Confusion over Pak reply to dossier

Agencies

New Delhi: National Security Adviser M K Narayanan's disclosure that Pakistan has reverted to India with regard to dossier about Mumbai terror attacks appears to have generated confusion as External Affairs Minister Pranab Mukherjee has maintained that there has been no official response from Islamabad.

In a TV interview, Narayanan has said, "What I am aware of is that after the receipt of the dossier by Pakistan, the Pakistan government has reverted to us and asked number of questions to which answers are being provided.

I presume they are yet to receive replies to the second set of queries they have made.

" He added that "as far as we are concerned, we believe Pakistan is making an attempt to arrive at the truth" with regard to the Mumbai attacks. "Certainly they appear to be taking things seriously.

At least they are proceeding in a manner one would expect an investigating agency to proceed, asking questions and not accepting at face value everything that has been given, which is good news from our point of view." At around the same time the NSA's interview was being recorded yesterday, Mukherjee said in a statement that Pakistan had given no response officially to the Indian dossier.

"I would like to underline that we have so far not received any official Pakistani response to the Indian dossier or official information on the outcome of their investigation. These are awaited," Mukherjee had said.

SBI decides freezing loan rates at 8 cents

ENS Economic Bureau

Mumbai: Home loan rates are going further southward. Ahead of a meeting between chiefs of public sector banks and acting finance minister Pranab Mukherji on Monday, State Bank of India (SBI) has decided to freeze interest rates on all new home loans for a period of one year at 8 per cent per annum.

The new SBI rate is almost 175-275 basis points cheaper than the new rates of HDFC, the leader in the home loan segment.

The new scheme of eight per cent interest rate will be offered for loans availed between February 2 and April 30, 2009. According to SBI, interest rate will be reset after the freeze period to the same rate as originally applicable under the respective schemes. The benefit of the latest move will be available to SBI's existing home loan customers. Further, existing borrowers of the two home loan schemes - loans up to Rs 5 lakh and above Rs 5 lakh but up to Rs 20 lakh, called SBI Special Home Loan scheme - would also be given this rate for a period of one year. "The originally contracted rate will be applicable after the one year period," SBI said.

"For them (existing customers), there is a new product, the 'SBI Lifestyle Loan', a multipurpose loan to the extent of 10 per cent of their home loan up to a maximum of Rs 5 lakh at an interest rate of 8 per cent per annum for a period of one year," it said.

The latest SBI rates are cheaper than the existing rates in the banking industry. As part of a package, public sector banks, including SBI, had last month announced new home loans of Rs 5 lakh and less at a reduced rate of up to 8.5 per cent, while capping the interest rate at 9.25 per cent for loans of Rs 5-20 lakh to provide relief to the common man. HDFC had recently announced a 150 basis points cut in new loan rates under which amount up to Rs 30 lakh will have interest of 9.75 per cent and above Rs 30 lakh attract interest of 10.75 per cent per annum. Punjab National Bank on Friday reduced its prime lending rate to 11.5 per cent the lowest in the industry. It has also cut interest rates on retail lending schemes such as housing loan, car loan and personal loans.

PSU banks had earlier announced a limited period home loan loan package, which is valid till June 30, 2009. Under this, public sector banks will lend without processing fee or pre-payment charges. Besides, they will also carry the added bonus of free life insurance cover and an unchanged interest rate ceiling for the next five years.

Meanwhile, SBI has also announced a new package to ease the liquidity position for small and medium enterprises (SMEs). An additional working capital facility of 20 per cent of the fund-based limits will be given to take care of inventories of raw materials, finished goods as also delayed payments from their buyers in the current downturn at an interest rate of 8 per cent. The loan is repayable in one year.

The package

• All new home loans at 8 per cent rate for one year

• Even existing borrowers of two home loan schemes - that is loans of up to Rs 5 lakh and loans between Rs 5 lakh-Rs 20 lakh - will need to pay only 8 per cent

• Other existing borrowers can also borrow up to 10 per cent of their exposure subject to a cap of Rs five lakh at 8 per cent

• Interest rate will be reset after the freeze period to the same rate as originally applicable under the respective schemes

We are behind India and SA: Aussie media

Agencies

Melbourne: Adding salt to the wound after losing ODI and Test series against South Africa, Australian media said Ricky Ponting's side is languishing behind India and the Proteas in form and depth.

"Whether South Africa are ready for the No.1 ranking is irrelevant, because Australia is no longer on their level, nor India's. The crown is gone and Australia are languishing behind the other two nations in form and depth," said the 'Sydney Morning Herald'.

"Gone too is the killer instinct and ability to forge back-breaking partnerships when it matters most. Having lost the tri-series to India last season, Australia have been humbled this time around by a youthful and developing South African team," the report added.

The 'Courier Mail' added salt to the wound, saying, "Even the most optimistic now wouldn't expect Australia's ageing, sidelined stars to make a difference."

The 39-run victory in Perth on Friday saw South Africa dethrone Australia from the top of the ICC ODI championship table and the media was of the view that ageing Ponting's team was no longer a formidable match for developing teams like India, South Africa and Sri Lanka.

"India and the Proteas will fight it out with Australia for the No.1 ranking in coming weeks but where the foreign teams are rising, Australia have clearly fallen."

'Aussies crumble', a report in 'The Australian' read, "South Africa minus Makhaya Ntini and Dale Steyn were still too good for Australia."

'The Daily Telegraph' in its report headlined 'Humbled Aussies lose no. 1 rank' said the 4-1 series result was ample evidence of changing world order in the game.

Resign in 2 weeks, people tell Thai PM

Agencies

Thailand: Thousands of Thai protesters have given their Prime Minister Abhisit Vejjajiva two weeks to step down as his foreign minister was favouring royalist People's Alliance Democracy (PAD). They have demanded that the PM call elections within 15 days or face bigger street demonstrations.

Thai media said 30,000 supporters of the United Front for Democracy against Dictatorship (UDD) were at Government House, which was occupied for three months last year by the royalist People's Alliance for Democracy (PAD), a rival protest group.

UDD leaders told the crowd they did not want to cause trouble or storm the compound, suggesting there would be no violence.

Instead, they said they would deliver a letter telling Abhisit to sack his foreign minister for being a cheerleader for the PAD, prosecute PAD leaders for their occupation of Government House and Bangkok's two airports last year, and call new elections.

UDD leaders said more, larger street protests would ensue if Abhisit did not heed their demands within two weeks.

Police had positioned more than 5,000 officers around the compound in Bangkok's old town but, as with marches by the PAD, the police lines melted away in the face of the massed ranks of protesters.

Before the march, police chiefs said they would not use force.

Speaking to Reuters at the World Economic Forum in Davos, Switzerland, Abhisit said he had no problem with peaceful, legal protest.

"We respect their rights to demonstrate peacefully," he said. "It's fine if there's no violence."

Broadly speaking, the UDD oppose the 2006 coup that removed billionaire Prime Minister Thaksin Shinawatra. The PAD played an integral part in the putsch, as well as the political upheaval that put paid to two elected pro-Thaksin governments last year.

The UDD accuse Abhisit of being a stooge of the army and the PAD, a charge he denies. His foreign minister, Kasit Piromyas, was regular speaker at PAD rallies.

The march ends a month of relative calm in Thailand's three-year political crisis, which has distracted policymakers from dealing with an economy teetering on the brink of recession.

Analysts say the outlook for political stability remains bleak as long as the rift between Bangkok's royalist military and business elite, who accuse Thaksin of corruption, and rural voters who loved his populist policies, remains unresolved.

Hindujas keen on Satyam buy

Agencies

New Delhi: After engineering giant L&T and diversified group Spice Group, its now the turn of Hinduja Global Solutions to jump into the fray for acquiring the tainted Satyam Computers.

Company officials told that HGSL has sent a formal communication to Goldman Sachs, the newly-appointed investment banker for Satyam, saying that it is keen to participate in the bidding process as and when it starts.

The company has over 100 million dollars in books and if required promoters Hindujas would also chip in, the officials said. The Satyam board, which is meeting on February 5, is likely to take stock of such proposals.

Officials of iGate, which had earlier evinced interest, said the company would only be able take a call on sending the formal proposal after the restated financial figures are out. "Till then we would wait and watch," they said.

Meanwhile, an alternative asset management firm Kolbert Kravis Roberts and private equity firm Texas Pacific Partners (TPG) were non-committal on their interests in Satyam A KKR spokesperson said, "As a matter of company policy we never comment on enquiries or speculative market rumours of this nature." A TPG spokesperson also said, "We will have no comment here.

" Tarun Das, a member of the government appointed Satyam board had earlier said that many private equity players had approached the board of the company.

Maharashtra makes Marathi compulsory

Agencies

Mumbai: After studying education patterns in other states, Maharashtra government has decided to introduce Marathi as a compulsory subject in all non-Marathi medium schools from standard one to four in the state from the coming academic year.

At present, Marathi is compulsory in all state-run English medium schools.

Sanjay Kumar, Secretary (Sports, Education and Youth Affairs) said, "All other states have made their local language compulsory in their schools. Maharashtra is the only state which has not insisted on Marathi as a compulsory subject in all the schools. Students studying in Maharashtra should know Marathi."

Kumar informed that the decision to make Marathi compulsory in non-Marathi schools was taken after the department studied education patterns in other states. He also said that the proposal had been forwarded to State Education Minister Patangrao Kadam soon. Â

Kumar ruled out any political pressure for imposing this rule. In November last year, former chief minister Vilasrao Deshmukh had said Marathi would be made compulsory in all Urdu medium schools 'to ensure more jobs to minorities in government departments' and also because 'knowledge of Marathi is essential in the state.'

Khurshid Bari, vice principal, Bandra Urdu School said, "If a student is staying in Maharashtra, it is important for him to know Marathi because he should be able to converse in and understand the language. It is our state language and therefore it will be beneficial to make Marathi compulsory."

Gurudwara clash: Sikhs threaten stir

Agencies

Chandigarh: Condemning the attack on the Gurdwara during the encroachment drive by UT Administration, political parties and leaders of various organisation including SGPC and Damdami Taksal, have threatened mass struggle.

The administration had attacked the gurudwara and arrested some of the youths, implicating them under 'false' charges. Sikh leaders have compared this incident with 1984 invasion of Golden Temple at Amritsar.

"UT officials should apologise. The youths implicated in false cases should be released by evening. If this is not done, we will launch an agitation," said Sikh leaders.

Showing bullet holes in the gurudwara, President of the local unit of the Akali Dal Gurpratap Riar said that the drive carried out was an atrocity on Sikh community.

Former mayor and Akali leader Harjinder Kaur claimed that the action taken by the officials was not "right" and warned that if the people's demands were not met, a mass struggle would be launched.

Union Minister of State for Finance Pawan Kumar Bansal, meanwhile, termed the Administration's action as "wrong".

"The interference of the government in religious places will not be tolerated. If there was a problem, the officials should have talked to the management and then taken action," said Bansal.

BJP leader Satya Pal Jain echoed similar views. "The situation has been mishandled by the Administration. It is a sensitive issue that should have been dealt with maturely. The issue should be settled amicably without anyone showing false prestige," added Jain. BSP Convener Harmohan Dhawan stated the modus operandi followed by the Administration was wrong. "They just served a day's notice prior to the demolition. The situation went out of hand. I, along with a delegation met the Finance Secretary who has given 15 days' time. This could have been done before the issue gained such proportions," said Dhawan.

Pritpal Singh, head of the Gurdwara Gur Sagar management, meanwhile, claimed to have received calls from foreign countries as well as heads of other sects who, he said, are "ready for a struggle anytime". The Administration, meanwhile, issued a statement on Saturday claiming that there was only one small room at the time of acquisition of the area in 1999.

"Subsequently, the management encroached upon the adjoining government land. Recently, they started the construction of a residential block on the first floor consisting of 4 to 5 rooms," said the statement.

It added, "The enforcement staff of the Estate Office visited the site and asked the management to stop the construction. This was not done. Rather, stones were pelted at the staffers. The Administration is not willing to tolerate encroachments on government land."

Youths sent to judicial custodyA lower court, on Saturday sent the six persons, arrested after the clash, to judicial custody. The six - Harnek Singh, Satbir Singh, Simarpreet Singh, Gurcharan Singh, Harbhajan Singh and B S Sandhu - were arrested on charges of attempt to murder.