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Some magic at last!

There's magic, and then there's magic.

The real charm of the Harry Potter [Images] books, as any Pottermaniac will vouch for, is not so much in the fantastic spells the boy wizard and his friends learn at the Hogwarts School of Witchcraft and Wizardry, but the magic of human emotions.

You don't have to be a fantasy fan to like Harry Potter; the core of the books is closer to P G Wodehouse school stories than Tolkien. That's what the four films before Order Of The Phoenix failed to grasp.

There were special effects galore, but you didn't feel Harry's emptiness every time a school year ended. You didn't feel his goodness, and you didn't grow with him.

Don't Miss: The Magic of Harry Potter

As an unashamed Pottermaniac, I am glad to report that the fifth film changes that with a reasonable degree of success.

The film opens with a very well-shot episode of two dementors attacking Harry (Daniel Radcliffe [Images]) -- now a strapping young lad -- and Dudley Dursley (Harry Melling, not as portly as the books say, but doing pretty good).

And for the first time on film, you feel Harry's dread as he appears for the Ministry of Magic trial for just saving himself.

As all of you familiar with the book know, Order Of The Phoenix's story is about the magical word being split into two -- one half believes Harry and Dumbledore and the other believes the Ministry and its spin doctor, the Daily Prophet, who are out to make it look like Harry is a delusional fool and the Hogwarts headmaster a conniving, power-hungry wizard.

So an utterly horrible witch, Dolores Umbridge (played superbly by Imelda Staunton), is appointed as the new Defence Against the Dark Arts teacher by the Ministry. She wants 'order and discipline' in the school -- like 'boys are not to come within eight inches of a girl' -- and she wants the Hogwarts students not to learn any real magic, but mug up books.

With her cruel laugh and mannerisms, Staunton makes Umbridge almost as evil as the matron in that brilliant movie adaptation of that brilliant book, One Flew Over The Cuckoo's Nest.

There is more such excellent character acting, like Evanna Lynch as the eccentric Luna Lovegood. You feel sorry for her, just like you do in the books. Everyone thinks she's nuts, and no one wants to let go of a chance to play a prank on her -- like hiding her belongings.

Gary Oldman as Sirius Black shines too, and the bond between him and his godson Harry comes across subtly but clearly, thanks to some great work by Oldman.

Bellatrix Lestrange (Helena Bonham Carter) too is a welcome cameo.

Natalia Tena as Nymphadora Tonks is another example. She infuses magic into her character with about two minutes of screen space.

In contrast, the main gang -- Harry, Hermione (Emma Watson) and Ron and Neville Longbottom (Matthew Lewis) -- are not so consistently good, though they all have grown into better actors. Correction: Apart from Rupert Grint. He is the goofy, awkward, gangly and lovable Ron Weasley to the hilt.

Order Of The Phoenix is visually a treat too, with Hogwarts looking bigger and better -- as it should have all along. Yes, this is what the films should have been like, right from Philospher's Stone.

There are some superb moments like Harry and the members of the Order flying in formation over the Thames, and of course, the climactic showdown between Lord Voldemort -- Ralph Fiennes is evil embodied with just the way he holds his wand -- and the only wizard he was ever afraid of.

And there are a few moments when you feel the emotional quotient of the books -- like when Ron tells Harry, 'You don't have to do this alone, you know.'

On the downside, there is some bad acting too -- by Uncle Vernon (Richard Griffiths) and Aunt Petunia (Fiona Shaw), most notably. We all know how they fuss over their pig of a son in the books, but when he comes home nearly deranged after the dementor attack, their reaction is far from appropriate. Mrs Figg (Kathryn Hunter) too is a letdown.

There is no chemistry between Cho Chang (Katie Lieung) and Harry, and their much-hyped kiss is definitely not the highlight it was being touted to be.

And my personal grouse is that Fred and George Weasley, two of the finest characters Rowling has created, remain underused, despite their spectacular exit from Hogwarts.

Instead, it's director David Yates who shines with little touches that make a big difference. Like Ginny Weasley looking on wistfully as Harry focuses his attention on Cho.

Order Of The Pheonix is darker than all the previous films (thank god for that!) and moves out from the 'strictly for children' realm. This is adult territory, and delightfully real. The background score also moves up a notch, as do the photography and the locales. The editing, however, is a little jumpy in parts.

But like its predecessors, Order Of The Phoenix forgets completely to dangle unanswered questions in front of the audience, which the books do so tantalisingly.

The magic is also diluted by dialgue at times. You cannot feel the same empathy for Neville as you do in the books when you learn that his parents were driven mad by Lestrange with Neville himself revealing that (one of the many deviations from the book).

Ditto for the battle between Harry and Voldemort where Harry triumphs because he knows the value of love and friendship.

All in all, the fussiest of Potter fans will like this film, because it is a very good movie, and the best Harry Potter movie so far -- by miles.

But it could have been a great one. Sigh.

Rediff Rating:

Rowling to write eighth Harry Potter book?

For Harry Potter [Images] fans, this one's as tantalising a teaser as Albus Dumbledore smiling when he learns that Lord Voldemort has used Harry's blood to regain his body.

Author J K Rowling has said 'never say never' in response to a global campaign launched by fans to 'Save Harry.'

'It's not saying that she definitely is [going to write another book] and it's not saying that she definitely isn't. I cannot comment further,' a spokesman for the author was quoted as saying in newspaper reports, including in London's [Images] Telegraph.

The Magic of Harry Potter

All over blogs, discussion groups and fan sites, debate has been raging on whether Harry Potter will die in the seventh -- and what was mentioned by Rowling as the final -- Harry Potter book, Harry Potter And The Deathly Hallows, which will be published on July 21.

Popular theories trying to second-guess Rowling include Harry being a Horcrux (magical pieces of an evil wizard's soul) himself, and the two characters who will die being Hagrid and Hermione. But then, Rowling has been rather good at second-guessing second-guessers so far.

Harry Potter And The Order Of The Phoenix: Some magic at last!

The Save Harry campaign has been launched by booksellers Waterstone's who are arguing that there is a literary precedent -- the case of Sherlock Holmes.

Previously, Rowling has said that the Harry Potter story will end with book 7 (Deathly Hallows) and that she might write a spin-off book like explaining magical spells and creatures mentioned in the Potter books.

But to BBC in a recent interview, she also said, 'Never say neve

India Inc sits on Rs 3.5 lakh cr cash pile

What's the story behind India Inc's recent expansion and acquisition spree? Why have managements been so generous in handing out dividends?

Well, India Inc (excluding financial services companies) is sitting on a cash mountain of Rs 3,50,000 crore, nearly three times higher than Rs 1,25,000 crore at the end of March 2006.

Analysts say that retail offers a big opportunity and acquisitions are a way to grow rapidly; there is also the need to deploy this money gainfully.

In 2006-07, industry has declared a total dividend of Rs 40,000 crore and declarations are still coming in. In 2005-06, the dividend payout was Rs 42,300 crore.

The cash surplus figure has been swelled by cash profit of Rs 2,15,000 crore in the 12 months ended March this year, a whopping Rs 30,000 crore raised through public issues and no less than Rs 20,000 crore mobilised through foreign currency convertible bonds. Cash profit is the sum of net profit and depreciation.

Listed public sector undertakings alone have Rs 1,25,000 crore of cash profit and bank balance. The list is headed by oil giant ONGC [Get Quote], which declared a cash profit of over Rs 25,000 crore in the last financial year.

A sizeable portion of its money is parked with banks. "Strictly in keeping with the government's guidelines, we have a panel of 40 banks. All of them are Indian banks; there is no foreign bank on the panel. We have set exposure limits for each," said R S Sharma, the oil behemoth's chairman and managing director.

About new ventures that may be funded with this money, Sharma, who was confirmed by the government in this post last week, said he could discuss the issue after some time.

However, most of the cash with oil and gas companies is likely to get deployed in the next few years.

Amid expectations of a manifold increase in gas supplies over the next five years, ONGC, Reliance Industries [Get Quote], Indian Oil [Get Quote] Corp and GAIL plan to lay extensive pipelines. Over the next five years, 21,000 km of pipelines are likely to be added to the oil and gas supply network.

Then there are acquisitions. Tata Steel's [Get Quote] recent purchase of European steel maker Corus was funded by Tata Sons, the holding company of the group, which has received over Rs 1,400 crore in dividend over the last three years.

Tata Steel itself made a cash profit of over Rs 5,000 crore in 2006-07. Its software sibling, Tata Consultancy Services [Get Quote], declared a cash profit of Rs 4,100 crore.

TCS has been declaring dividends every quarter. Besides, it is funding nearly all its acquisitions, mostly small ones, through internal accrual. Money is also being used for capital expenditure. The rest is parked as liquid funds, such as in the money market.

Most of the other cash-rich companies are using the money to expand capacity or diversify. For instance, Reliance Industries, Bharti Airtel [Get Quote], Aditya Birla Group and RPG Group are making large investments in retail.

The cement sector also plans to expand capacity to cope with the growing demand from real estate, roadways and special economic zones.

Hindu priest awaits date with US Senate

Rajan Zed is eagerly waiting for the moment on July 12 when he would create history by opening the United States Senate session with a Hindu prayer.

"I am really excited and thrilled," Zed, who lives in Reno, Nevada said.

He plans to leave to Washington, DC on Wednesday with his wife Shipa and few friends. However, his son Navgeet and daughter Palkin would not be accompanying him as they are busy with summer camps.

Zed expects several Hindus at the Senate to witness the historic event since the formation of the Upper House in 1789.

"The Senate chaplain's office is coordinating the event. They have already sent the procedure for it," he said.

As per rules, the prayer should be in English. No foreign language is allowed. That is the standard practice, he said. It means the beauty of the chanting of the Sanskrit shlokas (hymns) could be lost in translation.

He is busy consulting others to decide about the prayer late Monday. He said he will decide about it in a day. For travel and stay in Washington, DC, Zed has to bear the expenses himself. As per rules, the chaplain's office will not pay anything.

Zed says he has been getting emails from far and wide.

"The Indian community in the US is very proud of it and supportive. It seems people in India are much more excited," he noted.

However, Zed does not reveal who facilitated the event and why he was selected when there are several Hindu priests in and around Washington, DC, itself.

Hindu prayers have been recited at the opening of some state legislative assemblies, including in Maryland and New Jersey, thanks to Indian-American legislators Kumar Barve and Upendra Chivukula, the House Majority Leader and Deputy House Speaker of the Maryland House of Delegates and the New Jersey House of Delegates, respectively.

Zed also delivered the first Hindu opening prayer in the Nevada state assembly this March, and in the state's Senate in May.

"But, it will be a great honor for Indians, Hindus, Nevadans, myself and my family when I deliver the opening prayer in the US Senate because I have been told that never has there been a Hindu prayer delivered in the US Senate since its formation," he said.

"I am so much looking forward to this honor for all of us as Indians and other religious minority communities because in my opinion, despite our philosophical differences, we should work for the common objectives of human improvement, love, and respect for others," Zed said.

When the Nevada assembly opened with a Hindu prayer, he started with Gayatri Mantra, the holiest of prayers from Rig Veda, the oldest religious text in the world.

He translated it as: 'We meditate on the transcendental glory of the deity supreme who is inside the heart of the earth, inside the life of the sky and inside the soul of the heaven. May He stimulate and illuminate our minds.'

Wearing saffron colored garb, a ruddraksh mala, and traditional sandal paste marks on his forehead, Zed then continued with the most quoted stanza from Bhradaranyakopanishad, Asato ma sad gamaya, tamaso ma jyotir gamaya, mrtyor mamrtam gamaya.

He translated it as: 'From the unreal, lead me to the real, from the darkness, lead me to light, from death, lead me to immortality.'

The last part of the prayer was a verse from the Bhagavad Gita. The translation was given as: 'You have the right to your actions, but never to your fruits of the action. Act for action's sake. And do not be attached to inaction.'

He concluded the prayer saying Om Shanti, Shanti, Shanti.

"Considering that only 500 Hindu families live in Northern Nevada, it was really a nice gesture and a great experience," Zed, director of public affairs of Hindu temple of Northern Nevada and public relations officer of India Association of Northern Nevada, said then.

According to the US Senate Web site, 'Throughout the years, the United States Senate has honored the historic separation on Church and State, but not the separation of God and State. During the past 207 years, all sessions of the Senate have been opened with prayer, strongly affirming the Senate's faith in God as sovereign lord of our nation,' it says.'

'Each day, when the Senate is in session, the Senate chaplain delivers the opening prayer before the Senate gets down to the business of lawmaking, which it shares with the US House of Representatives.'

'But occasionally, on the request of one community or another, particularly those from minority religions, guest chaplains are invited from across the country to deliver a prayer from their faith.'

The Senate chaplain's office states that 'the purpose of the opening prayer is to seek God on behalf of, and for the senators,' and 'the prayers should affirm our rich heritage as a nation under God.'

Zed said he was very active in interfaith dialogue in the region besides being director of public affairs and interfaith relations of the Hindu Temple of Northern Nevada.

An alumnus of Punjab University, from where he received his Bachelor of Journalism degree, Zed is also the public relations officer of the India Association of North Nevada.

He earned his Master of Science and Master of Business Administration degrees from San Jose State University in California and the University of Nevada, Reno, respectively.

He also serves on the governing board of directors of the Northern Nevada International Center, the board of directors of the Nevada World Trade Council, and last November was elected to the Office of General Improvement District Trustee of Verdi TV District in Nevada.

Zed is also a member of the citizens advisory committee of the Regional Transportation Commission, a member of the Reno police chief's advisory board and a member of the diversity action plan committee of Washoe County School District.

He has served as a member of the editorial board of the Reno Gazette-Journal, a Gannett newspaper, and as a member of the University of Nevada's Planning and Budget Committee.

Australia sends senior police official to India

Australia has sent a senior federal police official to India as part of its investigation against Mohamed Haneef who is under detention in Brisbane in connection with the UK failed terror plot.

"An Australian Federal Police officer has been sent to the home country of Gold Coast-based Dr Haneef," Federal Attorney-General Philip Ruddock said.

"I welcome the cooperation that has been provided to the Australian Federal Police," ABC quoted him as saying.

Police custody of the Indian doctor was extended till Wednesday by a Brisbane court.

Haneef, 27, has been in detention for more than a week without charge in connection with the investigation.

50 militants, 8 soldiers killed in Lal Masjid operation

Pakistani troops stormed the Lal Masjid complex in Islamabad early on Tuesday morning after talks with radicals to end the weeklong standoff broke down, triggering a heavy gun battle, which left 50 militants and eight soldiers dead.

Heavy gunfire erupted and loud blasts were heard as Operation Silence was launched at 4 am with commandos surrounding the mosque, where militants are believed to be holding 150 hostages, from three sides.

20 children escaped as the operation began and were taken in the care of security forces. Fierce fighting raged at the religious school and library in the compound where hundreds of women and children were believed to be present.

Deputy administrator of the masjid Abdul Rashid Ghazi and his supporters, believed to have taken shelter in the bunkers built in the basement of the mosque, are putting up a stiff resistance, Defence Ministry spokesman Major General Waheed Arshad told reporters.

"The militants are using small arms and grenades. They are in the basement," he said adding, "we are facing resistance from the basement. Such an operation could take three or four hours."

"According to my information part of the mosque has been cleared but heavy fighting was on in madrassa," he said.

The militants are believed to be armed with machine guns, rocket launchers, hand grenades and petrol bombs.

Fifty militants and eight soldiers were killed during the operation, the military said.

As the explosion began rocking the besieged mosque complex, Ghazi spoke briefly to TV channels and blamed the government for the failure.

Ghazi said he was ready to leave as suggested by the government, but at the same time insisted that clerics and media should visit the mosque complex to prove his claim that no foreign militants or heavy weapons were there.

State-run PTV said there was direct to direct confrontation between commandos and militants.

"It is the final push to clear the mosque of armed militants," Arshad said.

He said he has no information about the claim of Ghazi that his mother has been killed. Asking the residents of the capital not to come out or go on to their terraces, he said they could be hit by shrapnel and stray bullets.

He said estimates are that about 200 to 300 militants were holed up in the complex and the troops hope to finish the operation as early as possible.

Emergency has been declared in all the hospitals in Islamabad and nearby Rawalpindi and doctors and other medical staff were kept on standby before the operation began.

The operation was launched as soon as ruling Pakistan Muslim League-Q President Shujaat Hussain in a brief nationally televised press conference said talks to find out a peaceful solution to the standoff had failed.

Hussain said he was never disappointed so much in life that an agreement could not be reached even after the government showed maximum flexibility.

Earlier reports said the government had discussed providing a safe passage to Ghazi, his family as well as others and confine him to house arrest in his native village in Balochistan.

The operation came at the end of a seven-day standoff during which over 1,300 boys and girls holed up in the madrassa surrendered. The government has accused Ghazi and militants of holding a large number of women and children as hostages to use them as human shields.

Government has said that several foreign militants, perhaps belonging to Al Qaeda [Images], were holed up. President Pervez Musharraf [Images] himself said militants of Jaish-e-Mohammed were also holed up there.

Officials said that militants appeared to have taken control of the mosque and the leadership from Ghazi.

Tanisha denies engagement

In a turnaround of sorts Unnale Unnale girl has denied all reports/rumors that she is engaged to Uday Chopra. This comes more than two weeks after very believable sources had reported the engagement of the starlets. In all fairness, this denial seems very delayed considering the extent to which this news was covered by the media.

However, Tanisha was very candid in stating that there was no such thing and that she did not have marriage on her mind at the moment. She was quizzed when on the sets of a movie she is doing opposite Upen Patel.

Dasavatharam – Kamal gets Tsunami flu

Looks like the 10 roles for Dasavatharam aren’t going down easy with Kamal’s health. The actor suffers a flu fever since he had to enact a Tsunami victim. Which means Kamal had to be in the artificially erected Tsunami set for a week. An artificial sea is recreated for this purpose in the Mahabalipuram area where Dasavatharam is progressing day in and day out.

Kamal refused to take a break owing to his flu despite loads of advices from the director and producer. The agonizing actor withstood the intensity of flu and was seen in the Tsunami sets for a week until the shoots were okayed.

Now if anybody needs inspiration on dedication and hard work, you know where to look for.

Ajith proves his reach

Actor Ajith shot to stardom very early in his career and there's no denying the fact that sky is his limit. If you thought that he is an icon among the youth, think again! An episode, which happened recently in Chennai, bears testimony to the fact that he is a hot favourite among children too.

An adventurous threesome from Trichy, students of 4th standard, was out all by themselves, to meet their favourite star Ajith. The students were found at a bus stop in Vadapalani by the police during the night patrol. During interrogation by the Assistant Commissioner Sethu as to how they landed in the city, the students - Hameed, Sirajuddin and John Badshah - said that they travelled ticket-less all the way from Trichy and arrived at the Egmore railway station from where they boarded a bus to Vadapalani. The students were caught when they were in a fix not able to find Ajith's house. Later, the students were handed over to their parents.

China, Russia beckon medical students

Medical education in foreign countries has come as a boon for many for whom the doors have been closed in India

Opportunities galore: Students unable to make it to medical colleges in India are now heading towards China and Russia to pursue medicine.

If Telugu children are not admitted in a medical college the tendency among the peers and relatives is to brand them as not-so-intelligent. In a State where parents’ only dream is to see their wards in medical colleges to gain respect in the society, the huge gap between demand and supply has always been worrying. For the one-lakh odd candidates who try their luck not more than 3,000 realise their dreams.

But the scenario has been changing. Pursuing medical education abroad, if the doors are closed in India, is no longer the prerogative of rich children. Medical education in foreign countries has come as a boon for the middle-class parents who just could not afford the exorbitant fee structure in private colleges.

If it was the erstwhile USSR that caught the attention in the 90s, this decade has opened more options for them in the form of China. With more than 6,000 Indian students and of them nearly 50 per cent of them from Andhra Pradesh, the medical degree from across the Great Wall is in great demand after the medium of instruction was changed to English.

Medical colleges in Russia too continue to attract on their proven track record and the low fee structure. While management seats in India cost no less than Rs. 40 lakhs in some colleges, a Chinese or Russian package comes at Rs. 10 lakhs to Rs. 15 lakhs, inclusive of entire course tuition fee, hostel fee and living expenses.

“The quality of medical education in China is world class and students need not have any apprehensions,” says S. Jaipaul Reddy, Managing Director, St. Joseph’s Consultants Pvt Ltd that admits students to nearly 15 Chinese Medical Universities.

Better equipped

According to Mr. Reddy Chinese medical colleges are better equipped then most of Indian medical colleges with Government spending $2 billion for 50 selected Government medical universities to make them best in the world by 2011.

Agrees V. Rajaram of Medico Abroad that sends aspiring medicos to five medical universities.

“The attraction is not just lower fee but the hassle free admission procedures and followed up guidance of students,” he says.

“It makes sense as students can concentrate on studies,” Mr. Rajaram says. Parents are constantly informed about their wards’ academic records and the life there.

“Hostels for foreign students are built with three-star facilities within the campus thus assuring safety,” he says.

MCI team visit

The visit of a team from Medical Council of India (MCI) last month to Chinese medical institutions can be seen as an indication of growing importance of Chinese medical education.

The team studied the infrastructure also interacted with Indian students to get a first hand feel of the situation.

With regard to Russia, Ravichandran, Managing Director of Chennai-based Study Abroad says, “Russian educated Indian students are practicing successfully world over. We alone sent 2,500 students so far.”

MCI has recognised nine medical universities in Russia apart from other erstwhile USSR countries and of these eight offer English medium instruction.

Students seeking admission in foreign medical colleges necessarily have to register with the Medical Council of India (MCI) giving details of the university and personal.

Without that certificate they would not be allowed to appear for the Screening Test after coming back to India.

he test is mandatory for every foreign educated Indian medico to get registered for practice in India.

Validity

In India, the MBBS course is of four-and-a-half-years duration excluding the one-year compulsory house surgeon term to be completed by them after obtaining the degree.

However, in case of students pursuing MBBS from China, duration of study is not specified.

MCI considers the following criteria in determining validity of degree.

The undergraduate medical degree being pursued should be equivalent to the MBBS degree in India.

The degree must be recognised by respective Ministry of Education of the Provincial or Central Government.

Another season of discontent

After the CET was abolished, the process of admission to professional colleges is again mystifying to applicants.

Testing times: CET is gone and the engineering admission process has not become any easier.

Tamil Nadu was known for its systematic and scientific system of admissions to professional colleges over the years. After scrapping the earlier marks+interview system, the State introduced the well-planned system of Plus- Two marks + the Common Entrance Test (CET), followed by a Single Window System of admissions through counselling sessions. It was the envy of other States, which soon followed suit. The whole process was computerised, transparent and well settled.

Among the political parties, there was a gnawing feeling that rural students could not get their due share of seats in this process. Because of the access to special coaching and tuition classes, students in the urban centres appeared to be doing much better, especially in the CET. And this added value to their overall marks. While reducing the marks in Maths, Physics, and Chemistry (for Engineering admissions), and Biology, Physics, and Chemistry (for medical seats) to 200, and adding on 100 marks for CET, students were given a total of 300. Once the applications came in, a merit list of ranking of all applicants was made and they were called for counselling in four centres — Chennai, Coimbatore, Tiruchi, and Madurai. The admissions were granted across the table on the networked computerised system.

When year after year, it became clear that boys and girls in rural areas and educationally backward regions of the State could not get into the best colleges and courses, the State Government decided to tinker with the system. A rural quota was introduced, but struck down by the court. In the earlier regime, a move to scrap CET was disallowed by the court. But the present administration not only introduced an amending legislation, but also offered a “normalisation process” of marking to ensure that students from all streams of education — State and Central boards, in addition to others — could be ranked on a common pattern. In other words, to neutralise the advantage that State board students got in terms of higher marks, boys and girls from the CBSE for instance will be marked up to a uniform standard using a formula.

Despite these steps and the expert committee recommendations to ensure a smooth admission process, confusion persists in the admissions this year too.

First: There are bound to be several students with the same cut-off marks, making it difficult to rank them. So, the Government came up with a rather controversial arrangement that will, in the case of a tie in marks, take into account the marks in the optional subject, the date of birth (giving preference to the older candidate), and if everything else is the same, draw lots for the seat. This has caused disaffection among students and parents alike.

Second: The private self-financing colleges challenged the Government Order on the surrender of seats to the government quota. Last year, there was an agreement that non-minority colleges would surrender 65 per cent of their seats to the Government, and keep 35 per cent for their management quota. Minority institutions will give up 50 per cent. The Government decided to retain the same formula this year, but the colleges challenged the move. The High Court has upheld the Government Order, but the issue has not been settled, as the managements seem determined to fight this to the end. There is also the question of whether a counselling procedure needs to be followed for admissions under the management quota.

Third: Capitation fees for the management quota seats has remained a ticklish and controversial issue. Political parties have flayed the Government for not cracking down on these institutions and eliminating the system of charging exorbitant fees. The Government on its part has made it clear that it is ready to crack down on any institution if there is a complaint.

That remains an issue to be resolved. Which parent or student will complain that a college asked them to cough up Rs. 2 lakh or more for a premium seat? Nobody was forced to “buy” that seat. If a student wants to gain admission into the Computer Science, Electronics and Communications Engineering, or Information Technology branch in a reputed college, there is a price to pay. If he or she is not sure of getting the seat through the government quota, then the management quota remains the only option. So they “book” their seat paying anything from Rs. 50,000 to Rs. 8 lakh, depending on the college and branch. The rate for medical seats climbs much higher as there are very few seats on offer.

Fourth: Even on the CET, the issue has gone up to the Supreme Court. As the apex court has made the CET the basis for admission in at least three of its judgments on the question, it remains to be seen how it will deal with it when the substantive issue gets argued in due course.

This year of course, admissions will go on without a CET. At the end of the admission season, anywhere from 12,000 to 20,000 engineering seats remain unfilled, most of them in colleges where students do not want to study, or in courses that may not be attractive to them. This will continue in 2007-08.

Small cars, big challenges

When Ratan Tata announced his intention to manufacture and sell a car at Rs. 1 lakh ($2,300) by 2008 few would have foreseen the diverse reactionsfrom the global auto industry. Initial reactions ranged from scepticism to downright disbelief. However, across the globe, the concept has received powerful support. Carlos Ghosn, the head of Renault-Nissan, has endorsed the idea, not just for India but for the European market too. Within India, there is plenty of excitement as to what their collaboration with the Mahindras would lead to _ a car costing around $3,000!

The small car proposition turned conventional economics on its head. After all, a big car contributes more to profits than a small car.

The only way a focus on small car will yield profits is by chasing volumes. For a market like India’s that may not be a viable option for new entrants. That in any case was the logic that must have deterred Ford and General Motors from developing an ‘India specific’ car when they set up plants in India in the mid-1990s.

In India, cars are distinguished from one another in terms of price-points _ A, B, C and D. Since the mid-1980s, Maruti has been the dominant player in the small car segment.

(For a long time, in fact, Maruti gave Indian customers their only modern car in its 800). The Tatas’ announcement suggests that a car below the A segment _ a 600 CC car at a previously unheard of price tag _ is on the way.

There are other established manufacturers in India _ Honda and Maruti _ which have publicly stated their intention to stay away. The thrust of the Tatas’ message is not on challenging anyone to match them in the selling price of a small car.

The issue is really one of efficiencies; in this case, of using what Mr. Ghosn calls Indian engineers’ penchant for frugal manufacturing and management practices.

India’s low cost manufacturing facilities have also attracted investments for supplying cars to the global market.

Ramp reflections

Models Apoorva Vishwanathan and Rohini Mariam Idicula share behind-the-scenes ramp musings with Shilpa Nair Anand

Sitting pretty Rohini Mariam Idicula and Apoorva Vishwanathan prior to the fashion event in Kochi

Chatting with Apoorva Vishwanathan and Rohini Mariam Idicula dispels those clichéd notions about models being dumb and all that. These are girls who have very clear notions where they are headed, and what they are doing. One was a semi-finalist at Channel V’s ‘Get Gorgeous’ contest and at L’Oreal Elite Model Look Of The Year, 2006 she was Miss Photogenic, the other is the reigning Miss Kerala. If ‘Get Gorgeous’ was more of a stiff competition then Miss Kerala was tougher given the conservative attitudes, both the girls impress with their attitudes, not just the way they look.

All work, no play

“A contest like ‘Get Gorgeous’ is tough, it is really a stressful situation to be in. Right from the moment you wake to the moment you call it a day, ready for bed it is one hectic schedule. It is not easy, you are working out, attending grooming sessions, makeup…the whole works,” says Apoorva, giving a peek into the crazy world that modelling is. Apoorva is a ramp model and has also modelled for Pantaloon and Wipro. Rohini agrees, “For a week before the contest, all the participants are put through a week’s grooming and it is rigorous. There is not a moment’s rest. Right from 6 in the morning to 11 in the night, it is one after the other without any respite.” Rohini too has walked the ramp, in fact she participated in the Delhi Fashion Week, she was one of the models for designer Deepika Govind. Getting brickbats for participating in a fashion show or contest is easy but participating is not. “It is about your attitude and how you project yourself. You have to compete with 25 other girls, and also convince those who are judging why you should win. It is not just about the confidence you have, but also what you project,” says Apoorva.

“Besides (a fashion contest) this is not just about winning, it is about so much more liking meeting people, new experiences. You discover things about yourself – makeup, dressing – etc and the way you do things,” says Rohini.

It’s a catty world?

Remember all those images of models baring their nails backstage, all set to claw each other? After all it is a catwalk. “Not really,” chorus the girls. Both the girls launch into a defence of their colleagues/friends/compatriots (call them what you will). “We are all good friends, in fact we (the Miss Kerala contestants) keep in touch on Orkut. We call each other up and basically keep in touch,” says Rohini to which Apoorva agrees. “The cattiness is not malicious, it is just that they cannot cope with the losing or the fact that things are not going their way and that nastiness is just their way of dealing with the disappointment,” says Apoorva. But that not affect their off-the-ramp camaraderie.

There’s more to life than cinema

Although these two are passionate about their professions, they are clearly focused on what they want to do in life.

Apoorva agrees and acknowledges the fact that age is a factor in her profession, “Of course, the ticking and the clock is there but I want to make the best of the time that I have.”

The Bangalore-based model has plans to move to Delhi which is the (or at least one of the) fashion hubs of the country. “I feel I have better prospects in Delhi as so much of work is happening in the fashion industry there.”

Rohini who is a student of law has her priorities right, “I am not going to compromise on my education for anything, even modelling. So far I have been able to carry both along and though it has been hard I intend to do it no other way.”

Modelling is not the beginning and the end of the world. Rohini is very conscious about what is going on around her.

She is a member of MAD, Make A Difference, she gives tuitions besides doing a number of other things.

The same goes for Apoorva who is a member of Compassion Unlimited Plus Action (CUPA) and an animal lover. This vegetarian does her bit for the cause of animals as well.

Physical labour or call it exercising

Being a model is hard work, or rather a hard workout for Rohini, “I exercise five days a week, no matter what. Initially it was sheer drudgery but now I thoroughly enjoy myself.

After all it is about enjoying what one is doing. I go for a jog as well,” says this fitness freak who has a well toned body to show for all the sweat. Apoorva, however, thanks the One above. “I do not workout, I have been blessed with a good body. But I guess in time I will have to start,” she says.

Every li’l girl’s dream

There was a time when little girls wanted to be doctors or an engineers or IAS officers, but now most little girls want to be a Miss Universe or at least a Miss World. “It is quite nice, cute really,” says Apoorva.

“I know of kids who tell me that they can walk like me (catwalk) and they do quite a good job as well, but I tell them glamour is alright but one needs basic elementary education and there shouldn’t be compromises on that,” says Rohini.

The girls were in the city for Josco ‘Fashion Mantra’ organised by the event management company Kamikazee.

How to choose your MBA programme

Sandeep Shah will pursue his MBA at the University of Chicago.

'Teamwork, leadership and analytical abilities are what I will gain from the University of Chicago. With 35% international students, my education at UC will be invaluable.' says Sandeep.

He, like many other students, is now in the process of deciding which school to attend.

If you find yourself in the same situation, think carefully.Your two or four year tuition investment and time are at stake. It's in your best interest to review certain criteria before finalising on your school of choice.

Self-analysis

One of the most important things you can do is self-analysis. After determining what skills you want to develop, ask yourself the following:

• Is the length and program structure right for me?
• Is the course content what I am looking for? (area of specialisation)
• Will this program help me achieve my career objectives?
• Will I get a good job?
• Is this program ranked and accredited?

Many MBA programs are geared towards general management while others offer specialisations in finance, accounting, international business and so on. Skills and knowledge of the business world are constantly changing and hence it's better to opt for a program which regularly updates its courses and curriculum.

The teaching method adopted by the school is also an important factor to consider. Know the difference between the case-study approach and the 'theoretical' approach. Some MBA programmes have intensive tests while others do not have tests at all.

Many students prefer torture to weekly tests. Says Dartmouth College's business school, 'At Tuck, our approach is innovative yet practical. The curriculum is as flexible as it is focused. Our faculty of respected scholars is accessible, involved, and dedicated to teaching. Our students are bright, accomplished, diverse, and down-to-earth.'

Even MBA programme directors expect students to be focused in their career goals and know what they want from the MBA programme. 'We are looking for students who know what their career goals are.' says Stephen Chambers, Oxford University.

A word about rankings

There are several rankings such as ReportED, Financial Times, Wall Street Journal and so on. While students can consult these rankings while deciding on their MBA programmes, it is worthwhile to note that rankings should be used as a subjective criterion and should not be used as an ultimate measure of whether or not to attend a business school.

To find more information on the programme, go straight to the horse's mouth. Query alumni and students currently at your prospective university about the programme you are interested in.

Thesis or work experience?

Many MBA programmes require a major paper, called a thesis. This paper ascertains that you have an accepted level of mastery of your field. Some programmes offer the option of an internship and thesis.

Check to see if your MBA programme has a thesis or internship requirement and whether it allows you the flexibility to choose between the two. If you have less work experience, you may just want an MBA programme that allows and requires an internship.

'I am looking for a part-time MBA as I don't want to quit my job in this economy. I need a weekend programme or a programme that allows maximum flexibility in terms of time commitment. Hence, Arizona State University is my best bet' says Mohit Bhatia, an engineer at Honeywell [Get Quote] International, Arizona.

Narrow down your career choices and be sure that you know which industry you would like to work in. Be practical and ask yourself if you can afford the two year investment and remember that you will be losing your earnings for the two years that you are studying at a business school.

How do I choose my MBA programme?

There is no right or wrong answer to this question. There are many factors to consider in selecting an MBA programme, but your primary consideration should be how well it fits your needs and aspirations.

Don't just be intrigued by the three mystical letters � M, B and A. Know why you want to pursue an MBA degree, what your career goals are and whether a particular MBA programme will help you achieve them or not.

You are about to embark on a path which will change your life. Choose your path wisely.

For 'wow' hair in the wet season

Amway India recently launched a specialised range of products for monsoon haircare, known as 'Satinique'. From shampoos to a hairmask, all the products replenish the ceramides and proteins that your hair tends to lose during the wet season.

Designed to keep your mane in top form, the Satinique range consists of the following:

~ Satinique Advanced 2-in-1 Shampoo & Conditioner: This dual-action product cleans and conditions in a single step, and moisturises your hair.

~ Satinique Advanced Moisturizing Detangler: This is a conditioner-cum-detangler that smoothes out your mane and makes it easy to style. It moisturises the hair, and replenishes natural protein.

~ Satinique Hair Rejuvenating Masque: The hair masque helps repair rough, damaged hair, making it stronger, keeping it well-moisturised, restoring lustre and replenishing natural lipids. In fact, research shows that one-time usage also benefits weak strands.

~ Satinique Advanced Dandruff Control Conditioning Shampoo: This shampoo that rids your hair of dandruff and prevents your scalp from itching and/ or flaking. It has a gentle cleansing-moisturising action and can be used on a daily basis.

All the above-mentioned Satinique haircare products cost Rs 349 per 250 ml bottle. However, as with all Amway products, they are only available from Amway distributors.

Fashion funda for the day

If you're one of those ladies who loves accessorising, this bracelet will make the ideal addition to your costume jewellery collection.

Made of quaint wooden squares interspersed with both blue glass and metal beads, it is the perfect thing to wear either to college or for a night out -- the neutral colours will not clash with any outfit you have on. The best part is, accessories like this are always in style.

So where can you make a similar purchase? The answer is everywhere! In the city of Mumbai, look for these bracelets at roadside stalls on Colaba Causeway, and at Hill Road in Bandra; in Pune, M G Road is the place to go and in Delhi, head to Connaught Place or the M-69 Market. As for the price, a quality piece costs around Rs 240.

And oh, tourists are always buying up these bracelets by the dozen, so if you run out of luck finding them at one stall, try another, or then visit again after a few days.

Harbhajan impresses for Surrey

India discard Harbhajan Singh [Images] impressed on his first outing for county team Surrey by picking three wickets to help bundle out Durham for a paltry 191 in the first innings of their four-day County Championship Division One match at the Oval in London [Images].

Harbhajan, ignored for India's ongoing tour of England [Images], captured three quick wickets with some controlled off-spin as Durham were dismissed for their lowest first innings total since August 2002.

Surrey's bowling spearhead Matthew Nicholson also took three wickets after Durham elected to bat on Sunday.

Wicketkeeper-batsman Phillip Mustard (70) was the only one to cross the half-century mark while captain Dale Benkenstein was the second highest scorer at 26 for Durham.

In reply, Surrey were 198 for 6 in 56.2 overs at the close of play. Stewart Walters (70) hit a half-century but was out in the last over of the day.

Federer, Nadal spark contest at last

It took 13 matches and more than three years to come alive but on Sunday Roger Federer [Images] and Rafael Nadal [Images] finally produced a riveting battle that proved a genuine rivalry in men's tennis is now established.

Before Sunday's Wimbledon final, the duo had locked horns 12 times, with Nadal emerging the victor on eight of those occasions.

• Wimbledon: Images from the men's final

While two of their previous matches had gone to five sets, none had been on the Grand Slam stage.

Sunday's three-hour 45 minute classic changed all that.

"I win my share. He wins his. It's a good rivalry, I think," world number one Federer said after he beat his Spanish bogeyman 7-6, 4-6, 7-6, 2-6, 6-2.

"We've been at the top for over a hundred weeks together. It is like building up to one of the great rivalries.

"But we sometimes haven't lived up to the expectations in the past, in our matches in majors especially. I think that was maybe a bit of a problem.

"But you can't always play five set match thrillers. I'm happy it happened today. I left as the winner. Was perfect."

Since Federer is only 25 and Nadal is four years younger, the duo's rivalry could go on for years.

They have now contested four of the last six Grand Slam finals and are split at 2-2. While Nadal has denied Federer the French Open crown over the last two years, the Swiss has quelled the fire and fury of Nadal on his favourite turf at Wimbledon over the same period.

Fans would love to see more five-set thrillers between the two but Federer is relieved that at least this time, he emerged triumphant and joined Bjorn Borg as the only men to have won five successive Wimbledon titles.

"It's my first Grand Slam final where I won in five sets. That obviously alone is going to get emotions out of you because you're drained towards the end, you know, mentally and physically.

Sack me if you can, Kapil dares BCCI

Former captain Kapil Dev [Images] has dared the Board of Control for Cricket in India to sack him from the chairman's post at the National Cricket Academy (NCA) for his alignment with the rebel Indian Cricket League.

Kapil earned the Board's wrath by joining Essel Group's ICL as the chairman of its Executive Board and the BCCI, in its recent Working Committee meeting, decided that no individual would be allowed to be with both the parties at the same time.

BCCI shot a letter to Kapil asking him not to align with the ICL, but the former all-rounder is unperturbed.

"I have already sent my reply to them," Kapil told Aaj Tak news channel.

"They can remove me from the NCA if they want to," said a nonchalant Kapil.

"They only wanted me to contribute to the game of cricket and when I am doing so they cannot challenge me. If I can do something for the game and the young cricketers through Indian Cricket League, I will not budge," he asserted.

Recently, former stumper and ex-chairman of selection committee Kiran More resigned from the secretary's post at the Baroda Cricket Association to join the ICL board.

Kapil is also aghast at the BCCI decision to stop pension to former players who align with the ICL.

"I did not go to them asking for pension and if they want to stop it, what can I do? Let them stop it," said country's lone World Cup winning captain.

Asked if he should have asked for BCCI's permission before joining ICL, Kapil said, "I don't need to ask the BCCI for every small thing."

Kapil is clueless as to what made BCCI see a potential rival in the ICL and target those associated with the league.

"Why do they see ICL as a parallel or rebel body? The BCCI is trying to promote the game in India and if somebody else is pumping in more money why is it a problem with them?

"This league can help the BCCI only. This can help Indian cricket and shape so many careers. What is BCCI's problem?" he asked.

BCCI secretary Niranjan Shah, however, made it clear that former players like Kapil would have to make a choice.

"We have decided not to recognise ICL in our Working Committee meeting as no state association was in its favour. We don't want to promote anybody who wants to be a parallel body. We have a policy and there will not be any rethink on this," Shah told the channel.

A few months back, the Essel Group had launched the ICL with much fanfare, announcing that some top names of world cricket would take part in it. Speculation is rife that legends like Brian Lara [Images], Shane Warne [Images] and Glenn McGrath will join the league that promises a huge prize money.

Giles comeback dependent on long-term health

England [Images] left-arm spin bowler Ashley Giles, recovering from a third hip operation in 18 months, must decide whether to risk his long-term health with another comeback.

Giles, his country's number one spinner from his debut in 1998 until Monty Panesar's [Images] emergence last year, believes he is still good enough to play for England but is aware of the danger of further injury.

"I'm in constant touch with surgeons and medical people on my condition about what the long-term implications would be if I went back to cricket," Giles, who has taken 143 wickets in 54 Tests, told Reuters in an interview.

"It's very difficult to talk about at the moment because cricket is what I do and what I have done for 20 years almost. It's great to keep going and say 'I'll be fine' but the chances of a recurrence are very high and I can't keep going through operations.

"If it's felt that this will do me (long-term) damage then I will take that advice and use it because I certainly don't want to be looking at hip replacements in the near future."

Giles, speaking in Birmingham where he was attending a 'Chance to Shine' initiative aimed at developing more cricket in schools, said he was four weeks off running again and three months from playing again.

ASHES SELECTION

The Warwickshire player was controversially selected ahead of Panesar for the first two Ashes Tests in November and December after missing a year of cricket due to the original injury. His hip gave way again at the start of the English season in April.

"Last year I had a light at the end of the tunnel to aim for which was the Ashes and I don't have that this year so it's become a lot harder to battle on through.

"The latest injury was a shock as it was a new injury in the same hip. I tore a cartilage in the centre of the hip and it was an absolute kick in the teeth. I was aware straight away that it was something quite serious because it just didn't go away."

He will watch England in the series against India and admire his successor at work, as Panesar has risen to number six in the Test rankings.

"It's great, he has done really well in Test cricket," Giles said. "It's been brilliant for the team because he has helped England win games."

8 tips to make best use of your bank

There was a time when using a bank was simple. You opened a savings account, mostly with cheque facility, your deposit earned you some interest, and that was it. For anything else, you had to go over to the branch. If you were charged for anything, it was there for you to see.

Today, more than a decade after the sector was opened to private players, things are vastly different. The process has become more comfortable, but also more complicated and, sometimes, more expensive. The question is, have you kept up with the developments and are you getting the edge the new facilities can give you? Check out eight smart banking moves to figure out.

1. Watch your cash flow. In India, unlike many other countries, most banks not only don't charge anything to let you maintain a savings account with them, they actually pay you a small interest on your deposit. (Before you open an account, ask the bank to give you a document delineating the rules.

You have a right to know your rights and obligations.) That said, there are a number of other costs that you should watch out for. Most of these have to do with your cash flow. "Most banks in our country have a practice of paying interest only on the minimum balance held between the 10th and 31st days of every month," says Mumbai-based financial planner Amar Pandit.

So, it makes sense to make most of your payments and deposits between the 1st and 10th days of a month, if possible, to get the maximum interest on your deposit. Use cheques judiciously. Most banks give two chequebooks free per quarter and charge Rs 2 for every additional leaf.

If you hate writing out cheques, it would make sense to arrange for your bank to automatically pay your utility bills, SIP (systematic investment plan) instalments and EMIs (equated monthly instalments). Make sure you get an alert before the payment is made so that you can stop it if you think the bill is faulty.

The most expensive penalty is for non-maintenance of the minimum quarterly average balance. So, it pays to choose a bank where this is low or arrange it to be zero. Be sure about the regular outflows and ensure you have enough money in your bank to make the payments. Allowing SIP or ECS (electronic clearing service) payments can cost up to Rs 750 in a private bank.

2. Get an overdraft facility on your account. The overdraft facility can ensure that your cheques don't bounce and automatic payments are not held back even if there is a bit of a delay in the arrival of money. "Return of cheque may attract a heavy penalty and also punishment for criminal offence," says V. N. Kulkarni, head of debt counselling centre Abhay's Mumbai office.

OD acts as a safety net if you fail to track how much you have paid out. It is cheaper than taking a personal loan and needs no extra paperwork. For instance, State Bank of India [Get Quote] would give you an OD against fixed deposits at interest rate on FD plus 1.50 percentage points.

But its personal loan against securities will cost you at least 11.75 per cent. Even if the annual rate of interest is high, you will probably be using it to bridge your balance for a few days till you make a deposit. So, what you pay will be nominal.

3. Use sweeper accounts. Savings accounts would give you 3.5 per cent interest. The sweeper facility can be utilised to earn interest of 4-10 per cent by lumping the idle cash (over and above the QAB) lying in savings account in fixed deposits of 30 days or longer.

4. Try cooperative banks. You can turn to these if you are looking for a bank to make a term deposit or open an account. They often give higher interest than commercial banks, but may have limitations in terms of access. Their loans, too, could be a bit cheaper. But remember, they are riskier, so do your due diligence.

5. Make the best of your ATM card. Using ATMs for withdrawing money and getting statements is cheap and convenient. Some private banks limit cash transactions to 12 in a year from the base branches, that is, those in the same city. A charge of Rs 50 may be levied on every additional transaction.

If you move to another city, close your old account and open a new one in the new city. Use of the old account may require payment of as much as Rs 150 for every cash transaction after the first one. If you use an ATM card at the ATM of a bank with which the card issuing bank does not have a tie-up, you are likely to be charged for that. So, find out the banks, which allow free withdrawals. If you travel a lot, go for a bank with a wide ATM network.

6. Save by using phone and Net banking. These can be slightly more cost effective than walking into a branch. Stop payment of a cheque usually costs more if you go to a branch or speak to a call centre employee. HDFC Bank [Get Quote] charges less if it is done through the IVR (interactive voice recorded) system.

Similarly, ICICI Bank [Get Quote] charges less for Net banking. Getting a duplicate statement is cheaper through phone banking for both ICICI Bank and HDFC Bank. While seeking services from a bank, opt for cheaper and convenient media.

Make online payments through credit cards safely. Never enter a card number unless there is a padlock in the Web browser's frame, rather than the Web page. The Web address should begin with 'https' rather than 'http'. The 's' is for 'secure'. Consider reserving one credit card for Web use or signing up for a separate online payment service such as PayPal.

7. Know your manager. One way to do this is to invent a pretext for meeting the bank manager and then creating scope for further interactions. If there is a problem, knowing someone in the bank helps.

Most managers would like to build strong business relations with their customers. So, they are likely to reduce or waive a charge if you bring it to their notice that it appears too high or that you have been billed for something beyond your control.

8. Be careful about bank investment instruments. Banks sell two kinds of investment instruments. Products such as fixed deposits and recurring deposits are offered by banks themselves and carry a government guarantee against a default or loss up to Rs 100,000.

In the second variety come products such as insurance and mutual funds. Even if a mutual fund scheme has been sold by a bank, there is no guarantee against a loss on an investment in it. Insurance will usually be pushed by your man in the portfolio management service.

The bank is the agent here and would tend not to serve your best interests but to maximise its commission while selling insurance products. Deals of banks with insurance and mutual fund companies to push their products would limit your choice. So, do not blindly trust your bank for everything.

How to invest long-term capital gains

The Income Tax Act contains exemption provisions from long-term capital gains tax if the taxpayer were to invest in a residential house property. This provision has helped countless taxpayers to first own and thereafter move into bigger and better houses at the cost of the exchequer by saving income tax on their long term capital gains.

There are two sections in the IT Act that deal with the exemption - section 54 and section 54F. The first one deals with capital gain on sale of one house property and reinvestment of the capital gains of that property into another residential house property.

The second section deals with capital gains on any asset other than house property (for example gold) and investment of the net consideration (sale proceeds reduced by the direct expenses on the sale).

In other words, the second section demands investment of a larger amount into the property compared to the first one where only the capital gain is to be invested in the property. Let us understand these two sections with examples.

Mr A who had purchased his flat in 1990 for Rs 10 lakh (Rs 1 million) sold it for Rs 25 lakh (Rs 2.5 million) in 2005. He is required to invest only Rs 15 lakh (Rs 25 lakh less Rs 10 lakh) in another residential property under section 54.

Compare this with Mr B's situation who had purchased jewellery for Rs 10 lakh for his wife in the year 1990 and sold it in 2005 for Rs 25 lakh. Mr B is required to invest Rs 25 lakh under section 54F in another residential property in order to save tax on the identical amount of capital gain of Rs 15 lakh (Rs 1.5 million).

The time limit for investment in the other residential property is identical under both the sections:

For outright purchase of residential property it has to be within a period of one year before the sale or two years after the sale; or within a period of three years after the sale construct the residential house. The rationale behind the different time limits is that an outright purchase takes lesser time compared to building a house.

Needless to state is the fact that the reinvestment must be in a residential house property. By implication commercial property or vacant plot of land are not eligible. Similarly, short term capital gains enjoy no exemption. So if you sell your house within 36 months of purchase, you will not have any tax benefits.

If the long-term capital gain or the net consideration under the above two sections is not invested in the purchase of a new house within one year before the date of sale of the earlier house or other asset; or not utilised for purchase or construction of the new house before the due date of filing the return of income, this capital gain or net consideration is required to be deposited, before filing the return, in a separate deposit account.

The central government has designated nationalised banks like State Bank of India [Get Quote], Bank of India, Bank of Baroda [Get Quote] etc to open such a special deposit account. From these deposits the taxpayer is expected to issue cheques for the purchase or construction of the property. These deposits earn a nominal interest also.

There is one more aspect of section 54, which is a subject matter of some controversy with the Income tax Department. The controversy centres around the use of the word 'a' before residential house while referring to the reinvestment of the gain.

To illustrate: Mr A, having a large house, sells it for Rs 2 crore (Rs 20 million) making a capital gain of Rs 1 crore (Rs 10 million). Out of the capital gain of Rs 1 crore, Mr A purchases two flats each of Rs 50 lakh (Rs 5 million) on the seventh and eighth floors of a building within the time laid down by the law.

Strict interpretation of Section 54 leads to the view that Mr A will be entitled to exemption of only Rs 50 lakh being purchase of 'a' residential property on the seventh floor.

In other words, the purchase of the second residential property on eighth floor will not be eligible. He should have purchased one large flat on either seventh or eighth floor. This view of the Income tax Department has been recently upheld by the Income Tax Appellate Tribunal, Pune Bench. Coming to section 54F, the section permits investment of consideration in maximum two properties and not more.

The writer is a chartered accountant

J&K: Omar Abdullah escapes grenade attack at rally

National Conference president and member of Parliament Omar Abdullah survived an attempt on his life as militants carried out an attack at his north Kashmir public meeting with a powerful hand grenade on Monday afternoon.

14 persons were wounded, including five paramilitary Central Reserve Police Force troopers, two local policemen and seven civilians when militants hurled a grenade immediately after the dispersal of Omar Abdullah's public meeting at Kralgund in the northern Kupwara district.

Police said Omar Abdullah was entering the house of a party worker near the venue of his public meeting in Kralgund village when the explosion occurred.

"All the injured persons have since been evacuated for treatment to the hospital where attending doctors said two CRPF troopers had serious splinter injuries," a senior police officer said.

Omar Abdullah, however, expressed ignorance about the number of causalities and the magnitude of the attack at his rally.

"I was talking to my party workers and having tea with them when I heard the explosion. I have no information about causalities as I immediately left for Srinagar [Images]," Omar said when contacted on his cell phone.

Omar's cavalcade, which has a heavy escort of paramilitary and local police and an electronic jammer vehicle, was reinforced for his departure.

The explosion caused heavy panic in the village where people were seen running in confusion and enquiring about their near and dear ones.

The area around the explosion site was immediately cordoned off and searches were carried out.

No group has yet claimed responsibility for the attack.

11/7: Railways provide jobs to families, but not everyone is happy

Close on the heels of the 11/7 Mumbai train blasts in 2006, Railway Minister Lalu Prasad Yadav had announced that the dependants of the deceased would be given Grade D jobs in the railways at the earliest. In all, seven bombs went off in Mumbai's local trains in the evening of July 11, 2006, in less than 30 minutes, killing 187 people and wounding hundreds of others.

However, it seems that a number of affected families have not fully benefited from this action. Many of the affected kin, especially women struggling to cope with the loss of their loved ones, have been deputed as platform porters and cleaning staff in the railways, and many have turned down the offer.

Grade D jobs include porter, gateman, gangman, safaiwala, workshop employees and hospital attendants; the educational requirement for this is 8th standard pass from a recognised board of education.

"This was a humanitarian step initiated by the railways. We wanted to extend our help and support to these people," said Bhagwat Dahisarkar, senior public relations officer, Western Railway.

The Western Railway has so far received 135 applications from dependants of the blasts victims. As many as 35 people have refused to take up the posts that were offered to them and 16 have not submitted their applications as yet.

The list of next of kin includes graduates and post-graduates who were busy planning their careers when the bread-winners of their family became a statistic in the terrible acts of terror.

Some of them have shed notions about their educational qualifications and have accepted these posts, while others have refused the offer and cling onto the hope of securing a decent job to support their families.

Kavita G Dave, a 22-year-old resident of Dahisar, north-west Mumbai, is among those who have refused the railway offer. Her father Govindram Gulabchand Dave was among the casualties in the blast at Jogeshwari, north-west Mumbai.

Kavita is expecting her final year MCom results, scheduled to be announced next week. She is also simultaneously trying to get a job with a private firm in order to support her mother, younger sister and brother, both students.

"I had applied for the railways job, but opted out when I got to know that I have been deputed as a platform porter at Vasai," she said.

Her father worked in an embroidery shop at Santacruz, north-west Mumbai, and supported his family along with his elder son Hitesh, who works as an accountant in a private firm

"How can they expect a young girl like Kavita to take up a porter's job, which is physically very demanding? It will be an injustice to my late husband if I send her for this job," said Indira Dave, Kavita's mother.

Kavita and Hitesh, who used to accompany their mother to get the necessary formalities completed, say they were taken aback by the behaviour of some railway officials at the Mumbai Central station.

"They told me I would have to do lots of things like cleaning, serving tea to the officials and run small errands. Basically, it was like whatever they say and that made me a bit sceptical about taking it up," Kavita added.

According to her, some officials even taunted her, saying they were less educated than her.

Finally, her brother and mother decided this was not the job for her and turned down the offer extended by Western Railway.

"If she works in a private firm she will be able to support her family in a much better manner. Plus, all the hard work which she put in her education will go waste," said Hitesh Dave.

Incidentally, Kavita was expecting her first year MCom results on July 12, 2006, a day after her father's tragic demise.

"We unnecessarily wasted a lot of money in running around to get the formalities completed. I cannot even dream of putting my daughter in such a miserable state. I am sure no mother can," Indira Dave added.

However, Anita (name changed on request), mother of three daughters, was not in a position to let the railway offer slip away. The blast at Matunga, north-central Mumbai, claimed her husband, a middle-level executive. This 34 year old is now employed with Western Railway as a platform porter and stays with her parents in Virar, a satellite town newr Mumbai.

"It is very scary to think about the future as I have to make both ends meet with the salary I receive. My daughters are growing up and I have to ensure that they receive better education and other facilities. There would be no need to go through this hardship if my husband was alive," she said.

However, she added that most of the people at the station outside Mumbai city, where she works, are helpful and understanding. She is also made to double up as the office peon and make announcements from the control tower once in a while.

"I have never been asked to do any heavy work like shunting, pulling trays or carrying parcels," she added.

Anita underwent a mandatory two-week training programme during which she was made familiar with the 'nuances' of the profession.

She gets a holiday on Sunday, but has to do night-shifts. This becomes a problem as her aged parents have to take care of her daughters aged two, six and nine years.

"She has been assured that after two years she will have to take an exam and get qualified for a better post in the railways," her father said. "Till then, there is no go."