OID‰‰†‰KOID‰‰†‰OID‰‰†‰MOID‰‰†‰C New Delhi, Saturday,January 11, 2003 Late City 22 pages Price Rs. 2 International India Times Sport US doesn’t need to see a Hindutva card will not East Bengal lift the smoking gun in Iraq to work in Himachal, Durand Cup for attack, says Powell Virbhadra tells BJP the 13th time Page 13 Page 6 Page 21 WIN WITH THE TIMES Pawar may Established 1838 part ways Bennett, Coleman & Co., Ltd. Funds can invest $1bn abroad The day India retracts with Sangma from its lofty ideals of By Ambikanand Sahay tolerance, so will the TIMES NEWS NETWORK diaspora from India. Individuals too can buy shares, companies allowed to put money in real estate By Priya Ranjan Dash New Delhi: Sharad Pawar — Shridath Rampa able property overseas for business or TIMES NEWS NETWORK You: Can invest abroad in stocks staff residential purposes. is extending an olive branch to the Congress on the one New Delhi: A foreign exchange-rich and Opening Up of firms which have 10% in an Corporate India will have greater free- NEWS DIGEST Indian firm. dom in some other capital transactions. hand and P A Sangma is per- outward-looking confident India on Fri- sisting with his anti-Sonia day allowed resident Indian individuals, The message: The BJP Govt The existing limit of $ 20,000 for remit- N Korea out of NPT: North Korea wants to be seen as connecting Companies: Can buy real tance under employees’ stock options Gandhi line on the other. It withdrew nuclear Non-Proliferation companies and mutual funds to invest in with the world and creating eco- estates and keep GDRs/ADRs programme (ESOP) scheme, will be done will not be a surprise then, if Treaty on Friday. The announcement stocks abroad and permitted non-resi- the two Nationalist Congress by the reclusive Communist state dents to take away up to $ 1 million from nomic conditions which will bring abroad. Mutual funds can invest up away with. Indian companies will have to $1 billion in stocks of foreign the “general permission” to retain pro- Party stalwarts part ways sparked alarm and condemnation sale of properties and other assets they the Indian diaspora back. soon. worldwide, but Pyongyang said it ceeds from American depository ratio may own in India. companies. Pawar says he is open to had no intention of developing nu- Why now? These reforms have (ADR) and global depository ratio (GDR) Clearly by design to send out a global the idea of a tie-up with the clear weapons and two of its diplo- been long pending, particularly as issues for meeting future foreign ex- message that India’s economy is growing What is capital account Congress. But Sangma has mats were holding talks with Wash- foreign exchange reserves have change needs. strong, Finance Minister Jaswant Singh convertibility: You can con- made it clear that his party ington’s former UN ambassador. grown. With $70 billion in reserve, The limits on trade-related loans and announced the relaxations in the current vert rupees into any other currency would not align with Sonia’s Mufti seeks fiscal autonomy: foreign exchange rules which place re- the government is more advances by exporters holding dollar ac- to buy shares and other financial party in any of the North- Jammu and Kashmir strictions on Indians carrying out capital confident than ever. A conference counts (export earners foreign currency Eastern states going to the chief minister Mufti transactions, investing in stocks or real of the diaspora is also the securities, purchase property and accounts) will be removed. These trans- polls. Mohammad Sayeed estate abroad. hold cash deposits abroad. actions will, however, continue to be re- He has been heard telling has asked the Cen- perfect forum. Essentially what Singh announced will ported to the Reseve Bank of India. his friends and followers that tre to provide fiscal enable individual resident Indian, Indian on an Indian stock exchange. tual funds can invest up to a total of $ 1 Although the finance minister made he would rather fight alone autonomy to the the announcement at a forum of Indian state to help it companies and mutual funds to buy This complicated formulation means billion and Indian companies can invest on the issue of people-of-for- achieve economic shares in companies which are listed on that you can buy stocks of over 200 up to an amount not exceeding a quarter Diaspora, most of the capital account re- eign-origin than dilute his self-reliance. P4 recognised overseas stock exchanges like bluechip overseas companies such as of their net worth. At present, Indian laxations are meant for resident Indians. stance against the Congress those of London, New York or Nasdaq. Unilever, BAT and Pfizer, which are list- mutual funds are allowed to invest only Only one of the measures announced president. HC quashes bribery order: The There is no limit on the amount you ed in reputed overseas exchanges and in debt instruments on overseas ex- by Singh will benefit NRIs: they are now Sangma even told one of Delhi High Court has quashed the can invest if you are a resident Indian, have each got over 10 per cent holding in changes. allowed to take away in foreign exchange his friends recently that he government order in a bribery scan- an amount of up to $ 100,000 from sale of was prepared to accept the dal for cancelling a deal with a local but you can only invest in stocks of a listed Indian companies Hind Lever, ITC Indian corporates, which have an over- leadership of Priyanka or manufacturer for supply of variable company which holds at least 10 per cent and Pfizer India, respectively. seas presence by way of branches and of- properties or other assets in India; the speed gears for Bofors guns, follow- of the equity of a company that is listed Unlike for individuals, all Indian mu- fices, will be allowed to acquire immov- limit will be enhanced ten times now. Rahul, but would never join ing its petition claiming that it would the Congress under Sonia. have saved the government nearly Rs 1,350 crore. Sanjay Sekhri Kanpur coldest: Kanpur city and Gilani is its adjoining areas experienced the Advani meets Naga leaders coldest morning on Thursday with the mercury dipping to zero degree finally a New Delhi: Top NSCN(I-M) minute meeting with deputy Pressed further, he said Celsius. This was the lowest mini- leaders on Friday said their prime minister Advani here. ‘‘For example, I have been mum temperature recorded here so organisation would neither They described the parleys born in Ukhrul (Manipur). far, local meteorological office participate in the coming as- as ‘‘very fruitful’’ and said My forefathers were also sources said. free man sembly elections in Naga- Advani’s response was “very born there. It is not the land Food ministry expands base: New Delhi: The Indian gov- land nor ‘‘interfere’’ with the positive”. of the Meiteis.’’ The food ministry plans to increase ernment on Friday moved a process. Asked about their demand Muivah said Mahatma the base of the Antyodaya Anna Delhi court to withdraw the ‘‘While the NSCN(I-M) for ‘‘Greater Nagaland,’’ Gandhi had also acknowl- Yojna by involving more people case against Kashmiri jour- would not interfere in the Muivah said ‘‘There is no edged that ‘‘Nagas had every under the project. P8 nalist Iftikar Gilani under election process, its cadres greater or lesser Nagaland. It right to be independent. We will not participate in the is the place of our natural declared our independence a Stratgic Forces chief: Air the Official Secrets Act, his counsel said. polls,’’ NSCN(I-M) chairman habitation....Our own territo- day ahead of India. When in Marshal Teja Mohan Asthana Isak Chisi Swu and general ry. We are asking nothing 1950, the Union of India was has been appointed the first com- ‘‘They (the government) secretary Thuingaleng Muiv- more than that or nothing declared, we were asked to mander-in-chief of the new have filed an application be- Strategic Forces Command to fore Chief Metropolitan ah told reporters after a 50- less than that.’’ join. The Nagas refused.’’ PTI manage and administer all strategic Magistrate Sangita Dhingra forces. P7 Sehgal for withdrawal of the case,” Gilani’s counsel V K Ghatkopar blast case: Police Ohri said. sources in Ahmednagar now say that the escape theory of the main But court officials did not accused in the Ghatkopar bomb comment on the issue. blast, Khwaja Yunus Sayeed, had a Gilani was arrested in lot of loopholes. P7 June last year for allegedly possessing sensitive docu- Lanka children join schools: ments about troop deploy- Sri Lanka’s peace bid has encour- ment in J&K. aged more than 75,000 children to The CMM has posted the join schools in the strife-torn north- matter for Monday as she did east, where only 40,000 to 50,000 new students enrolled each year not have the time to hear the during the civil war. P13 matter today,Ohri said. The move came as a sur- prise, as on Tuesday the by Laxman YOU SAID IT home ministry had opposed his bail plea and questioned the second opinion of Direc- tor General of Military Intel- ligence (DGMI) O S Lochab giving a ‘‘clean chit’’ to the Nadira Naipaul, wife of Sir V S Naipaul, asks Deputy Prime Minister L K Advani Kashmir Times journalist. a question during the Pravasi Bharatiya Divas conference in New Delhi In his second opinion on on Friday. December 12, Lochab had said the documents seized from Gilani, son-in-law of Hurriyat Conference leader Nadira gets an assurance Syed Ali Shah Gilani, were not classified as claimed by TIMES NEWS NETWORK unacceptable to the Indian tradition, the police.