FM hopeful of getting financial sector bills passed soon!

FM hopeful of getting financial sector bills passed soon!New Benami law to allow property in spouse, siblings' name!

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FM hopeful of getting financial sector bills passed soon!

Finance Minister Pranab Mukherjee on Wednesday expressed confidence that some of the financial sector reforms bills would be cleared in the forthcoming session of Parliament.

The Monsoon session of Parliament is beginning on August 1.

"I think some (financial sector reforms) bills should be able to get through in the forthcoming session of Parliament," he said while talking to a select group of reporters in New Delhi.

"How many, I cannot say as it will depend. If in the first week I get the (Standing Committee) reports, then before the end of the session I will be able to get couple of bills passed," he said.

Some of the bills pending before Parliament are Insurance Laws (Amendment) Bill, 2008; The Life Insurance Corporation (Amendment) Bill, 2009, Banking Laws Amendment Bill, 2011 and Pension Fund Regulatory and Development Authority Bill.

Insurance Laws (Amendment) Bill 2008 seeks to hike the foreign direct investment cap in the insurance sector, currently pegged at 26 per cent, while the PFRDA Bill would give a legal backing to the interim regulator, PFRDA.

The bill on LIC seeks to raise the capital base of the entity to Rs 100 crore from existing Rs 5 crore.

Properties purchased in the name of spouse or siblings could be allowed under benami deals with the government today approving a new legislation to replace a 22-year old act that remained unimplemented due to "infirmities" in it.

The Cabinet approved a proposal to bring Benami Transactions (Prohibition) Bill 2011, replacing Benami Transactions (Prohibition) Act, 1988, in Parliament.

Briefing reporters after a Cabinet meeting, Information and Broadcasting Minister Ambika Soni said: "...properties acquired by an individual in the name of spouse, brother or sister or any lineal ascendant or descendant are benami transactions which are not prohibited".

She said the new Bill contains elaborate provisions dealing with the definition of benami transaction and benami property, prohibited benami transactions, consequences of entering into a prohibited benami transaction and the procedure for implementing the benami law.

The Parliament had in 1988 passed the Benami Act, but it was never implemented as the rules were not framed. The Act had allowed such deals in the name of wife or unmarried daughter. Besides, it had a longer term of imprisonment of up to three years.

Explaining the need for a fresh law, the minister said: "...it was found that owing to infirmities in the (1988) legislation, formulation of rules would not be possible without a comprehensive legislation by repealing the Act".

Benami transactions are one of the sources of circulation and investment of black money. The government has been facing heat on black money from the Supreme Court, civil society and Opposition for not doing enough to deal the menace.

Government is mulling to tighten reporting norms for international payment gateways and money transfer agencies after some transactions in small tranches of few thousand rupees were reported to be suspicious by law enforcement agencies.

The security agencies have expressed fears that such outlets were being used by militants for money transfers involving small amounts, sources said.

The new norms would entail these entities to report even small transactions in the range of Rs 10,000-Rs 20,000 to both international and domestic destinations in the form of Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs) to agencies like the Financial Intelligence Unit and the Income Tax department.

The move follows a warning by intelligence agencies that militant groups were getting money in small amounts through foreign exchange bureaux, which have come up in every corner of the country.

The security agencies in their successive reports to the Finance Ministry have raised serious concerns over mushrooming of money transfer agencies, including some international players, who have their agents in various places.

Though RBI officials said that permission had been given to companies to have agents and sub-agents like banks, post offices and important financial institutions, they were unable to give an explanation when questions were raised about the appointment of "sub-sub agents" like grocery shop owners and travel agents by these firms.

Security agencies are apprehensive that militants were using such bureaux for bringing in money from abroad in small amounts to avoid detection and there was no mechanism in place to seek information from these exchanges and that there was no proper compilation of records.

Indian inflation is expected to remain high until end-December and is impacting private investment, while lingering concerns over the euro zone sovereign debt woes are clouding the outlook for its exports, the finance minister said on Wednesday.

Annual headline inflation accelerated to 9.44 percent in June, driven by higher prices of manufactured goods and fuel, adding pressure on the central bank to raise rates next week despite signs of slowing growth in Asia's third-largest economy.

"Headline WPI monthly inflation will likely remain relatively sticky and persistently high between August-December 2011 and start to fall thereafter," Pranab Mukherjee said in a statement issued to a select group of newspaper reporters, seen by Reuters.

The Reserve Bank of India (RBI) has raised rates 10 times since March 2010, ranking it among the most aggressive central bank in the world, and is expected to raise rates again by 25 basis points at its quarterly review on July 26.

Still, India's inflation rate remains far higher than in many other big emerging economies.

"We expect that the headline WPI inflation should moderate to 6 to 7 percent by March 2012," Mukherjee said.

High inflation is pushing up the cost of credit for firms as well as escalating their input costs by inflating their spending on raw materials and wages.

Aon Hewitt estimates Indian companies will have to pay 13 percent more to employees in 2011.

Growth in private investment slumped to 0.4 percent in the quarter through March from 7.8 percent in the previous quarter, with analysts predicting any upturn unlikely before price pressures moderate.

"Corporate investment is moderating...capex of the corporate is led by profit cycle, which was affected somewhat by cost escalation of input," Mukherjee said.

"With a pick up in foreign direct investment (FDI) happening, there is every reason to maintain the investment-to-GDP ratio stable or higher than the 2009/10 levels."

In 2010/11, India received 25 percent less foreign direct investment than the previous year, but in April-May, the first two months of the current fiscal year, inflows were up an annual 77 percent at about $7.8 billion.

EURO ZONE WORRIES

While high inflation and rising interest rates are crimping domestic demand and slowing down the economy, worries over the euro zone sovereign debt crisis is likely to weigh on Indian exports -- which have been a bright spot.

Indian exports to the European Union is estimated to have grown 20.5 percent to $31.5 billion during April-December 2010 from a year earlier, the latest estimate from the trade ministry showed.

The European Union accounts for nearly 19 percent of India's total exports.

India's exports in June rose an annual 46.4 percent to $29.2 billion, after posting a record 37.6 percent growth in the 2010/11 fiscal year.

However, Mukherjee cautioned this trend may not continue. "On the external front there has been a surge in demand for exports from emerging markets and developed countries, of late. This may not be sustained on account of the euro area and slowdown in global trade volumes and the effects of commodity prices."

21 JUL, 2011, 07.00AM IST,ET BUREAU

Economic growth pessimism overdone, no policy paralysis: Pranab Mukherjee

NEW DELHI: Desperate to talk itself out of the drift that has swamped the government, the UPA on Wednesday sent out its pinch hitter, Finance Minister Pranab Mukherjee , to announce an end to the climate of 'pessimism' and say the economy was in fine fettle.

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The meeting of the government's chief crisis manager with financial journalists comes soon after Prime Minister Manmohan Singh met a group of editors. Both have been keen to stress that there is no 'policy paralysis'.

Mukherjee said the perceived lack of progress on reforms was misplaced, stuck to his growth targets, blamed perceptions of a slowdown on global factors, and promised that inflation would cool by the end of the fiscal.

He also listed a series of decisions that various groups of ministers (GoM) had taken. Mukherjee himself heads most GoMs, many of which are empowered to take the final call on contentious issues without needing clearance from the cabinet, which is headed by the prime minister. "There is an impression that we have given up on reforms," he said, adding, "Whatever policy reforms or adjustments are required to attract investments will be taken."

Mukherjee finally cleared the air on important legislation that have been pending for long by saying the mining, food security and land acquisition bills are nearly ready and will be introduced in the monsoon session, which begins on August 1. He also pointed out that the government has cleared a number of coal and steel projects, and over a longer period, infrastructure investment is taking place.

Asked about the government's extremely high-profile engagement with Baba Ramdev, the finance minister said the government had tried to explain to him why demands like stopping the printing of currency notes of 100, 500 and 1,000 made no sense. It would need 20 times the existing printing capacity to cover all of India's currency notes with small denomination notes. "These points need to be communicated and that should not be construed as our weakness or trying to appease somebody," he said.


Mukherjee admitted progress may have been slow because the UPA government lacked a clear majority. "Coalition partners have to agree with the proposals or reform agenda. If we do not carry them along on the reform agenda, then legislative support will not be available."

He also dismissed concerns over the health of the economy and his management of the fiscal situation, saying raising an alarm so early in the year did not serve any purpose. This is the fourth month of fiscal year 2011-12. Mukherjee said despite an uncertain global environment, the economy would grow strongly, driven by robust consumer demand and buoyant exports. He stuck to his growth target of 8.5% with a variation of 0.25% around it.

"If you see what we have achieved, then there is no room for pessimism," he said, attributing signs of a slowdown to global factors. "We are not living in isolated world. We are a part of the global economy." The minister spoke about inflation, saying it had 'doggedly persisted' but expected it to cool down after the monsoon, and end the year at 6-7% against the current 8%-plus. On black money, an issue that has fired up people like Baba Ramdev, he said most countries woke up to the problem at the G20 meeting in Pittsburg in 2009.
http://economictimes.indiatimes.com/news/economy/indicators/economic-growth-pessimism-overdone-no-policy-paralysis-pranab-mukherjee/articleshow/9303652.cms

21 JUL, 2011, 05.17AM IST,ET BUREAU

Why Finance minister Pranab Mukherjee thinks Indian economy is fine

Finance minister Pranab Mukherjee is hopeful of India's economy expanding 8.5% in the current fiscal despite a difficult external environment. His optimism is in stark contrast to the independent assessments that peg India's growth at around 8%. His assessment of the economy:

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Investments have not stalled

There had been a demand depression for some time which reflected in some month's performance. But over a longer period, infrastructure development is taking place. National highways are expanding. Other road projects too are expanding. Power generation capacity has improved. The government has cleared coal mining projects, which should step up investments.

Inflation will moderate

Some inflationary pressure will be there. One factor which we cannot ignore is cost push. Procurement prices have gone up. Consumption patterns have also changed. Measures are being taken but there is some delay in their effect. Moderation will begin at end of monsoon and by year end inflation will drop to 6%-7%.

No slowdown in reforms

There is an impression that we have given up on reforms. There are major enactment that we have ensured through the GOM mechanism. Some bills should go through in forthcoming session of Parliament.

Fiscal deficit manageable

"I have made some additional commitment but by mopping up resources that I am trying to make up, I do believe we cannot sustain a high fiscal deficit."
http://economictimes.indiatimes.com/news/why-finance-minister-pranab-mukherjee-thinks-indian-economy-is-fine/articleshow/9305347.cms

Pranab pooh-poohs reform fatigue, policy inaction

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Not given up on reforms: Pranab

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Growth on track despite price crunch: Pranab

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No policy paralysis, FM spells out steps on economic reform

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'Divestment target of Rs 40000 cr will be met'

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India's food inflation dips to 7.58 percent; Mukherjee sees further decline

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India's exports growth may be hit on euro zone concerns-finmin

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India's exports growth may be hit on euro zone concerns - Mukherjee

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FM sticks to 8.5% FY12 GDP growth projection

mydigitalfc.com - Ka Badarinath - ‎Jul 20, 2011‎
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Shweta Punj New Delhi July 20, 2011

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India's exports growth may be hit on euro zone concerns: FM

Zee News - ‎Jul 20, 2011‎

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High inflation hurting investment - Mukherjee

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17.14 crore farmers covered under crop insurance scheme: Govt
The government today said it has covered 17.14 crore farmers tilling land over an area of 2,627 lakh hectares under the National Agricultural Insurance Scheme (NAIS) till Kharif 2010.

"National Agricultural Insurance Scheme (NAIS) has covered 17.14 crore farmers over an area of 2,627 lakh hectares, insuring a sum amounting to Rs 2,10,523 crore till Kharif 2010," an official statement said.

The NAIS scheme, which is currently under operation in 25 states and 2 Union Territories, is being implemented in the country since the 1999-2000 Rabi crop year, it added.

"Claims to the tune of about Rs 21,031 crore have become payable against the premium income of around Rs 6,303 crore, benefiting about 4.61 crore farmers," it said.

The scheme that is being implemented by the Agriculture Insurance Company of India (AIC) aims to protect farmers against crop losses suffered on account of natural calamities like drought, flood, cyclone, pests and diseases.

The government has also implemented a Modified National Agricultural Insurance Scheme (MNAIS) on a pilot basis in 50 districts from the 2010-11 Rabi crop year in the country to check the shortcomings in the NAIS.

"It has been notified by 12 states in 34 districts for 2010-11 Rabi season. Administrative approval for implementation of MNAIS during 2011-12 (Kharif and Rabi) has already been issued. Six states have already notified the scheme in 19 districts," it said.

During the 2010-11 Rabi, around 3.66 lakh farmers have been covered over an area of about 3.64 lakh hectares, with a sum of Rs 71,921 lakh insured, it added.

A major improvement made in the MNAIS is that the unit area of insurance has been reduced to the village panchayat level for main crops, it noted.

Under the MNAIS, the central and state governments share the premium subsidy on a 50:50 basis and claims are the liability of the insurance companies, it added.
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Govt plans to raise salary, retirement age of sick PSU head

7 JUN, 2011, 04.24PM IST,PTI

NEW DELHI: Government is mulling increase in retirement age of head of a sick PSU to 60 years and bring his pay package at par with his peers in profit-making state firms, secretary in the Department of Public Enterprises Bhaskar Chatterjee has said.

At present, the retirement age of Chairman and Managing Director (CMD) of a sick public sector undertaking (PSU) is 58 and he gets salary as per the 1992 scale, whereas his counterparts in a healthy government-owned firm get pay and allowances revised in 2007 and retirement age of 60 years.

Salary of a CMD of a sick PSU is equivalent to that of a senior private secretary in the Central Government, sources said.

"Right now, we are perpetuating sickness... sickness all around," the DPE Secretary said, adding that for a turnaround strategy a lot depends on the CMD. "CMD is the only ray of hope, but he is also injected with sickness," Chatterjee said. The government is taking some positive steps, he said.

However,the new pay packets would be linked with the results. "It can't be that (heads of) sick units get better pay scales and then (they) do not come out of sickness," he said.

The initiatives are as per recommendations of the Board for Reconstruction of Public Sector Enterprises (BRPSE) which suggested that either the government or a parent company should bear the additional burden of salary, in case the sick PSU is not able to bear it.

Besides, the BRPSE recommended "an automatic and quick extension of incentives to the board level incumbent responsible for the turnaround, such as extension of tenure up to 65 years and lump sum amount up to Rs 10 lakh out of profits of the the revived PSU".

Of 249 sick PSUs, 45 were sick as on March, 2010, including Air India, Mahanagar Telephone Nigam , Bharat Sanchar Nigam and Fertilizer Corporation of India.

23 MAY, 2011, 03.44PM IST,PTI

Govt to soon finalise rs 40,000 crore disinvestment roadmap, says DoD official

NEW DELHI: The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal.

It will include sale of equity in blue chip companies like SAIL and ONGC.

"Cabinet has so far given approval for the disinvestment of four state-run firms - PFC , SAIL,ONGC and HCL . We are in talks with various ministries and working on a roadmap that should be finalised by June-end," Department of Disinvestment additional secretary Siddharth Pradhan told PTI.

Exuding confidence that DoD would be able to achieve the Rs 40,000 crore target for the current fiscal, he said by way of share sales of the identified four PSUs through follow -on offers, a little over Rs 15,000 crore was expected to be garnered.

The government has already raised Rs 1,162 crore by divesting five per cent stake in Power Finance Corporation in May. The follow-on public offer of SAIL is likely to hit the market next month and ONGC in July. Share sale programme of Hindustan Copper (HCL) is yet to take a concrete shape.

When asked about the potential PSUs that could hit the market this fiscal, Pradhan while refusing to divulge details, maintained that his department was in touch with Steel, Mines, Heavy Industries and Petroleum & Natural Gas Ministries for identifying the companies.

The government, according to sources, have already identified RINL, MMTC and NBCC for stake sale and would be required to add more companies to the list to achieve Rs 40,000 crore target during 2011-12.

The government had proposed a disinvestment target of Rs 95,000 crore from sale of shares in public sector companies over the next three fiscals, including Rs 40,000 crore in the current fiscal.

Against the same Rs 40,000 crore target set for the last fiscal, the government is estimated to have raised only Rs 22,400 crore by way of disinvestment in PSU companies. The gap could have been bridged a little more had the movement of the market not been topsy-turvy towards the end of the last fiscal.

Currently, the total receipts stands at Rs 99,738.92 crore from the government's various disinvestment programmes, ever since they begun in the financial year 1991-92, as per the data available with the Department of Disinvestment.

The government's disinvestment policy states that the government has to retain majority shareholding of at least 51 per cent and management control of the PSUs.

The policy also calls for listing of unlisted CPSEs with no accumulated losses and having earned net profit in three preceding consecutive years.

3 JUN, 2011, 02.11PM IST,PTI

DPE against Finance Ministry 'diktat' on PSUs disinvestment

NEW DELHI: With choppy conditions in the stock market, the Department of Public Enterprises (DPE) is in disagreement with the Finance Ministry on pushing PSUs for listing and follow-on public offers through a "diktat".

The Department of Disinvestment , under the Finance Ministry, has identified PSU majors like Oil India Ltd , Rashtriya Ispat Nigam Ltd , MMTC Ltd and NBCC for a stake sale, as it would like to achieve the Rs 40,000 crore sell-off target for the current fiscal.

The Cabinet has already given clearance for disinvestment of SAIL, ONGC and HCL, while the government raised Rs 1,162 crore by divesting a 5 per cent stake in Power Finance Corporation last month.

DPE Secretary Bhaskar Chatterjee said in view of the market dynamics, it should be left to the board-driven PSUs to decide on the time of launch of share offers.

"We accept the target given by the Finance Ministry certainly. But as to when and how they (PSUs) should go to the market certainly depends on the (company) board to decide in terms of the best interest... that's we want to say," Chatterjee said.

He said all the companies identified for the market sell-off have strong bottomlines and they would like to maximise returns.

"It can't be in the form of a diktat," the DPE Secretary said, adding that the companies would choose the timings when the market is good. "I can't tell a company go to the market tomorrow," he said.

Chatterjee said the besides meeting the fiscal targets, the objective of listing and follow-on offers is also to bring about market exposure for state-owned firms. It also brings in transparency and less government control, he said.

In line with weak global markets, the Indian stock indices are choppy. The interest in the primary market has also been waning with several of the initial public offerings (IPOs) and FPOs trading at the offer or below offer value.

West Bengal government keen on turnaround of 13 ailing state PSUs

KOLKATA: The West Bengal government has held a round of discussions to turnaround 13 ailing PSUs in the state.

"We have discussed the issue with top executives of these state PSUs and I have a plan to meet their managing directors at a second meeting," Industry and Commerce Minister Partha Chatterjee said here today.

"We would not like to retrench any employee or give VRS, but surplus staff should be reorganised for better utilisation of manpower in the interest of making the units economically viable," Chatterjee said.

He said he had visited state PSU WEBEL and found that five of the eight units were running well.

"I noticed that 70 employees at one unit were without any work. It has to be worked out how they can be utilised, since I want a turnaround in WEBEL."

To a question, Chatterjee also said that the state government was also preparing a knowledge-based data bank.

India's financial reform key to growth: Geithner

Reuters Jun 28, 2011, 07.45am IST

Tags:

• US Treasury Secretary|
• Timothy Geithner

WASHINGTON: India's future growth will depend on how successfully it reforms a financial system that has not kept up with its fast-growing economy, US Treasury Secretary Timothy Geithner said on Monday.
"We're getting to the point now where future growth will depend on the success in this next wave of reforms," he said, adding that "in many ways the Indian economy has outgrown its financial system."
http://articles.economictimes.indiatimes.com/2011-06-28/news/29712823_1_financial-reform-financial-system-indian-economy

Not given up on reforms: Pranab

UPA Government Track Record Should Be Seen In Context of Global Developments, Coalition Politics: Mukherjee

BS Reporter / New Delhi July 21, 2011, 0:44 IST

FM pegs 2011-12 growth at 8.6 per cent, expects inflation to fall to 6-7 per cent by end of the financial year.

On Charges of Policy Paralysis: Somehow, I have a feeling that there is a sort of cynicism that we are getting. You are talking of perception of the policy paralysis. One shall have to keep in mind we are not living in an isolated world. Therefore, when you look at the recovery  process of America,there is renewed weakness as reflected in their retail sales and housing and labour markets. Similarly, Chinese manufacturing industry expanded at the slowest pace in four months in June. The purchasing managers index dropped to 57 from 61.9 (in China). You are all fully aware of slowdown in Europe. Only France and Germany (are rapidly growing), recovery of others are not strong enough. In that context, one should look at our performance.

I would say that it is taking long to take a call on entry of more players in the banking space. But, I will not call it a policy paralysis. RBI will issue final guidelines, and then licenses would be issued.  

Black Money and Supreme Court's Decision to Set Up Special Investigation Team on the Issue:

I cannot make comments on the judgment of a court. Only court can make comments. So, we have filed an interim application…There is no denial for the fact that there has been problem that it is equally true... About 87 countries, we have initiated negotiations on double taxation avoidance agreement (DTAA) and tax information exchange agreements. With 57 countries, negotiations have been completed, they are in progress in 29 countries or so. Cynicism is that we are not getting information on black money. We have signed agreement with Switzerland in 2010. Switzerland will have have to get clearance from both houses. So, they (Switzerland) said September-October this year, the entire process will be completed.

Economic Growth:  It (Review of growth pegged at 9 per cent in the Economic Survey for this fiscal) will always happen during the middle of the year. There is uncertainty in the global economy. There is instability in the global economic recovery process. Therefore, we cannot be insulated from the adverse impact of that uncertainty to certain extent. But you don't gain anything by saying that three would be no growth, there would be slow down in the growth without being backed by a trend in at least first quarter. We shall have to analyse these things on the basis of hard facts. It would be possible to do after obtaining first quarter of the figures, and looking at the trend.  Exports are growing high, despite uncertainty in Europe. Diversification of exports has taken place.(Background note says that huge demand from developed world may not sustain due to Euro area and slowdown in global trade volumes and effects of commodity prices).

Inflation: There is no doubt that high inflation is continuing. Inflation has been doggedly high. But it is equally true that food inflation has come down from 22 per cent to over 8 per cent, which is also not acceptable. Therefore whenever I comment, I say that we should take it in a little larger canvass. My assessment is that at the end of the year, by March, overall inflation should be anywhere between 6-7 per cent, but in between there would be some fluctuations. By end of the monsoon, moderation will begin.

Reforms:  There is an impression that I have given up… But, we have made a series of major enactments… MMRD (The Mines and Minerals (Development and Regulation) Act. The Food Security Bill, which we have given more or less a final shape. In the last budget session, we had the banking amendment bill, insurance amendment bill, all these are in different stages of consideration. Legislations have their own time. Basic fact is that the ruling party does not have a clear absolute majority. In running a coalition government, partners will have to agree with the proposals or the reforms agenda. If they do not agree, if they are not made agreeable, legislative support will not be available. It is as simple as that. The ground reality is also to be admitted when we sit in the government we take one position, when we sit in the opposition we take different position. This sometimes causes problems. PFRDA was conceived during the NDA government. On GST, BJP manifesto had even indicated the rate--12 per cent.

Disinvestment And Fiscal Deficit: I am confident that I will be able to get this Rs 40,000 crore.  However,  I do not roll out a list of the companies, because I do not want to create a situation where the market will be flat. I will also like to have some expectations from the market, so that we can have best market condition to mop up the additional resources. Reining in fiscal deficit (4.6 per cent) is difficult, but the target will be met.

FDI in Multi-Brand Retail and National Manufacturing Policy: Manufacturing policy is being drafted by the (Commerce) Ministry. And we are in touch with them. I think it will be done shortly. So far as FDI in retail is concerned, talks are going on, but it is not possible for me to give any indication.

Extension to RBI Governor D Subbarao: We have not decided yet. He (Subbarao) is a good man.

Land Acquisition Bill: So far as this bill is concerned, this is in the final stage. Perhaps it may be introduced in this (monsoon) session.

Lokpal Bill: Many things have been done, but it is equally true that we have more or less finalised the draft in the all party meeting. The endorsement there was that let the government draft the Bill and that it will be introduced. At no stage we have compromised.  

Non-state Actors Taking Active Role Because of Governance Deficit: There are a couple of issues. One has to keep in mind that everyone has to play his assigned role. If we fail to do that, then some distortions start coming. Now, what is expected that legislators will legislate, they will debate, they will argue on policies. That is the normal expectations. That is the assigned tasks. But if we find that day after day, legislators instead of doing their normal functioning, are obstructing or disrupting, then questions come to the mind of the common people.  

GST: …Anyway it is their (Empowered Committee of state finance ministers) job, because it is their association. My role is to provide a helping hand. So, they are to decide. (Bihar Finance Minister) Sushil Modi has been chosen (the committee's chairman)…I hope his leadership will take the steps forward. And certain hurdles we are able to overcome… So, there is a possibility, but timeframe is difficult to say. Trying to synchronize with DTC (Direct Taxes Code, that is slated to be implemented from April one, 2012), but that may be difficult
http://www.business-standard.com/india/news/not-given-upreforms-pranab/443404/

• JULY 21, 2011, 3:42 PM IST

Pranab Mukherjee's India Is Not Our India

By Paul Beckett and Vibhuti Agarwal

Perhaps it is the wisdom of his 75 years, but Finance Minister Pranab Mukherjee appears to see a different India from the rest of us.

Agence France-Presse/Getty Images

Pranab Mukherjee at an event in New Delhi earlier this month.

In our India, the United Progressive Alliance, led by Mr. Mukherjee's Congress party, hasn't passed an important piece of legislation, aside from the budget, in more than a year.

In our India, reforms that the UPA has been promising for several years have yet to materialize despite repeatedly being said by senior officials to be just around the corner. Not surprisingly, there is widespread skepticism that any more meaningful but politically contentious reforms will be enacted as the government prepares for elections in Uttar Pradesh next year and nationally by 2014.

In our India, the government has been hammered first by a series of corruption scandals and then by the backlash – civil society groups trying to call it to account for being what critics contend is the most corrupt administration in history.

In our India, Prime Minister Manmohan Singh's response to this crisis is not policy action but a Cabinet tweak and a rather embarrassing attempt to castigate the press at the same time as finding compliant newspaper editors to become his de facto spokesmen.

In our India, inflation is running high, economic growth is slowing, and there are significant dark clouds hanging over the prospects of India's future greatness.

This is not the India in which Mr. Mukherjee lives, to judge by the comments he made yesterday. Speaking to financial reporters, the Finance Minister said, in effect, that there is nothing wrong, has been nothing wrong and that people who think there is are just cynics.

The Hindu Business Line newspaper, in a report titled "Pranab pooh-poohs reform fatigue, policy inaction" quoted Mr. Mukherjee as saying: "On growth, inflation and reform measures, there is an impression that as if we have given up. I see no reason for such cynicism."

"All measures are being taken and there is no let-up in our efforts. There is a due process for each enactment and Government has to go through them," he added.

Mr. Mukherjee said a series of major economic legislative initiatives are likely to be cleared during the upcoming monsoon session of Parliament, which runs from Aug. 1 to Sept. 8.

"How many, I cannot say as it will depend," he was quoted as saying in Business Todaymagazine.

Call us cynical, but we expect that the answer to the "how many" question is likely to be "few, if any."

First off, there already are 81 bills pending for this short Parliamentary session because the two previous sessions have been useless at getting legislation passed.

Mahesh Rangarajan, a political analyst at New Delhi's Jawaharlal Nehru University said, "Both politically and economically, this is a vital session for the Congress party" but its success will largely depend on the cooperation of the main opposition Bharatiya Janata Party.

Yet the BJP has shown little inkling to cooperate on the government's legislative priorities and has been far more interested, and successful, in stymieing the legislative process to draw attention to the UPA's shortcomings.

To see the daunting scale of what Mr. Mukherjee is proposing, consider this list of  major reforms and their legislative status:

The Banking Laws (Amendment) Bill, 2011: The bill was introduced in the lower house of parliament this March. It seeks to strengthen the regulatory powers of India's central bank and recommends some changes regarding the voting rights of the shareholders of banks.

The Insurance Laws (Amendment) Bill, 2008: The bill was introduced in the upper house of Parliament or Rajya Sabha in December 2008 and raises the limits on foreign investment from current 26% to 49%.

The Pension Fund Regulatory and Development Authority Bill, 2011: Introduced in the Lok Sabha this March. The bill provides statutory status to the regulator.

The Land Acquisition (Amendment) Bill, 2007: This was passed by the Lok Sabha in February 2009 but the bill lapsed with the dissolution of the 14th Lok Sabha in the run-up to the formation of the new government. The bill seeks to extend the rights of those whose land is being acquired and lays down guidelines for the types of projects for which government can acquire land.

The Food Security Bill: The bill is likely to be introduced in the current session.

The Jan Lok Pal Bill, 2011: The bill is proposed to be introduced during the forthcoming monsoon session. Two version of the bill have been drafted by a joint panel of some activists and ministers. The bill will make inquiries into allegations of corruption against certain government officials.

The Direct Taxes Code Bill, 2010: The bill was introduced in the Lok Sabha in August last year. It will bill replace the Income Tax Act and the Wealth Tax Act and reduces exemptions and widens income tax slabs.

The Constitution (One Hundred and Fifteenth Amendment) Bill, 2011: The bill, to be introduced during the current session, seeks to amend the Constitution to allow for the introduction of a goods and services tax.

M.R. Madhavan, the head of research at independent PRS Legislative Research in New Delhi, said the monsoon session presented a good chance to pass some key pieces of pending legislation but "political disagreements were likely to crop up." On the Lok Jan Pal bill, he said it was "very unlikely the bill will get passed due to lack of political consensus."

Similarly, the Food Security bill will likely be introduced but it is "still not clear which form it will be appear in" so that would have to be resolved before debate. Presently, there are two drafts of the bill that have been prepared separately by India's Food Ministry and the National Advisory Council, led by Congress President Sonia Gandhi.

Mr. Madhavan also said the bills relating to land acquisition and insurance laws are unlikely to get passed since there was no political agreement. However, "the pension bill and banking bill might get passed if the standing committee gives its report," he said. Note the "if."

That pretty much leaves an expansion of foreign investment in multi-brand retail, which doesn't require parliamentary approval. This one may be on the cards, judging by the number of leaks from the government saying it is just around the corner. Then again, we've been hearing that, too, for a while.

• Congress,
• Food Security Bill,
• FOREIGN DIRECT INVESTMENT,
• inflation,
• Lokpal Bill,
• Manmohan Singh,
• Parliament,
• Pranab Mukherjee

http://blogs.wsj.com/indiarealtime/2011/07/21/pranab-mukherjee%E2%80%99s-india-is-not-our-india/

21 JUL, 2011, 02.48PM IST, POOJA SURI,

The balancing act: Growth vs Inflation

NEW DELHI: Inflation in India based on the Wholesale Price Index (WPI) has been over 9 per cent since December 2010 and in June this year inflation soared to 9.44% from 9.06% in the previous month. A worried finance minister Pranab Mukherjee said that the government and the RBI are taking steps to make the present inflation situation comfortable. He also said that the June inflation data was a matter of concern and he was monitoring the price situation closely. It is believed that the RBI will continue its anti - inflationary measures and hike interest rates by at least 25 bps at its quarterly review on July 26 which is when the full impact of the recent fuel price hike which would keep the July - August WPI high would be felt.

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The recession faced by the global economy 2008 onwards and the quantitative easing that was resorted to as a means of fighting this recession have led to an increase in the global commodity prices. The increase in the global commodity prices have shown in the domestic WPI figures. This inflation has been dealt with by the RBI by a hike in the interest rates. However, this has affected the industrial sector negatively which is reflected in the IIP growth which has decelerated to 5.6% due to an increase in the input cost as well as borrowing costs.

The hike in interest rates has also slowed down the service sector growth and led to a decline in business optimism. While the latest reading underlines a reasonably solid pace of growth in the services sector, its decline is an indication that continuous rate rises aimed at containing inflation are putting the brakes on India's rapid expansion.

Tightening monetary policy is understood to lead to a downward trend in output and industrial growth. However, the prime minister's economic panel has said that inflation and not factory output numbers should determine the RBI's move on monetary policy. It is believed that more tightening is expected in the coming months and the focus has now shifted to contain inflation rather than to accommodate growth. It is also hoped that the RBI remains vigilant and avoids pushing monetary contraction boundaries which may adversely affect growth in the near future.

While less than the expected level of growth would lead to the RBI tightening its monetary policy in a modest manner, the RBI seems to have no choice but to raise interest rates in order to slowdown domestic demand and deal with the inflationary pressures and capacity constraints at hand. This brings us back to the debate between output growth and inflationary pressures. Will the RBI's monetary policy work or will it affect economic growth adversely so that even the service sector which has been the backbone of India's recent growth surge cannot sustain it?
http://economictimes.indiatimes.com/news/economy/indicators/the-balancing-act-growth-vs-inflation/articleshow/9309988.cms

21 JUL, 2011, 08.47PM IST, BISWARUP GOOPTU,ET BUREAU

ISRO deploys communication antenna on GSAT-12 successfully

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HASSAN: The Indian Space Research Organisation (ISRO) deployed the reflector antenna on board its recently-launched communication satellite, GSAT-12, at its Master Control Facility at Hassan, on Thursday.

ISRO chairman Dr. K. Radhakrishnan said that the 12 transponders on board the satellite are expected to be tested over the next four to six weeks, before it is put to commercial use.

"The communication antenna on board the satellite was deployed successfully today and the satellite was in its final orbital configuration, pointing towards Earth," the ISRO chairman said, adding that the transponders will be switched on by August 6, followed by their in-orbit testing.

GSAT-12, which is now located 63 degree East longitude, will be moved to reach its designated longitude of 83 degree East within the next 16 days, and will be co-located with INSAT-2E and INSAT-4A Satellites.

The satellite is the replacement of the ageing INSAT 2E, which has crossed its life cycle of 12 years, having been launched in 1999.

Radhakrishnan also confirmed that the GSAT-12 satellite was in "good shape and in continuous radio visibility from the MCF in Hassan."

However, the ISRO chief said that the country was facing a major shortage of transponders, a situation that has forced it to talk to a number of foreign agencies to hire the same.

"We face a shortage of about 200 transponders, and augmenting them will be the main focus of the space agency rather than looking for business from foreign countries to build satellites," he said.

ISRO, which plans on launching GSAT-12 next year, has around 150 of its own transponders currently in operation, while leasing 86 transponders from outside the country. It expects to have 36 more transponders in operation through its recent launches of GSAT-8 and GSAT-12.

http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/ISRO-deploys-communication-antenna-on-GSAT-12-successfully/articleshow/9313497.cms

Financial and Banking Sector Reforms

The last decade witnessed the maturity of India's financial markets. Since 1991, every governments of India took major steps in reforming the financial sector of the country. The important achievements in the following fields is discussed under serparate heads:

• Financial markets
• Regulators
• The banking system
• Non-banking finance companies
• The capital market
• Mutual funds
• Overall approach to reforms
• Deregulation of banking system
• Capital market developments
• Consolidation imperative

Now let us discuss each segment seperately.

Financial Markets

In the last decade, Private Sector Institutions played an important role. They grew rapidly in commercial banking and asset management business. With the openings in the insurance sector for these institutions, they started making debt in the market.

Competition among financial intermediaries gradually helped the interest rates to decline. Deregulation added to it. The real interest rate was maintained. The borrowers did not pay high price while depositors had incentives to save. It was something between the nominal rate of interest and the expected rate of inflation.

Regulators

The Finance Ministry continuously formulated major policies in the field of financial sector of the country. The Government accepted the important role of regulators. The Reserve Bank of India (RBI) has become more independant. Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) became important institutions. Opinions are also there that there should be a super-regulator for the financial services sector instead of multiplicity of regulators.

The banking system

Almost 80% of the business are still controlled by Public Sector Banks (PSBs). PSBs are still dominating the commercial banking system. Shares of the leading PSBs are already listed on the stock exchanges.

The RBI has given licences to new private sector banks as part of the liberalisation process. The RBI has also been granting licences to industrial houses. Many banks are successfully running in the retail and consumer segments but are yet to deliver services to industrial finance, retail trade, small business and agricultural finance.

The PSBs will play an important role in the industry due to its number of branches and foreign banks facing the constrait of limited number of branches. Hence, in order to achieve an efficient banking system, the onus is on the Government to encourage the PSBs to be run on professional lines.

Development finance institutions

FIs's access to SLR funds reduced. Now they have to approach the capital market for debt and equity funds.

Convertibility clause no longer obligatory for assistance to corporates sanctioned by term-lending institutions.

Capital adequacy norms extended to financial institutions.

DFIs such as IDBI and ICICI have entered other segments of financial services such as commercial banking, asset management and insurance through separate ventures. The move to universal banking has started.

Non-banking finance companies

In the case of new NBFCs seeking registration with the RBI, the requirement of minimum net owned funds, has been raised to Rs.2 crores.

Until recently, the money market in India was narrow and circumscribed by tight regulations over interest rates and participants. The secondary market was underdeveloped and lacked liquidity. Several measures have been initiated and include new money market instruments, strengthening of existing instruments and setting up of the Discount and Finance House of India (DFHI).

The RBI conducts its sales of dated securities and treasury bills through its open market operations (OMO) window. Primary dealers bid for these securities and also trade in them. The DFHI is the principal agency for developing a secondary market for money market instruments and Government of India treasury bills. The RBI has introduced a liquidity adjustment facility (LAF) in which liquidity is injected through reverse repo auctions and liquidity is sucked out through repo auctions.

On account of the substantial issue of government debt, the gilt- edged market occupies an important position in the financial set- up. The Securities Trading Corporation of India (STCI), which started operations in June 1994 has a mandate to develop the secondary market in government securities.

Long-term debt market: The development of a long-term debt market is crucial to the financing of infrastructure. After bringing some order to the equity market, the SEBI has now decided to concentrate on the development of the debt market. Stamp duty is being withdrawn at the time of dematerialisation of debt instruments in order to encourage paperless trading.

The capital market

The number of shareholders in India is estimated at 25 million. However, only an estimated two lakh persons actively trade in stocks. There has been a dramatic improvement in the country's stock market trading infrastructure during the last few years. Expectations are that India will be an attractive emerging market with tremendous potential. Unfortunately, during recent times the stock markets have been constrained by some unsavoury developments, which has led to retail investors deserting the stock markets.

Mutual funds

The mutual funds industry is now regulated under the SEBI (Mutual Funds) Regulations, 1996 and amendments thereto. With the issuance of SEBI guidelines, the industry had a framework for the establishment of many more players, both Indian and foreign players.

The Unit Trust of India remains easily the biggest mutual fund controlling a corpus of nearly Rs.70,000 crores, but its share is going down. The biggest shock to the mutual fund industry during recent times was the insecurity generated in the minds of investors regarding the US 64 scheme. With the growth in the securities markets and tax advantages granted for investment in mutual fund units, mutual funds started becoming popular.

The foreign owned AMCs are the ones which are now setting the pace for the industry. They are introducing new products, setting new standards of customer service, improving disclosure standards and experimenting with new types of distribution.

The insurance industry is the latest to be thrown open to competition from the private sector including foreign players. Foreign companies can only enter joint ventures with Indian companies, with participation restricted to 26 per cent of equity. It is too early to conclude whether the erstwhile public sector monopolies will successfully be able to face up to the competition posed by the new players, but it can be expected that the customer will gain from improved service.

The new players will need to bring in innovative products as well as fresh ideas on marketing and distribution, in order to improve the low per capita insurance coverage. Good regulation will, of course, be essential.

Overall approach to reforms

The last ten years have seen major improvements in the working of various financial market participants. The government and the regulatory authorities have followed a step-by-step approach, not a big bang one. The entry of foreign players has assisted in the introduction of international practices and systems. Technology developments have improved customer service. Some gaps however remain (for example: lack of an inter-bank interest rate benchmark, an active corporate debt market and a developed derivatives market). On the whole, the cumulative effect of the developments since 1991 has been quite encouraging. An indication of the strength of the reformed Indian financial system can be seen from the way India was not affected by the Southeast Asian crisis.

However, financial liberalisation alone will not ensure stable economic growth. Some tough decisions still need to be taken. Without fiscal control, financial stability cannot be ensured. The fate of the Fiscal Responsibility Bill remains unknown and high fiscal deficits continue. In the case of financial institutions, the political and legal structures hve to ensure that borrowers repay on time the loans they have taken. The phenomenon of rich industrialists and bankrupt companies continues. Further, frauds cannot be totally prevented, even with the best of regulation. However, punishment has to follow crime, which is often not the case in India.

Deregulation of banking system

Prudential norms were introduced for income recognition, asset classification, provisioning for delinquent loans and for capital adequacy. In order to reach the stipulated capital adequacy norms, substantial capital were provided by the Government to PSBs.

Government pre-emption of banks' resources through statutory liquidity ratio (SLR) and cash reserve ratio (CRR) brought down in steps. Interest rates on the deposits and lending sides almost entirely were deregulated.

New private sector banks allowed to promote and encourage competition. PSBs were encouraged to approach the public for raising resources. Recovery of debts due to banks and the Financial Institutions Act, 1993 was passed, and special recovery tribunals set up to facilitate quicker recovery of loan arrears.

Bank lending norms liberalised and a loan system to ensure better control over credit introduced. Banks asked to set up asset liability management (ALM) systems. RBI guidelines issued for risk management systems in banks encompassing credit, market and operational risks.

A credit information bureau being established to identify bad risks. Derivative products such as forward rate agreements (FRAs) and interest rate swaps (IRSs) introduced.

Capital market developments

The Capital Issues (Control) Act, 1947, repealed, office of the Controller of Capital Issues were abolished and the initial share pricing were decontrolled. SEBI, the capital market regulator was established in 1992.

Foreign institutional investors (FIIs) were allowed to invest in Indian capital markets after registration with the SEBI. Indian companies were permitted to access international capital markets through euro issues.

The National Stock Exchange (NSE), with nationwide stock trading and electronic display, clearing and settlement facilities was established. Several local stock exchanges changed over from floor based trading to screen based trading.

Private mutual funds permitted

The Depositories Act had given a legal framework for the establishment of depositories to record ownership deals in book entry form. Dematerialisation of stocks encouraged paperless trading. Companies were required to disclose all material facts and specific risk factors associated with their projects while making public issues.

To reduce the cost of issue, underwriting by the issuer were made optional, subject to conditions. The practice of making preferential allotment of shares at prices unrelated to the prevailing market prices stopped and fresh guidelines were issued by SEBI.

SEBI reconstituted governing boards of the stock exchanges, introduced capital adequacy norms for brokers, and made rules for making client or broker relationship more transparent which included separation of client and broker accounts.

Buy back of shares allowed

The SEBI started insisting on greater corporate disclosures. Steps were taken to improve corporate governance based on the report of a committee.

SEBI issued detailed employee stock option scheme and employee stock purchase scheme for listed companies.

Standard denomination for equity shares of Rs. 10 and Rs. 100 were abolished. Companies given the freedom to issue dematerialised shares in any denomination.

Derivatives trading starts with index options and futures. A system of rolling settlements introduced. SEBI empowered to register and regulate venture capital funds.

The SEBI (Credit Rating Agencies) Regulations, 1999 issued for regulating new credit rating agencies as well as introducing a code of conduct for all credit rating agencies operating in India.

Consolidation imperative

Another aspect of the financial sector reforms in India is the consolidation of existing institutions which is especially applicable to the commercial banks. In India the banks are in huge quantity. First, there is no need for 27 PSBs with branches all over India. A number of them can be merged. The merger of Punjab National Bank and New Bank of India was a difficult one, but the situation is different now. No one expected so many employees to take voluntary retirement from PSBs, which at one time were much sought after jobs. Private sector banks will be self consolidated while co-operative and rural banks will be encouraged for consolidation, and anyway play only a niche role.

In the case of insurance, the Life Insurance Corporation of India is a behemoth, while the four public sector general insurance companies will probably move towards consolidation with a bit of nudging. The UTI is yet again a big institution, even though facing difficult times, and most other public sector players are already exiting the mutual fund business. There are a number of small mutual fund players in the private sector, but the business being comparatively new for the private players, it will take some time.

We finally come to convergence in the financial sector, the new buzzword internationally. Hi-tech and the need to meet increasing consumer needs is encouraging convergence, even though it has not always been a success till date. In India organisations such as IDBI, ICICI, HDFC and SBI are already trying to offer various services to the customer under one umbrella. This phenomenon is expected to grow rapidly in the coming years. Where mergers may not be possible, alliances between organisations may be effective. Various forms of bancassurance are being introduced, with the RBI having already come out with detailed guidelines for entry of banks into insurance. The LIC has bought into Corporation Bank in order to spread its insurance distribution network. Both banks and insurance companies have started entering the asset management business, as there is a great deal of synergy among these businesses. The pensions market is expected to open up fresh opportunities for insurance companies and mutual funds.

It is not possible to play the role of the Oracle of Delphi when a vast nation like India is involved. However, a few trends are evident, and the coming decade should be as interesting as the last one.
http://finance.indiamart.com/investment_in_india/financial_banking_sector.html

21 JUL, 2011, 03.31PM IST,PTI

Black money: Cabinet approved new act to deal with benami transactions

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NEW DELHI: The government today approved a proposal to bring a new legislation for stricter control over benami transactions amid the UPA regime facing heat over the black money issue from various quarters.

The decision was taken at a Cabinet meeting chaired by Prime Minister Manmohan Singh here.

It was decided that subsequently, a new Benami transactions (Prohibition) Bill 2011 will replace the existing Benami Transactions (Prohibition) Act, 1988.

"The new Bill contains elaborate provisions dealing with the definition of benami transaction and benami property , prohibited benami transactions, consequences of entering into a prohibited benami transaction and the procedure for implementing the benami law," Information and Broadcasting Minister Ambika Soni told reporters here.

Under the proposed new law, anyone violating the rule can be jailed for not less than six months, which may be extended to two years and also be liable to a fine.

Explaining the need for a fresh legislation, the minister said: "It was found that owing to infirmities in the (existing) legislation, formulation of rules would not be possible without a comprehensive legislation by repealing the Act".

"Properties held by coparcener in a Hindu undivided family and property held by a person in fiduciary capacity are excluded from the definition of benami transaction", she said.

The Minister further pointed out that "properties acquired by an individual in the name of spouse, brother or sister or any other lineal ascendant or descendant are benami transactions which are not prohibited".

Benami transactions are one of the notorious sources of circulation and investment of black money. The government has been facing heat on black money from the Supreme Court, civil society and Opposition for not doing enough to deal the menace.
http://economictimes.indiatimes.com/news/economy/policy/Black-money-Cabinet-approved-new-act-to-deal-with-benami-transactions/articleshow/9310445.cms

21 JUL, 2011, 07.00AM IST, SUGATA GHOSH,ET BUREAU

Black Money: Foreign tax havens begin to share information with tax authorities

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MUMBAI: A fortnight ago, three businessmen from the same family were summoned by tax officials in Mumbai and Kolkata to appear with their tax returns and passports. In a world where tax sleuths carry out fishing enquiries to trace undisclosed income of wealthy individuals, jewellers and builders, the summons may have looked innocuous. But they weren't. For book keepers, tax practitioners and the well-heeled with offshore, secret bank accounts, it surfaced a lurking fear: some tax havens are slowly, but surely, beginning to share specific information with Indian authorities.

Around March-April, the three businessmen had moved money from their bank accounts in Isle of Man , Cayman Islands and Guernsey. In one case, money was wire transferred from Guernsey to Switzerland while in two other cases, funds were moved from personal accounts to accounts of trusts where the individuals concerned were beneficiaries. "We understand tax authorities have come to know of these transactions. This is possible only if these jurisdictions have shared information," said a person aware of the transactions. "This was unthinkable in the past when money changed hands and moved from one account to another without anyone getting a whiff of it," he said. Perhaps, not anymore.

Shefali Goradia, partner at tax consultant firm BMR Advisors , said, "But, under the exchange of information treaties, the countries are required to share information only if the other country has reasonable ground to believe there has been a tax offence. They are not required to respond to general inquiries."

In this case, the tax department indeed had something definite to back the summons. The three businessmen also figure in the list of Indians (some of whom are NRIs) holding accounts in a Liechestien bank. Two years ago, Germany had shared the list with the Indian government. "The I-T Department has long completed the assessment and raised demand from most in the Liechestien list, and some cases have reached the appellate stage. So, it cannot be in connection with the Liechestien probe. We strongly feel that the department sought information from some of the other tax havens that are co-operating," said a senior Mumbai-based chartered accountant. When contacted, officials in the Income-Tax Department declined to comment as the matter was under investigation.

Passport numbers, which banks worldwide use for the 'know your customer' procedures, can be useful in snooping around for bank account or transaction details of residents, said the city-based accountant. "We have this perception that tax havens may try to stonewall information. But this may not be true in all cases," he said. In fact, Indian tax officials can approach tax havens with basic details like name, address, passport number and some evidence of tax violation (even a trivial one) to obtain information.

According to Anup Shah, partner at Pravin Shah & Associates, tax officials may go through passports to verify whether the person concerned, who may have claimed NRI status and obtained tax benefit, has spent the stipulated time abroad. "Information is bound to flow once tax treaties are in place," said Sudhir Kapadia, tax market leader, Ernst & Young. "But what many aren't aware of is that we have already signed a treaty with Singapore, in line with the modified treaty with Switzerland, following which we can ask Singapore for specific bank account details which was not possible before," he said.

More stories from this edition of Black Money

• Black money: $2.5 billion stashed in Swiss banks by Indian clients
• Centre seeks review of Supreme Court order on black money

• PM condemns Mumbai blasts, asks Mumbaikars to be calm, united
• Kalanidhi Maran summoned by police in cheating case

http://economictimes.indiatimes.com/news/economy/finance/black-money-foreign-tax-havens-begin-to-share-information-with-tax-authorities/articleshow/9303829.cms

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Rallis net up 59 pc at Rs 23 cr in Q1 Economic Times - ‎34 minutes ago‎ MUMBAI: Rallis, a Tata Group entity, today posted 58.9 per cent increase in its net profit for Q1 FY 12 at Rs 23.12 crore mainly on the back of contribution by its newly acquired subsidiary Metahelix Life Science . Rallis rejigs top brass, gears up for shopping mydigitalfc.com Rallis net up 59 pc at Rs 23 cr in Q1 IBNLive.com Washington Bangla Radio all 5 news articles » BOM:500355Email this story Moneycontrol.com Sensex Index Declines to Lowest Level in Week as Earnings Miss Estimates Bloomberg - Santanu Chakraborty - ‎6 hours ago‎ By Rajhkumar K Shaaw - Thu Jul 21 12:06:53 GMT 2011 India's benchmark stock index fell to the lowest level in a week amid concern company earnings may trail estimates as the central bank increases interest rates to control inflation. Nifty ends below 5550; RCom, RIL, Kotak, IDFC downEconomic Times Sensex ends 66 pts down banks capital goods slipMoneycontrol.com The Hindu - India Infoline.com - San Francisco Chronicle all 95 news articles » BOM:500325Email this story The Hindu Hero Honda's net rises 13% Livemint - Amrit Raj - ‎49 minutes ago‎ New Delhi: A smaller tax bill and strong demand helped Hero Honda Motors Ltd buck the trend of the previous quarters, and grow net profit by 13% in the three months to June over the same period last year. Despite volume gains, Hero Honda's margin woes continue Business Standard Hero Honda Q1 net rises 13% mydigitalfc.com Financial Express - Moneycontrol.com - Hindustan Times all 48 news articles » BOM:500182Email this story SamayLive Bill finally for benami properties Hindustan Times - ‎28 minutes ago‎ Under growing attack over corruption and black money, the cabinet on Thursday gave its approval for a tighter control over benami transactions, including confiscation of such property. Cabinet approves bill to deal with benami transactionsThe Hindu all 27 news articles »Email this story Business Standard Sebi suspects bear cartel role in Crompton's share fall Moneycontrol.com - ‎2 hours ago‎ Published on Thu, Jul 21, 2011 at 20:01 | Source : PTI Securities market regulator Sebi will probe whether a bear cartel triggered the sharp fall in the share price of electrical appliance maker Crompton Greaves by spreading rumours about the company. Crompton trips on bleak outlook Business Standard Crompton Greaves drops over 20% in 2 days; brokerages downgrade the stock Economic Times Daily News & Analysis - Times of India - NDTV.com all 87 news articles » BOM:500093Email this story NHPC inks pact with Orissa state for power plants Moneycontrol.com - ‎13 minutes ago‎ State-run hydropower utility NHPC signed an agreement to set up three power plants in a joint venture with Orissa for an investment of Rs 2600 crore (USD 585 million), the state's energy minister said on Thursday. OHPC and NHPC jointly to launch 320 MW hydro power prjectEconomic Times NHPC signs MoU with Orissa govt for setting up three hydel stations for Rs ... domain-B India Infoline.com - IBNLive.com - Daijiworld.com - RTT News all 24 news articles »Email this story Upstream Online Oil India Said to Consider Purchasing Stake in Maurel's Gabon Crude Field Bloomberg - George Smith Alexander -‎54 minutes ago‎ Oil India Ltd. (OINL), the nation's second- biggest state-run oil producer, is in talks to buy a stake in Etablissements Maurel & Prom SA's assets in Gabon, three people with ... Oil India eyes Gabon Assets; stocks surge India Infoline.com Oil India said to consider acquisition of stake in Maurel's Gabon fields Financial Times (blog) Upstream Online all 13 news articles »Email this story The Hindu L&T Finance says to raise Rs 1250 cr in IPO Moneycontrol.com - ‎12 minutes ago‎ Volatile markets will not deter the Larsen and Toubro group from testing the potential of its finance subsidiary and unlocking value. L&T Finance's Rs 1245 cr IPO opens on July 27NDTV.com L&T Fin fixes IPO band at R51-59, reduces offer size to R1,575 crore Financial Express The Hindu - mydigitalfc.com - IBNLive.com -Wall Street Journal all 34 news articles »Email this story The Nation, Pakistan Somali pirates hijack ship with 5 Indians onboard NDTV.com - ‎4 hours ago‎ PTI, Updated: July 21, 2011 20:12 IST New Delhi: A UAE-based vessel carrying 16 members onboard, including five Indians, has been hijacked by Somali pirates off an island which forms part of Yemen. Somali pirates hijack UAE vessel with 5 IndiansIBNLive.com all 17 news articles »Email this story Reuters India Kotak Mahindra profit rises 27% Business Standard - ‎5 minutes ago‎ Backed by robust growth in net interest income, Kotak Mahindra Bank posted a consolidated net profit of Rs 416 crore for the quarter ended June, a rise of 27 per cent over the net profit of Rs 328 crore in the year-ago period. 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Listing research arm, new launches to lift margins: Biocon Moneycontrol.com Biocon 7% net rise fails to impress Street Financial Express mydigitalfc.com - Indian Express - Business Standard -Economic Times all 40 news articles »Email this story Moneycontrol.com Iran oil payment row: Indian refiners look for new suppliers Financial Express - ‎2 hours ago‎ New Delhi: Iran has stepped up pressure on India to resolve the crude oil payment crisis by threatening not to supply oil in August, forcing Indian refiners MRPL, Essar Oil, HPCL, IOC and BPCL to search for new suppliers. HPCL: Iran halts Aug oil supply, wants payment row resolved Reuters India Iran Oil Supplies to India Rise Despite Row Wall Street Journal Financial Times - Rediff - Reuters Africa all 81 news articles » हिन्दी में BOM:530965Email this story Moneycontrol.com Dr. Reddy's starts reorganisation of its R&D The Hindu - ‎59 minutes ago‎ Dr. Reddy's Laboratories has commenced reorganisation of its research and development (R&D) business for ensuring a greater impact on the near-term earnings without losing focus on the long-term interests of the company. DRL bets on new product pipeline mydigitalfc.com Dr Reddy's scouts for new partners to develop NCEMoneycontrol.com Economic Times - Daily News & Analysis -Hindu Business Line all 13 news articles » BOM:500124Email this story Narayan Murthy buys Bigshoebazaar stake Indian Express - ‎3 hours ago‎ Infosys Technologies founder Narayan Murthy-owned Catamaran Ventures and Nexus Venture Partners have picked up 20 per cent stake in Bigshoebazaar India Pvt Ltd that sells apparel, shoes and accessories online for Rs 40 crore. Bigshoebazaar Raises $9M From Catamaran & Nexus Venture Partners VC Circle Sale of fashion brands picks up on e-commerce sites mydigitalfc.com pluGGd.in all 6 news articles »Email this story Business Today Food inflation falls to 7.58%, lowest since March 2009 Financial Express - ‎28 minutes ago‎ New Delhi: Food inflation fell to 7.58% in the week ended July 9, down from the previous week's 8.31%. The decline, the sharpest in last 28 months, prompted finance minister Pranab Mukherjee to comment that if the trend continues, it could soften ... Food inflation eases to 7.58 % The Hindu At 7.58%, food inflation hits two-year low NDTV.com Wall Street Journal - Times of India - Hindustan Times -Reuters all 44 news articles »Email this story I-T searches at IRB Infra premises in Mumbai, Pune Business Standard - ‎35 minutes ago‎ The Income Tax Department today conducted searches on the premises of toll road firm IRB Infrastructure at various locations. Searches were conducted in Mumbai and Pune and were also spread over other cities, a senior official of the department told ... I-T department conducts searches in IRB Infra offices IBNLive.com I-T dept raids IRB Infra IVRCL offices Moneycontrol.com NDTV.com - India Infoline.com all 10 news articles » BOM:532947 - BOM:530773Email this story Indiabulls Power plans to raise Rs 900 cr Business Standard - ‎1 hour ago‎ PTI / New Delhi July 21, 2011, 21:40 IST Power producer Indiabulls Power today said it planned to raise about Rs 900 crore to finance upcoming projects. IndiaBPower - Outcome of Board Meeting Moneycontrol.com all 3 news articles » NSE:IBPOWEmail this story No wiggle room on liability The Hindu - ‎51 minutes ago‎ Like other US officials who have been raising the issue in public and private, Secretary of State Hillary Clinton used her recent visit to India to deliver a tough message on the alleged inadequacy of the country's nuclear liability law. Indo-Japan N-deal hit by Delhi's dithering Times of India US exerting new pressure on India on nuclear issue: Left IBNLive.com Indian Express - Global Security Newswire - India Today -TwoCircles.net all 14 news articles »Email this story The Hindu RBI Guv Meets Pranab Ahead of Credit Policy Review Outlook - ‎25 minutes ago‎ PTI | New Delhi | Jul 21, 2011 Amid fears that there would be another round of interest rate hikes to tame inflation, RBI Governor D Subbarao met Finance Minister Pranab Mukherjee here today, ahead of the central bank's monetary policy review on ... Growth on track despite price crunch: Pranab Hindustan Times The balancing act: Growth vs Inflation Economic Times Hindu Business Line - Business Standard -Daily News & Analysis - The Hindu all 60 news articles »Email this story hindi.starnews Maiden test of Prahaar successful The Hindu - ‎14 hours ago‎ The maiden flight test of 'Prahaar', a quick-reaction, short range tactical missile with a range of 150 km, was successfully conducted on Thursday morning from the Integrated Test Range (ITR) at Chanidpur, Orissa. India successfully test-fires Prahaar missile Hindustan Times India successfully tests new short-range missile 'Prahaar' Economic Times Indian Express - Newsday (subscription) -eTaiwan News - AVIONEWS all 165 news articles » हिन्दी मेंEmail this story

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20/07/2011

Meet Pakistan's new foreign minister

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The new foreign minister of Pakistan is a perfect combination of beauty and brains. All of 34 years, Hina Rabbani Khar seems to have seemingly infused glamour into Pakistan politics and brought about a refreshing change.

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Hina Rabbani Khar, 34, is the youngest foreign minister in the history of Pakistan. The record was earlier held by Zulfiqar Ali Bhutto who was 35 years at the time of his appointement as
the foreign minister
AFP

18/07/2011

US pushes India on n-liability law, Pakistan on 26/11 trial

New Delhi: Wrapping up the second strategic dialogue with India, the US Tuesday pressed Pakistan to punish the 26/11 terrorists "fully and urgently" as it pushed New Delhi to ratify a global nuclear accidents regime and bring its nuclear liability law in line with international standards.

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US Secretary of State Hillary Clinton, who began a three-day visit to India Monday night, held the second strategic dialogue with External Affairs Minister S.M. Krishna that covered an entire spectrum of bilateral ties and global issues like global terrorism, the UN reforms, the East Asia architecture and non-proliferation.

The volatile situation in Pakistan and Afghanistan figured prominently in the discussions, with both sides renewing their call to Pakistan to dismantle "sanctuaries for violent extremist networks." The US promised to pressure Pakistan "as hard as possible" to bring the perpetrators of the 26/11 Mumbai carnage to justice.

Seeking to push economic and security ties, Clinton urged India to lower investment barriers and made a strong pitch for increasing sale of American defence hardware. With bilateral trade increasing by 30 percent in 2010 to $48.7 billion,the two countries inked a civil aviation pact and agreed to re-open negotiations on a bilateral investment treaty.

Describing India as "an emerging regional and global power," Clinton backed "a reformed UN Security Council that includes India as a permanent member" as she sought to infuse a fresh momentum in bilateral ties that showed some signs of drift after the landmark visit of President Barack Obama in November last year.

Clinton also met Prime Minister Manmohan Singh and assured him that the phased withdrawal of 33,000 US troops from Afghanistan by 2012, will not lead to the country's takeover by the Taliban.

India urged the US to "factor ground realities" before exiting. "It is necessary for the US to factor ground realities so that Afghanistan would be in a position to defend itself against Taliban," Krishna said at a joint press conference with Clinton.

The two sides spent considerable time ironing out issues relating to implementing the landmark civil nuclear deal they inked in 2008, the lynchpin of the transformed India-US relations.

Allaying India's concerns over the new guidelines of the 46-nation Nuclear Suppliers Group that ban the transfer enrichment and reprocessing (ENR) technologies to countries which have not signed the Nuclear Non-Proliferation Treaty (NPT), Clinton flagged off irritants clouding the nuclear deal when she said that "we need to resolve remaining issues so we can reap the rewards of a robust civil nuclear energy partnership".

She made it clear that New Delhi needed to ratify a global treaty on nuclear damages by the year-end and bring its civilian nuclear law to international standards amid fears expressed by some US companies that the liability law imposes an onerous penalty on foreign suppliers of nuclear reactors in case of accidents.

"We are looking to India to ratify the Convention on Supplementary Compensation by the end of this year. The liability regime should fully conform to international conventions," Clinton said at the joint press conference when asked about the new NSG guidelines.

She was, however, forceful in reiterating the US commitment to to expanding full civilian nuclear cooperation with India and declared support for India's membership of elite nuclear clubs like the NSG, the Australia Group, the Wassenaar Arrangement and the Missile Technology Control Regime that control the global flow of atomic equipment and fuel.

"We stand by our commitment and want it to be enforceable and actionable in all regards," she said while stressing that the US stood by the waiver given by the 46-nation NSG to India in September

India signed the Convention on Supplementary Compensation (CSC) for Nuclear Damage, an international fund to compensate victims in the case of a nuclear accident, in November last year days before Obama's visit. India is expected to take up the CSC for ratification by its parliament soon.

Clinton, who is visiting India barely a week after triple blasts in Mumbai, opened the over two-and-a-half-hour-long talks with Krishna by expressing "sympathy and outrage over" the July 13 attack in India's financial hub that killed 20 people and injured over 130.

"We are allies in the fight against violent extremist networks," Clinton said. Earlier, officials of the two sides inked a pact on enhancing cybersecurity cooperation against the backdrop of terrorists increasingly resorting to hacking.

Setting aside some differences over the Taliban reconciliation plan in Afghanistan, there was a striking unanimity of views with both sides declaring that "success in Afghanistan and regional and global security requires elimination of safe havens and infrastructure for terrorism and violent extremism in Afghanistan and Pakistan".

"We do not believe that there are any terrorists who should be given safe haven or a free pass by any government, because left unchecked the consequences of that kind of terrorist activity or intimidation can become very difficult to manage and control," Clinton said.

"And it is U.S. policy, we believe the perpetrators need to be brought to justice and have urged Pakistan to do so. Obviously, there is a limit to what both the U.S. and India can do but we intend to continue to press as hard as possible," she said while welcoming the revived peace process between India and Pakistan.

Clinton will unveil the US' view of New Delhi's growing regional and international role when she heads to Chennai, the bustling southern metropolis which is the the hub of growing American investment.

Source: IANS

21/07/2011

Despite Lokayukta bribery charge, BJP says Yeddyurappa won't resign

Bangalore: BJP rejected Opposition parties demand for resignation of Karnataka Chief Minister in the wake of a Lokayukta report indicting him on illegal mining, claiming that B S Yeddyurappa had no "direct nexus" with mining activity.

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"No, not at all," said BJP spokesperson V Dhananjaya Kumar when asked if the Chief Minister would quit as demanded by the Congress.

According to him, Congress had recently rejected a Delhi Lokayukta report indicting Chief Minister Sheila Dixit and "so is the case with Lokayukta of Maharashtra and Andhra Pradesh".

"Congress party in power in all these states has consistently rejected the report submitted by respective Lokayuktas. There cannot be two yardsticks -- one for the Congress and one for BJP", Kumar said.

He claimed that Karnataka Lokayukta Justice N Santosh Hegde is on record saying the Chief Minister had no direct nexus with mining activity. "Whatever has come out (leaked report), does not contain any new revelations".

Hegde had made comments that the Chief Minister's sons sold property at an exorbitant price to a mine owner and also that some of the mining companies had given donations to a trust in which they were trustees, Kumar claimed, adding, the Lokayukta has not pointed out "any extra benefit given to these mine owners by the Government".

He said these issues are pending before the High Court. "That being the case, there is no occasion to take such a decision (to resign)," Kumar said.

Source: PTI

21/07/2011

ED issues summons to Ravi Shastri

Mumbai: Speeding up its probe into the finances of Indian Premier League, the Enforcement Directorate has summoned former Indian cricket captain Ravi Shastri for questioning in connection with the alleged financial irregularities in the IPL.

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Shastri, who is out of the country currently, has been asked to help the ED in answering certain questions related to the Twenty20 league as he was on the IPL Governing Council, sources involved in the investigation said.

Shastri has been called to be present at the ED's office here next week to speed up the probe into the case.

The ED is also probing the role of ex-IPL Commissioner Lalit Modi, who is currently in London, for alleged contraventions of foreign exchange rules.

The ED is investigating into the alleged violations under the Foreign Exchange Management Act (FEMA) against various IPL franchises and foreign exchange and remittance related offences and connected issues concerning both the IPL and the BCCI.

Source: PTI

21/07/2011

India successfully tests Prahaar short range missile

Bhubaneswar: India for the first time successfully tested the 1,280 kg Prahaar short range missile, which can hit a target 50-150 km away, a senior official said.

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The missile was tested at around 8.20 a.m. from a mobile launcher off the Chandipur coast at the Integrated Test Range in Orissa's Balasore district, about 230 km from here.

"We had a great launch," Defence Research and Development Organisation chief V.K. Saraswat told IANS, adding all the mission objectives were completely matched.

"It was the first launch of the missile, which will be subjected to some more tests," he said.

The single stage surface to surface missile, which is fuelled by solid propellants, has been described as an excellent and quick reaction weapon with high accuracy.

The new missile is aimed at filling the gap between the existing multi-barrel rocket system Pinaka and the nuclear capable Prithvi, which have the capability to hit a target 40 km and 350 km away respectively.

"The missile completed its trajectory in a very short time. It performed considerably well with respect to navigation, control, guidance, propulsion and structure," said Saraswat, who is also scientific advisor to Defence Minister A.K. Antony.

The missile, with a length of 7.3 meters, diameter of 420 mm and weighing 1,280 kg, goes to a height of 35 km before reaching the targets of the range of 150 km in about 250 seconds.

The missile has been described as an excellent and quick reaction weapon with high accuracy. It could be quickly deployed in any terrain by a road mobile launcher.

The missile equipped with state of the art high accuracy navigation, guidance and electro mechanical actuation systems with latest onboard computer achieved terminal accuracy of less than 10 meters.

The missile with a pay load of 200 kg has a fast reaction time, which is essential for the battlefield tactical missile, officials said.

The missile, launched from a road mobile system, can carry six missiles at a time and can be fired in salvo mode in all directions.

The system is developed to provide the Indian Army a cost effective, quick reaction, all weather, all terrain, high accurate battlefield support tactical system, military officials said.

The missile was developed by DRDO scientists in less than two years. The flight path of the missile was tracked and monitored by the various radar systems and electro optical systems located along the coast of Orissa.

An Indian naval ship located near the target point in Bay of Bengal witnessed the final event.

The missile was developed by DRDO scientists with support from the indian industry and quality assurance agency Missile System Quality Assurance Agency.

Source: IANS

21/07/2011

My phone has been tapped: Justice Hegde

The Karnataka Lokayukta Justice Santosh N Hegde, probing the illegal mining in the state, today said his phone has been tapped.

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Justice Hegde, a former Supreme Court judge, told PTI that after reports of alleged bugging in the office of the Union Finance Minister Mr Pranab Mukherjee, he had asked a professional to carry out a check in his office.

"(The professional) told me your telephone has been tapped. Every thing was being recorded from two sources," he said.

Justice Hegde said he does not want to comment on "where, who and other things" regarding the tapping but is sure it's been tapped.

Telephone tapping was noticed in the past three-four months, Justice Hegde said.

"Yes, I can say in affirmative that I suspect... the person told me this is being tapped and recorded in two places," he said.

Justice Hegde is slated to submit Lokayukta's second and final report on illegal mining in the state by tomorrow, but it was leaked in the sections of the media yesterday raising a political storm.

Yeddyurappa, others named in illegal mining report: Santosh Hegde

Bangalore: Karnataka Chief Minister B.S. Yeddyurappa, mining barons Reddy brothers, Janata Dal-Secular leader H.D. Kumaraswamy and Congress MP Anil Lad are involved in one way or another in illegal mining, Lokayukta N. Santosh Hegde said Thursday.

Hegde, a retired judge of the Supreme Court, admitted that his report, yet to be submitted to the government, was leaked late Wednesday and apologised for the lapse.

Hegde, whose five-year term expires Aug 2, became emotional at the early morning press meet over the leak.

The report blames Yeddyurappa for not taking steps to check illegal mining even after the Lokayukta submitted a report on it in December 2008.

The chief minister's sons and son-in-law are said to be involved as well.

Besides the Reddy brothers, Tourism Minister G. Janardhana and Revenue Minister G. Karunakara, their associate, Health Minister B. Sreeramulu, is also said to be guilty of illegal mining.

Kumaraswamy, who was chief minister in the shortlived JD-S-BJP coalition in 2006-07, has been found to have granted mining license to two companies flouting rules.

Hegde acknowledged that most of the points circulating on the basis of the leak find mention in the report.

He said the leak of the report would not lessen its importance.

Hegde said he had reason to believe that his phones had been tapped and this could have led to the leak of the report. None of his officers involved in preparing the report was responsible, he asserted.

He will submit the report to the government Friday.

Karnataka mining report could trigger political explosion

Karnataka stares at bitter political battles, instability and possible early assembly elections as the Lokayukta prepares to submit his "explosive" report on illegal mining within 10 days.

Ombudsman N. Santosh Hegde and his team have been busy compiling the report to submit it before his five-year term expires Aug 2.

"My officers have been working overtime but not in office and are not taking the help of stenographers to ensure complete secrecy of the report," Hegde, a retired judge of the Supreme Court, has said.

The report is being prepared by a team of four officers and is expected to throw light on the nexus between the politicians-officials-businessmen in the rampant illegal mining and export of iron ore from Karnataka.

The most controversial mining barons in the last five years have been the Bharatiya Janata Party's (BJP) Reddy brothers - Tourism Minister G. Janardhana Reddy and his elder brother, Revenue Minister G. Karunakara Reddy.

The Congress also has mining lords as its members - Anil Lad of the V.S. Lad group, who is a Rajya Sabha member, and his brother Santosh Lad of the S. Lad group, an assembly member.

Hegde has declined to give any indication of what his report will contain and whether he will name the politicians and officials involved in illegal mining. He has only said the report will be "explosive".

The Congress and the Janata Dal-Secular (JD-S), which have targeted the BJP's first chief minister in the state, B.S. Yeddyurappa, with a series of corruption and illegal land deal charges, are hoping the report will end his and his party's rule.

Yeddyurappa is sure to go to jail once the Lokayukta report comes out, Congress and JD-S leaders have asserted for several months now.

Yeddyurappa and the Reddy brothers are, however, confident the report will not nail them.

Meanwhile, another controversy has raised its head.

Hegde last week revealed that senior BJP leader V. Dhananjaya Kumar, now state special representative in New Delhi, had met him and requested him to spare Yeddyurappa.

Dhananjaya Kumar has denied Hegde's claims and said he was ready for any probe into the matter. He has at the same time acknowledged that he had met the Lokayukta several months back but did not discuss any political issues with him.

Hegde has responded that he stands by every word.

As the political heat mounts, the talk is the BJP is getting ready to dissolve the assembly early next year and go for fresh elections a year ahead of schedule. The last polls were held in April-May 2008 and the assembly's term is for five years.

The Congress and the JD-S too had meetings in Bangalore to pep their parties for possible early polls.

The JD-S said it is already finalising the list of its candidates and plans to release 100 names by early October. The assembly has 225 seats -- 224 elected and one nominated.

Party leader and former prime minister H.D. Deve Gowda told the meeting that his "last wish" was to see the JD-S in power in the state. "If the JD-S does not come to power and the BJP retains it, the JD-S will face tough days," he said.

The Congress, which is conducting a 'Congress nadige, janara balige' (Congress walk to reach out to people), has said it is always ready for polls.

But the immediate worry for the BJP central leaders will be containing the dissidence in the Karnataka unit if the Lokayukta report slams Yeddyurappa.

That much indictment of the BJP government is expected. "Illegal mining and exports have in fact increased even after my interim report," Hegde has said several times.

Apparently anticipating that he has tough battles ahead, Yeddyurappa left July 19 with his family for a five-day holiday in Mauritius .

Source: IANS

Court upholds Lokayukta police inquiry against Yeddyurappa The Hindu - ‎6 minutes ago‎ Karnataka Chief Minister BS Yeddyurappa suffered a setback, with the Karnataka High Court on Thursday upholding the Special Lokayukta Court's order to take cognisance of charges against him and others in alleged land scams and allowing the Lokayukta ... Hegde's mining report names Yeddyurappa; phones tapped, he claims NDTV.com - ‎1 hour ago‎ Bangalore: A new report on illegal mining in Karnataka pushes the BJP into emergency-care mode - it names the Chief Minister, BS Yeddyurappa, his family and four senior ministers in his government. The report has been prepared by the state's Lokayukta ... BJP stares at Yeddyurappa crisis; Congress gets aggressive Hindustan Times - ‎26 minutes ago‎ Even as Karnataka lokayukta Santosh Hegde readies to submit his report 'nailing' the state on illegal mining, there is palpable concern within the BJP over its contents. While the party is adopting a wait-and-watch approach for the moment, ... Lokayukta finds enough evidence against Yeddy Business Standard - ‎14 minutes ago‎ Karnataka Lokayukta N Santosh Hegde on Thursday said he had provided enough evidence on the involvement of Chief Minister BS Yeddyurappa and his cabinet colleagues on illegal mining in his second report, parts of which were leaked yesterday. ... BJP brass look for options to save govt Business Standard - ‎14 minutes ago‎ Even as the Opposition parties are gunning for the resignation of Karnataka Chief Minister BS Yeddyurappa after he was reportedly found involved in mining and land scams, the central leadership of the Bharatiya Janata Party (BJP) huddled to look for ... Never tried to influence Lokayukta: BJP India Today - ‎19 minutes ago‎ With the BS Yeddyurappa government in the dock over the illegal mining issue, the Karnataka BJP on Thursday tried to play the blame game, saying the Congress governments needed to act on the Lokayukta reports that have indicted them. ... India ministers 'in mining scam' BBC News - ‎50 minutes ago‎ Karnataka's Chief Minister BS Yeddyurappa was involved in an illegal mining scam that cost the southern Indian state $400m (£250m), according to an anti-corruption ombudsman. Retired judge Santosh Hegde said he had evidence of a "huge racket" involving ... Illegal mining: 'Documentary evidence against BSY' India Today - N Santosh Hegde - ‎19 minutes ago‎ There are lots of documentary evidences against BS Yeddyurappa in the illegal mining scam case, said Karnataka Lokayukta Justice N. Santosh Hegde, whose report has indicted the chief minister. Speaking exclusively to Headlines Today, Hegde said "it was ... Not limited to Karnataka Livemint - ‎44 minutes ago‎ A report by the Karnataka Lokayukta has once again highlighted the chaos and corruption endemic in the allocation of natural resources such as minerals, oil and gas, spectrum and land. Today, this poses the single biggest threat to good order in the ... Cong, Left demand Yeddy''s ouster, BJP rejects IBNLive.com - ‎1 hour ago‎ PTI | 10:07 PM,Jul 21,2011 "It''sa very serious indictment and I think during this serious indictment the Chief Minister should not continue in his office," CPI(M) Politburo member Sitaram Yechuri told reporters in Delhi. CPI Secretary D Raja said ... All 129 related articles »

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Rahul for Mayawati''s resignation for NRHM fund misuse IBNLive.com - ‎2 hours ago‎ PTI | 09:07 PM,Jul 21,2011 Gorakhpur, Jul 21 (PTI) Amid growing controversy over reports of misuse of crores of rupees meant for the National Rural Health Mission in Uttar Pradesh, Congress leader Rahul Gandhi today lashed out at the Mayawati regime, ... Rahul tours eastern UP to bolster Cong poll prospects The Hindu - ‎5 hours ago‎ In a bid to galvanise the Congress in Uttar Pradesh ahead of the Assembly elections early next year, Rahul Gandhi on Thursday asked the youth to revive the party and in the process rid the state of Mayawati's "misrule". On a two-day visit to the state, ... I understand terror, says Rahul, takes on BJP NDTV.com - ‎3 hours ago‎ Gorakhpur (Uttar Pradesh): His remarks after the Mumbai blast generated considerable controversy, and provoked criticism from the BJP. Today, during a tour of Uttar Pradesh, Rahul Gandhi said, "I understand terrorism... it has killed my father, ... Rahul tours eastern Uttar Pradesh to bolster Congress poll prospects NDTV.com - ‎4 hours ago‎ PTI, Updated: July 21, 2011 19:53 IST Gorakhpur: In a bid to galvanise the Congress in Uttar Pradesh ahead of the Assembly elections early next year, Rahul Gandhi today asked the youth to revive the party and in the process rid the state of Mayawati's ... Exclusive: Katrina to meet Rahul Gandhi? Daily Bhaskar - ‎1 hour ago‎ Katrina Kaif's innocent comments on Youth Congress leader Rahul Gandhi, have invited unwarranted trouble for the actress. Though, Katrina has sent her apologies to the youth leader and the party through media, if the issue is blown out of proportion, ... Rita Bahuguna Joshi calls Rahul Gandhi 'the most trusted leader of India Daily News & Analysis - ‎Jul 19, 2011‎ Joshi's comments came in the wake of the recent political blitzkrieg triggered by Gandhi on a range of issues in Uttar Pradesh. The 41-year-old great-grandson of India's first prime minister, Jawaharlal Nehru, has long been tipped as a future leader of ... Rahul urges youth to revive Congress in UP Economic Times - ‎10 hours ago‎ GORAKHPUR: Congress General Secretary Rahul Gandhi today urged the youth to work hard for reviving Congress in Uttar Pradesh and absolve it of the alleged "misrule" of the Mayawati-led BSP government. In a meeting with the party's youth brigade at Syed ... Rahul Gandhi to visit state for Youth Cong membership drive Indian Express - ‎19 hours ago‎ AICC general secretary Rahul Gandhi will visit eastern UP on July 21 and 22 to participate in the Youth Congress membership awareness drive. Sources said he will visit Gorakhpur and Mau on July 21 and in Balia and Varanasi on July 22 and interact with ... All 35 related articles »

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A golden chance for Tendulkar

Deccan Herald - ‎43 minutes ago‎

There is as much hype about the 2000th Test, which got underway here on Thursday, as aboutSachin Tendulkar's potential 100th international ton. There is an air of expectancy that the 38-year-old would reach his latest, and perhaps greatest, ...

Video: Battle for the crown begins Times Now

Sir Aggie, the lord of Lord's and Tendulkar's Catch-22 situation Bangalore Mirror

Interesting to see if Sachin can keep emotions at bay Deccan Chronicle

Hindustan Times - NDTV.com

all 2,174 news articles »

हिन्दी में

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Oneindia Cricket

Sachin Tendulkar is an all-time great whose love and passion is unparalleled

Mirror.co.uk - Ian Botham - ‎7 hours ago‎

And 18 years after I quit professional cricket, Sachin is the only man left on the international circuit that I played against. Tendulkar ct Stewart b Botham 35, and it was a beauty if I remember rightly, back in 1992 during the World Cup. ...

Good Lord! Let him get the 100th ton Times of India

Sachin's knocks at Lords uninspiring Oneindia Cricket

Akram wants Tendulkar to get his 100th ton at Lord's Newstrack India

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We will never see a sportsman like Sachin: Sodhi

NDTV.com - ‎Jul 20, 2011‎

PTI New Delhi: Sachin Tendulkar's list of admirers is long and winding and shooting ace Ronjan Sodhi, like the rest of the world, too, is in awe of the cricket legend. According to the world number two double trap shooter, Tendulkar is the epitome of ...

We will never see a sportsman like Sachin: Sodhi Times of India

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The Hindu

Sachin's the best: Lara

The Hindu - ‎Jul 18, 2011‎

The Sachin Tendulkar fan club keeps getting bigger with West Indies batting legend Brian Lara describing him as the best batsman in the world right now and former England captain Alec Stewart calling him "the modern day Don Bradman". ...

Lara and Stewart hail Tendulkar indiablooms

Legendary West Indian batsman Brian Lara termed Indian Sachin Tendulkar as the ...bettor.com (blog)

No England stars in ICC dream team Yahoo! Eurosport UK

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The Hindu

Gavaskar, Kapil, Tendulkar, Sehwag named in All Time Test team

Times of India - ‎Jul 18, 2011‎

PTI | Jul 18, 2011, 07.16pm IST DUBAI: Four Indian cricketers, including batting maestro Sachin Tendulkar and 1983 World Cup-winning captain Kapil Dev, were on Monday named in the Greatest All Time Test XI chosen in an online poll. ...

Sachin Tendulkar, Virender Sehwag, Sunil Gavaskar and Kapil Dev figure in 'All ... Economic Times

ICC greatest Test XI is a nonsense of history The Roar

Four Indians in all-time greatest Test team Hindustan Times

Oneindia Cricket - SamayLive

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The Guardian

Tendulkar is a step from hundred 100s, but what does a record mean?

Firstpost - ‎Jul 18, 2011‎

When Sachin Tendulkar walks in to bat at Lords later this week, he will be greeted by loud cheers, the England team will clap him to the middle, the umpire will smile and he shall, just for a moment, let his thoughts skirt with the idea of a record or ...

Anderson feels hype over Sachin's 100th ton can hurt India NDTV.com

Michael Vaughan: Sachin Tendulkar, still the best in the business, is ... Telegraph.co.uk

'Even at 17, we knew Sachin Tendulkar would be a star' The Guardian

Times of India - Oneindia Cricket

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Firstpost

Rediff.com » Sports » Raina gets nod ahead of Yuvi in first Test

Rediff - ‎8 hours ago‎

Indian batting batting maestro Sachin Tendulkar [ Images ] is coming into the match with just one century short of 100 international tons. Duncan Fletcher also became the coach with most number of Tests at the helm of affairs of a national team, ...

Dhoni's ideal XI for Lord's glory IBNLive.com

Raina likely to pip Yuvraj to playing XI at Lord's NDTV.com

Raina could pip Yuvraj for Test spot sportal.co.in

Bangalore Mirror

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The Guardian

Sachin Tendulkar dismissed by teenager as Somerset embarrass India

The Guardian - ‎Jul 16, 2011‎

Somerset's teenage bowler Craig Meschede celebrates the prize scalp of Sachin Tendulkar at the County Ground in Taunton. Photograph: Stu Forster/Getty Images Eventually the sun came out to play and so did Sachin Tendulkar. He has received more raucous ...

Video: 'India's no. 1 spot in danger' Times Now

Sachin can Lord it with ton of tons The Sun

Strauss inspired by Tendulkar's longevity Times of India

TruthDive - Cricket365 News

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Maken wishes Tendulkar luck for his 100th international ton

IBNLive.com - ‎Jul 20, 2011‎

PTI | 07:07 PM,Jul 20,2011 New Delhi, July 20 (PTI) Sports Minister Ajay Maken wished Sachin Tendulkar luck as the iconic batsman gears up for his 100th international century when India take on England in the four Test series starting at the Lord's ...

Sachin is great, but Viv is god here

Hindustan Times - ‎Jul 17, 2011‎

The way Sachin Tendulkar has upped his game in the last four seasons, the great debate has only become hotter about who is the greatest batsman ever. In most places, the world over, the team backing Tendulkar would win these debates hands down. ...

Sachin Tendulkar faces embarrassment at the hands of a 19-year-old - Cricket ... bettor.com (blog)

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The Hindu

Former captains warn England of Sachin threat

The Hindu - ‎Jul 13, 2011‎

Former England captains Michael Vaughan, Nasser Hussain, Mike Atherton and Graham Gooch have warned that even at the twilight of his international career, Sachin Tendulkar would be the biggest threat to England when they take on India in a Test series ...

Short balls will test Sachin: Vaughan NDTV.com

Eng to root out Sachin's weakness Oneindia Cricket

'I'm not thinking of records' Rediff

bettor.com (blog)

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The Hindu

Vengsarkar tells Laxman, Dravid and Tendulkar to take it easy

NDTV.com - ‎Jul 12, 2011‎

Mumbai: What's common between Sachin Tendulkar, Rahul Dravid and VVS Laxman apart from the fact that they are all legendary batsmen? All have yet to score a Test hundred at Lord's. Everyone will be holding their breath when the Indian trio set foot on ...

I am a huge Sachin Tendulkar fan, says Daniel Radcliffe Times of India

Sachin Tendulkar thinks his records can broken in the future World Cup News 4 U

Sachin, Sehwag in shortlist for World XI Indian Express

Oneindia Cricket - Zee News

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ESPN eyes Rs 200 crore from India-England series

Times of India - ‎Jul 19, 2011‎

MUMBAI: Even as the buzz around the India-England series gets louder in anticipation of Sachin Tendulkar's100th ton, the official broadcaster of the series ESPN Star Sports (ESS) expects to rake in around Rs 200 crore of advertising revenue from the ...

USA Today

Coca Cola to roll out special Tendulkar cans

Times of India - ‎Jul 18, 2011‎

NEW DELHI: Beverage giant Coca Cola will commemorate Sachin Tendulkar's 100th international century - when the milestone is reached - by launching some 6.5 million special Coke cans with pictures of the batting maestro. This is the first marketing ...

Text: Ratna Bhushan; ET Bureau Economic Times

Coca Cola cans Sachin Tendulkar for fans and posterity Bleacher Report

INDIA: Coke To Mark Tendulkar Milestone With Special Product Release Namnews

NDTV.com

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SamayLive

Tendulkar, Dravid and Laxman – the genius, the builder and the artist

The Guardian (blog) - ‎Jul 15, 2011‎

Indian cricketer Sachin Tendulkar, center, and team-mates VVS Laxman, left and Rahul Dravid chat during a practice session. Photograph: Eranga Jayawardena/AP Since the three Ws played a pivotal role in West Indies's emergence as a cricket power, ...

Even Agarkar got one but Sachin, Laxman and Dravid still waiting Daily Bhaskar

Ahead of India's tour of England, we take a look at five great Sachin ... Sportinglife.com

It's not easy being Sachin SPIN Magazine

SamayLive - ECB.co.uk (blog)

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SuperSport.com

Tendulkar steps out at Lord's on 99*

SuperSport.com - ‎19 hours ago‎

SuperSport will broadcast the four-test series between England and India where Sachin Tendulkar will be looking to create history by scoring his 100th century in international cricket (tests & ODIs combined). Tendulkar could reach the milestone in his ...

Sachin Tendulkar coaches his son at Lord's

indiablooms - ‎Jul 20, 2011‎

London, July 20 (ANI): Sachin Tendulkar's son Arjun Tendulkar practiced at Lord's cricket ground along with Indian cricketers ahead of the historic four test series between India and England. The 12-year-old exhibited confidence as he bowled to India's ...

Telegraph.co.uk

India's Sachin Tendulkar and Virender Sehwag return for England tour

The Guardian - ‎Jul 2, 2011‎

Sachin Tendulkar, seen here in the Royal Box at Wimbledon, is in the India squad to face England. Photograph: Sean Dempsey/PA The fab four will be reunited possibly for the last time. India have named their 17-man Test squad for the tour of England, ...

Sachin Tendulkar takes it easy ahead of England series in search for 100 centuriesTelegraph.co.uk

England tour: Sachin and Sehwag return, Kohli dropped from Test squad Daily Bhaskar

India get Tendulkar boost for England Tests AFP

SkySports - Rediff

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Sachin could be batting even if he's on crutches: Greenidge

Times of India - ‎Jul 1, 2011‎

PTI | Jul 1, 2011, 08.44pm IST BRIDGETOWN ( Barbados): Legendary West Indian opener Gordon Greenidge admires the hunger for runs in Sachin Tendulkar and feels the Indian cricket icon would even be batting if he is on crutches. "He could be playing even ...

Lloyd never stopped me from expressing myself: Greenidge The Hindu

I would prefer Sachin over Sehwag: Greenidge IEWY News

Greenidge's tribute to Little Master sportal.co.nz

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MSN India

Sachin on Maken's mind for Bharat Ratna

NDTV.com - ‎Jul 11, 2011‎

New Delhi: A day after reports emerged that Sports Minister Ajay Maken has written to the Home Ministry asking it to consider including sportspersons in the list of Bharat Ratna awardees, it is clear that Sachin Tendulkar is on his priority list for ...

Sports icons deserve Bharat Ratna: Maken writes to PC Indian Express

Include sports category for Bharat Ratna: Maken Hindustan Times

Maken pleads for inclusion of sports in Bharat Ratna category Deccan Herald

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Live Tennis Guide

Forgive Sachin Tendulkar for his 'blasphemies'

Daily News & Analysis - Deepak Lokhande - ‎Jun 28, 2011‎

Yes, I am talking about Master Blaster Sachin Tendulkar. The fact that he sold off the Ferrari that was gifted to him and borrowed money to buy a 1BHK flat in Panvel has not gone down too well with his fans who worship him like God. ...

Sachin's luxury cars run on Surat roads Times of India

Want to meet Sachin? Here's how NDTV.com

What If Sachin had gone Back To Deuce? Keeda of Sports

gulfnews.com - Rush Lane

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Tendulkar the best Test cricketer: Strauss

indiablooms - ‎Jul 20, 2011‎

Dubai, July 20 (IBNS): England Test captain Andrew Strauss on this week's ICC Cricket World audio show has said that he believes Sachin Tendulkar is the best Test cricketer of all time. show which is a special celebration of the 2000th Test match. of ...

The Guardian (blog)

Lord's would be the perfect venue for Sachin Tendulkar's 100th century

The Guardian (blog) - ‎Jul 16, 2011‎

India's Sachin Tendulkar has scored 99 international centuries, but at Lord's his highest score is just 37. Photograph: Ian Smith/Action Images Occasionally the good and the great can tinker with fate. Sachin Tendulkar is as good and as great as any ...

The Hindu

Lewis wants Sachin's name on 2000th Test scorecard

Mid-Day - Sai Mohan - ‎Jul 13, 2011‎

Former England captain and Chairman of Marylebone Cricket Club (MCC) World Cricket Committee, Tony Lewis said it will be a shot in the arm for the sport as Sachin Tendulkar'sname adorns the scorecard of the 2000th Test and centenary India-England Test ...

Tony Lewis happy to have Sachin Tendulkar in the 2000th Test in Lord's ... bettor.com (blog)

Warning! Tendulkar and the Indians are here... the summer is about to get ... Daily Mail

India vs England: Approaching milestones NDTV.com

New Zealand Herald - Daily Bhaskar

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Live Tennis Guide

The Greatest sportsmen in History today: Roger Federer & Sachin Tendulkar

Live Tennis Guide - Kevin Jones - ‎Jul 19, 2011‎

Both the legendary superstars, Roger Federer and Sachin Tendulakar, who have met at the Wimbledon 2011 grand slam championship in the All England club in London, England, have entitled to achieve their respective ambitions. Sachin Tendulkar, the master ...

Sachin coaches son, runs biz in England

Hindustan Times - ‎Jul 3, 2011‎

PTI A new business venture and imparting batting tips to son Arjun are two things that Sachin Tendulkar is currently focussing on before he starts concentrating on the upcoming England series. The cricketer, who is in London with wife Anjali and ...

Sachin Tendulkar to train at Lord's Times of India

Busy Tendulkar juggles time between coaching son and business NDTV.com

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Indian Express

It's official: Sachin, Dhoni to take off on Sukhois

Indian Express - ‎Jun 30, 2011‎

The city will host two of India's iconic cricketers—batting legend Sachin Tendulkar and team skipper Mahendra Singh Dhoni — when they fly the Indian Air Force fighter jet, Su-30 MKI, from the Lohegaon Air Force Station. The Ministry of Defence (MoD) ...

Govt grants Dhoni, Sachin's wish of flying Sukhoi Zee News

WAGs of Indian Cricketers Bollywood Mantra

Indian Cricket 2011 - Sachin Tendulkar and Mahendra Singh Dhoni to fly Air ... bettor.com (blog)

Economic Times - Hindustan Times

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Usain Bolt's dream: To watch Sachin Tendulkar bat

Times of India - ‎Jun 25, 2011‎

In the absence of Sachin Tendulkar -- the one batsman he says he wants to watch, and Chris Gayle -- fellow Jamaican and his best friend in cricket circles, nothing about the Sabina Park inspired Bolt to turn up. A self-admitted cricket lover, ...

Bolt dreams of watching Tendulkar play live Rediff

Dream is to watch Sachin play: Bolt Times Now.tv

Usain Bolt pays tribute to Sachin Tendulkar bettor.com (blog)

International Business Times - The Hindu

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Deccan Chronicle

Sachin Tendulkar's brand new ride: A Nissan GT-R 530!

Indian Cars Bikes - ‎Jun 25, 2011‎

Cricket god Sachin Ramesh Tendulkar's Ferrari 360 was in the news just yesterday when the batting maestro sold off the iconic supercar to a Surat based businessman. Now, Sachin has already bought a brand new ride, a Nissan GT0R 530, which while packing ...

Sachin Tendulkar sells Ferrari received from Schumacher; invites wrath of fans ... Economic Times

Sachin sells car, keeps number plate Deccan Chronicle

Sachin buys a swanky new red Nissan Zee News

Black Friday Deals

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Sachin Tendulkar: a career in pictures

The Independent - Adam Davidson - ‎Jul 20, 2011‎

The much anticipate series between England and India begins tomorrow, bringing to these shores one of the greatest ever batsmen to play the game. Sachin Tendulkar is one ton away from recording his 100th Test century, a remarkable feat ...

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