference to Vincent George) while Congress MPs waved fake currency notes with "Bangaru Laxman zindabad" printed at the back. The Central Bureau of Investigation (CBI) case filed against George Vincent on Tuesday had provided the BJP a breather from the Armsgate was apparent at its daily briefing with party spokesperson VK Malhotra going on the offensive. At the Congress briefing, S Jaipal Reddy tried to question the timing of the filing of the case, saying it smacked of vindictiveness. But eventually, he was forced into a defensive mode by the Press.
What costs an hour of adjournment in Parliament ? The figure has kept changing over the years. If it cost the exchequer Rs 1.51 lakh in 1990-91, during the current session it is Rs 9.94 lakh. For the first Lok Sabha which was constituted in 1951, it was estimated at Rs 6000 every hour. Per minute cost of sitting of the session was Rs 100. Clearly the rising cost has kept pace with the rising inflation. In 1963, the corresponding figure was Rs 25,000. Replying to a question in the Rajya Sabha on 6 December 1996, Prime Minister Indira Gandhi said that every hour of Parliament cost the nation Rs 18,000. Now that Parliament has been paralysed for an entire week by the Opposition's demand for Government's resignation, much research is being done on the cost of long adjournments.
The Congress, which on Thursday reiterated that it would not settle for a judicial probe into the Tehelka exposé under any circumstances, wanted to know if the Government was prepared to waive provisions of Official Secrets Act for the proposal probe. Categorically stating that the Congress was not setting any condition for the judicial probe, party spokesperson S Jaipal Reddy said, "We only want to highlight how meaningless would the enquiry be if obstacles are raised in the name of Official Secrets Act." Speaking to newspersons after both Houses of Parliament were adjourned for the seventh consecutive day over the issue, Jaipal Reddy said there was no question of going back on the demand for the Government's resignation. The party was for action and had rejected the "unilateral" announcement about institution of an inquiry. It's just an eyewash, he added. The Congress also took strong exception to the manner in which a letter written by its President Sonia Gandhi to Prime Minister Atal Behari Vajpayee was treated. Sonia Gandhi had written to the Prime Minister asking for time on Doordarshan to express her view on the alleged defence deals to the people.
Condemning the incidents, Vajpayee, in a statement in New Delhi, cautioned that these acts were aimed at weakening national unity and communal amity by creating disharmony, disaffection and conflict between Muslims and non-Muslims. "I am extremely distressed and seriously concerned over the reports," he said. Activists of the All-India Hindu Suraksha Samiti on Thursday allegedly defiled a scripture in Patiala, sparking tension, a day after the outfit was accused of sacrilege of a place of worship in Amritsar.
Asked whether the issue could be resolved "across a table", Gen Musharraf replied, "Why does India say no? They want to talk about bilateral problems except Kashmir. But we have no bilateral issues with India except for Kashmir". He chastised New Delhi for not agreeing to a third party mediation in the Kashmir dispute and suggested, "Let the United Nations or the United States become involved". But, he added, "India won't hear about it. India says let's go back to the Lahore declaration of 1999. But I was there as Chief of Staff when it was drafted. The first draft did not even contain the word Kashmir. It was added later as an apologetic afterthought". New Delhi's envoy to Islamabad, Vijay Nambiar, in a recent interview to the English daily the News said peace talks with Pakistan could begin in the near future if New Delhi got concrete evidence of a commitment from Islamabad to reign in militants indulging in violent activities in Kashmir. Vijay Nambiar said the prime reason why talks remained a nonstarter was the sharp increase in violence perpetrated by Pakistan based militant groups. Reacting to statements from Gen Musharraf about the resumption of an Indo-Pak dialogue, he said, "there are similar sentiments" on the Indian side "to develop a dialogue process based on enlarging our area of understanding and building a relationship afresh".
Israeli experts on strategic affairs who participated with their Indian counterparts at the fourth India-Israel Strategic Dialogue over the past three days, have acknowledged that New Delhi's importance as a moderate influence on the West Asia peace process. The new Government under Ariel Sharon has named India for the first time as one of the countries Israel should develop closer ties with. "India could use its prestige and influence on the parties to the conflict in West Asia, particularly Iran, to encourage them to be more moderate", Barry Rubin of the Besa Center for Strategic Studies, said on Thursday. In recent months Iran has increased its support to terrorist groups like Hamas and PFLPGC, formerly a Syrian group which it has taken over. Israeli intelligence has reported that Iran is receiving covert Chinese, North Korean and Russian assistance in its nuclear project and could develop nuclear capability within three to five years. This would elevate Iran to the status of Iraq as a country inimical to Israel's very existence. Though President Mohammed Khatami does not support terrorism personally, he does not have much influence in charting Iran's foreign policy because the Islamic hardliners control the country's West Asia policy. "India and Israel have many things in common. Both have hostile neighbours sponsoring low intensity conflict", Efraim Inbar, Director of Besa Center, said. The two countries should enhance the level of their defence cooperation and share intelligence on terrorist activity. The importance of defence cooperation was particularly stressed as both India and Israel have limited resources said could help each other in upgrading their existing military hardware. He said the US had imposed restrictions to transfer of military hardware to India with American components. "Both India and Israel recognise the US' considerations but we have to look after our interests and security. Sometimes the US policy is not based on sound knowledge. We have a legitimate right to sell to India equipment which do not have US components".
"Bob Blackwill understands the important place India holds in my foreign policy agenda, and he will be an outstanding American Ambassador to India. He will bring a wealth of expertise to the position", President George W Bush said, announcing his intent to nominate Blackwill to the post.
Doordarshan on Thursday removed the betting link from its www.doordarshan.now.com website. Alongwith Prasar Bharati officials were not willing to comment, the bluesq.com (the betting agency in UK) link was removed by now.com which has got the official rights, with Doordarshan, to webcast cricket matches played in India. Doordarshan.now.com also disassociated from the UK betting site by removing its logo from the website. | |||||||||||||||||||||||
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