The Delhi high court on Monday told the government that the homosexual trait in a human being cannot be termed as a ‘‘disease” and objected to the contention that if legalised, homosexuality would bring ‘‘devastation” to society.
‘‘Show us one report which says that it is a disease. A WHO paper says that it is not a disease but you are describing it as a disease. It is an accepted fact that it is a main vehicle that causes (AIDS) disease but it is not a disease in itself,” a Bench headed by Chief Justice A P Shah remarked in response to Additional Solicitor General P P Malhotra’s harping on the point that homosexuality was a disease that is responsible for the spread of AIDS in the country.

‘‘AIDS is already spreading in the country and if gay sex is legalised then people on the street would start indulging in such practises saying that the High Court has given approval for it. Legalising it would send a wrong message to our youth,” Malhotra maintained, at which HC took strong exception and said the matter (pertaining to legalising gay sex) was still under consideration and the Centre should not make such a submission.

‘‘Every citizen has the right to lead a decent and moral life in society and the right would be violated if such behaviour (gay sex) is legalised in the country,” Malhotra said arguing that an amendment in section 377 would mean subsequent tinkering around with marriage and divorce laws of each community as all have sodomy as a ground for divorce. The ASG claimed even section 375, which pertains to rape, would need an amendment to change definition of ‘‘consent” if homosexuality was legalised.

Read the rest of this entry »

Reserve Bank of India (RBI) continues its efforts to make money available to banks, mutual funds and businesses. Reserve Bank of India on Monday cut the repo rate - at which it lends overnight to banks - by 100 basis points (or one percentage point) to 8%, pleasantly surprising bankers and the stock market, which had expected it to be announced as part of the RBI’s credit policy later this month.

Given that the repo rate is also used to signal interest rates, the reduction - the first since 2003 - could translate into cheaper house loans, car loans and other consumer loans, bringing cheer to retail borrowers, consumers and businesses.Few banks like Union Bank of India have reduced home loan rates by 50 basis points to 11% on Monday. Other banks may also follow this.

Finance minister of India, P. Chidambaram on Monday said the repo rate cut would serve to moderate inflation by lowering interest costs. ICICI Bank joint MD Chanda Kochhar said the repo rate cut indicated an easing of monetary policy but the impact on deposit rates would need to be seen over time. Bank of India chairman T S Narayanaswamy said interest rates needed to come down to make lending more viable.

HOW REPO RATE AFFECTS YOU

WHAT IS REPO?
The rate at which RBI repurchases government securities from banks. In return, banks get cash to meet their short-term requirements. When RBI wants to signal to banks to lower interest rates, it reduces the repo rate.
WHY IS IT NEEDED?
Banks give long-term loans against short-term deposits. So, they need short-term funds to avoid asset-liability mismatch
IMPACT
Floating home loan rates, rates on other consumer loans may dip

Benchmark lending rates for companies may reduce

May usher in a lower rate regime if liquidity stays easy

Rates expected to come down

While RBI has reduced the repo rate, banks however feel that it doesn’t necessarily mean interest rates will come down immediately. ‘‘It’s too early to comment on whether interest rates will come down immediately. It’ll be difficult for them to come down in a big way. However, there are indications that rates might fall,” said Ashish Parthsarty, a senior treasury official in HDFC Bank.

Read the rest of this entry »

The employees’ association of the Reserve Bank of India (RBI), including officers and employees, under the banner of the United Forum of Reserve Bank Officers and Employees have decided to go on strike on October 21, 2008.

Employees have alleged that the withdrawal of the update of pension is a retrograde step since it is totally contrary to the decision of the central government to shower updation benefits both in salary and superannuation to millions of its own employees.

The other demands included grant of family pension at the rate of 30 per cent without ceiling in line with the central government scheme, computation of pension at an enhanced rate and improvement in pension scheme and gratuity consequent upon the acceptance of the recommendations of the Sixth Pay Commission report.

Read the rest of this entry »

The Indian currency rupee continued to fall against US$ on the Interbank Foreign market on Friday on sustained dollar demand from foreign banks following steep fall in equity markets amidst poor supply of dollars.

The rupee resumed higher at 48.70/71 per dollar as against the Thursday’s closing level of 48.83/84 in the early trade due to fresh selling of dollars from banks. However, it retracted downwards at the fag-end of the day at Rs 48.88/89, showing a loss of five paise, on renewed buying from banks on behalf of oil companies due to rise in crude oil prices.

The rupee moved in a range of Rs 48.56 and Rs 48.96. The Indian currency fell by 79 paise in last three days. The US dollar short-term funding costs eased for the fourth day in Asia on Friday, although stress remained in several local markets due to heightened counter party and term risks despite the cash pumped in by governments. Asian markets were mixed as worries about a slowing global economy kept investors on sidelines.

“Oil prices rose over $2 in Asia in a technical bounce on Friday, after falling below $70 for the first time in more than a year, on worries over falling demand,” analysts said.
Read the rest of this entry »

bush has only 3 months left as president, and he is likely to do something special and serious on on the global financial crisis. This news is not yet conformed by white house. President will discuss ideas to prevent such current financial crisis from recurring in the future.

Read the rest of this entry »

At least four people were killed on Thursday in a suicide blast in the town of Charsadda in northwest Pakistan. Two policemen are included in dead list. On same day Pakistan was celebrating their holy festival Eid-ul-Fitr.

Twin suicide bombings near Shiite mosques in Baghdad, Iraq killed at least 22 people and many are injured. We must mention that today is most famous festival of Muslims, Eid ul-Fitr.

According to Security officials, a suicide bomber blew himself up in Jadida, a Shiite district of southern Baghdad, killing 12 people and wounding 30.

In the second attack, a bomber slammed his explosives-filled car into an Iraqi military armoured vehicle at a checkpoint near a mosque in the nearby neighbourhood of Zafaraniyah.

Read the rest of this entry »

All public places across India will be no smoking zones from today.The ban has mixed response from smokers and non-smokers. However there was no very strict rules followed by police.