Music maestro A R Rahman, who became the first Indian to win the prestigious Golden Globe Award, dedicated it to the "billion people of India," as British Director Danny Boyle's Mumbai-based saga 'Slumdog Millionaire,' bagged four prizes at the ceremony today. A Mumbai underdog's rags-to-riches story, 'Slumdog Millionaire', swept all the four categories it was nominated for, winning the best director award for Boyle, the best music score for Rahman, best screenplay for Simon Beaufoy and also in the category of best drama.
Rahman, who won the coveted prize for his music score 'Jai Ho' in the film, thanked the director and his fellow musicians in Mumbai and Chennai, besides the "billion people from India".
"Unbelievable..! I thought, I would not win, so anyways thanks to the almighty God for bringing me here... Danny Boyle, Fox pictures, all my musicians in Chennai, Mumbai,.. and the billion people from India," he said while accepting the award.
Director Danny Boyle bagged the best director award, while Simon Beaufoy won the best screenplay award for the film that starred Bollywood actors Anil Kapoor, Irrfan Khan and British Indian Dev Patel.
Bollywood superstar Shah Rukh Khan, who was at the ceremony to represent India, introduced the film to the foreign audience with 'Slumdog' actress Frieda Pinto. It is also the first Golden Globe for 52-year-old Boyle, who is expected to be among the favourites at next month's Oscars following the phenomenal success of the film at award circuits.
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Monday, January 12, 2009
Monday, December 15, 2008
Govt banks lower home loan rates
Private banks say they’ll wait and watch.
After a week of discussions, government-owned banks today lowered interest rates on new home loans up to Rs 20 lakh.
The rate cuts, part of a government-driven initiative to provide a fillip to the struggling real estate sector, caps the interest rate on new home loans up to Rs 5 lakh at 8.5 per cent, and on loans between Rs 5 lakh and Rs 20 lakh at 9.25 per cent.
The new rates, which apply only to new borrowers, will help reduce equated monthly installments (EMIs) by Rs 185 to Rs 233 per lakh for loans of 20-year tenures.
BUILDING ON RATE CUTS
EMI (Rs per lakh) Old * New Savings
Up to Rs 5 lakh 1,101.09 867.82 233.37
Rs 5 to 20 lakh 1,101.09 915.87 185.22
* Calculations based on 12% fixed rate from State Bank of India
Banks also said they are reducing the interest rate on loans to micro enterprises 50 basis points and small and medium enterprises 100 basis points. To help these units tide over the liquidity crunch, extra credit in the form of a 20 per cent additional working capital limits will also be provided.
Private sector banks and large housing finance companies like HDFC are, however, yet to take a call on how they will respond.
Keki Mistry, managing director of HDFC, the largest player in the home loan segment, said Indian consumers do not transfer their home loans so frequently. “The interest rate for the new loans has virtually been at the same level for the last couple of months, but we have not seen any such trend,” he added.
On the possibility of a decline in the interest rate, Mistry said, “It is a function of availability of funds in the system and inflation. Since the inflation rate is coming down there is a possibility of an overall softening of interest rates.”
An Axis Bank source said the private sector lender will decide over the next two to four weeks.
"We are clearly seeing some softening of rates. Our cost of deposits, which was going up earlier, has plateaued now. Although it is difficult to predict how much we’ll cut, we may cut both lending and deposit rates across the board in the next two to four weeks," the bank executive said.
ICICI Bank said it is evaluating all options. The bank recently lowered the interest rate on new home loans up to Rs 20 lakh to 11.5 per cent.
For a home buyer who borrows from State Bank of India, which is at present offering a 20-year housing loan of up to Rs 30 lakh at 12 per cent, the saving on a loan of Rs 5 lakh will be around Rs 1,000 a month. For a loan of Rs 20 lakh, the borrower will pay more than Rs 3,500 less every month.
Elaborating on the special home loan package, SBI Chairman OP Bhatt said the scheme will be open till June 30, 2009. The loans will be offered at a fixed rate for five years after which the borrower can switch to the floating rate option without paying any charge.
Banks will also not charge any processing or pre-payment fee on home loans under the package and will bear the insurance cost on such loans.
However, existing borrowers from private sector banks will not be able to transfer their loans to public sector banks.
State-owned banks expect to disburse additional loans up to Rs 20,000 crore under the new package and by adding margin money that home owners have to pay, the amount sanctioned could touch the Rs 30,000 crore mark. SBI, a largest lender, expects to sanction loans worth Rs 6,000 crore under this package.
Over 80 per cent of home loans disbursed by public sector banks are below the Rs 20 lakh slab. According to Indian Banks' Association (IBA) data, the total housing loan portfolio of the 28 state-run banks stood at Rs 1,86,137 crore at end of September 2008.
Rates on home loans under the stimulus package could fall more if interest rates in general fall further, said IBA Chairman and head of Bank of India T S Narayanasami said.
Asked if this package was enough to boost demand, Narayanasami said banks have done their bit, and builders and real estate companies have to reduce housing prices to encourage people to buy new homes.
Besides reducing the lending rate for micro enterprises and SMEs, state-owned will set up cells to redress grievances regarding these loans, Bhatt said banks will give soft loans to these units and an ad-hoc credit of additional 20 per cent of their outstanding fund based limits to meet their working capital needs.
Currently, state-owned banks' loans to such sectors are growing at 25 to 28 per cent, Small Industries Development Bank of India's Chairman and Managing Director R M Malla said. Outstanding loans to micro, small, and medium enterprises are estimated at Rs 2,60,000 crore.
After a week of discussions, government-owned banks today lowered interest rates on new home loans up to Rs 20 lakh.
The rate cuts, part of a government-driven initiative to provide a fillip to the struggling real estate sector, caps the interest rate on new home loans up to Rs 5 lakh at 8.5 per cent, and on loans between Rs 5 lakh and Rs 20 lakh at 9.25 per cent.
The new rates, which apply only to new borrowers, will help reduce equated monthly installments (EMIs) by Rs 185 to Rs 233 per lakh for loans of 20-year tenures.
BUILDING ON RATE CUTS
EMI (Rs per lakh) Old * New Savings
Up to Rs 5 lakh 1,101.09 867.82 233.37
Rs 5 to 20 lakh 1,101.09 915.87 185.22
* Calculations based on 12% fixed rate from State Bank of India
Banks also said they are reducing the interest rate on loans to micro enterprises 50 basis points and small and medium enterprises 100 basis points. To help these units tide over the liquidity crunch, extra credit in the form of a 20 per cent additional working capital limits will also be provided.
Private sector banks and large housing finance companies like HDFC are, however, yet to take a call on how they will respond.
Keki Mistry, managing director of HDFC, the largest player in the home loan segment, said Indian consumers do not transfer their home loans so frequently. “The interest rate for the new loans has virtually been at the same level for the last couple of months, but we have not seen any such trend,” he added.
On the possibility of a decline in the interest rate, Mistry said, “It is a function of availability of funds in the system and inflation. Since the inflation rate is coming down there is a possibility of an overall softening of interest rates.”
An Axis Bank source said the private sector lender will decide over the next two to four weeks.
"We are clearly seeing some softening of rates. Our cost of deposits, which was going up earlier, has plateaued now. Although it is difficult to predict how much we’ll cut, we may cut both lending and deposit rates across the board in the next two to four weeks," the bank executive said.
ICICI Bank said it is evaluating all options. The bank recently lowered the interest rate on new home loans up to Rs 20 lakh to 11.5 per cent.
For a home buyer who borrows from State Bank of India, which is at present offering a 20-year housing loan of up to Rs 30 lakh at 12 per cent, the saving on a loan of Rs 5 lakh will be around Rs 1,000 a month. For a loan of Rs 20 lakh, the borrower will pay more than Rs 3,500 less every month.
Elaborating on the special home loan package, SBI Chairman OP Bhatt said the scheme will be open till June 30, 2009. The loans will be offered at a fixed rate for five years after which the borrower can switch to the floating rate option without paying any charge.
Banks will also not charge any processing or pre-payment fee on home loans under the package and will bear the insurance cost on such loans.
However, existing borrowers from private sector banks will not be able to transfer their loans to public sector banks.
State-owned banks expect to disburse additional loans up to Rs 20,000 crore under the new package and by adding margin money that home owners have to pay, the amount sanctioned could touch the Rs 30,000 crore mark. SBI, a largest lender, expects to sanction loans worth Rs 6,000 crore under this package.
Over 80 per cent of home loans disbursed by public sector banks are below the Rs 20 lakh slab. According to Indian Banks' Association (IBA) data, the total housing loan portfolio of the 28 state-run banks stood at Rs 1,86,137 crore at end of September 2008.
Rates on home loans under the stimulus package could fall more if interest rates in general fall further, said IBA Chairman and head of Bank of India T S Narayanasami said.
Asked if this package was enough to boost demand, Narayanasami said banks have done their bit, and builders and real estate companies have to reduce housing prices to encourage people to buy new homes.
Besides reducing the lending rate for micro enterprises and SMEs, state-owned will set up cells to redress grievances regarding these loans, Bhatt said banks will give soft loans to these units and an ad-hoc credit of additional 20 per cent of their outstanding fund based limits to meet their working capital needs.
Currently, state-owned banks' loans to such sectors are growing at 25 to 28 per cent, Small Industries Development Bank of India's Chairman and Managing Director R M Malla said. Outstanding loans to micro, small, and medium enterprises are estimated at Rs 2,60,000 crore.
Tuesday, September 9, 2008
Kunnakudi Vaidyanathan dead
Renowned violinist Kunnakudi Vaidyanathan, whose majestic bowing widened the circle of rasikas for Carnatic music, passed away here on Monday after a brief illness. He was 73.
He is survived by wife V. Bagirathi, sons V.R. Shekar, V. Srinivasan, V. Sridhar, V. Balasubramanian and daughter Bhanumathi Ramakrishnan.
Born on March 2, 1935, he trained under his father Ramaswamy Sastry. As a youngster, he accompanied stalwarts, including Ariyakudi Ramanuja Iyengar, Semmangudi Srinivasa Iyer, Maharajapuram Santhanam and Chittoor Subramanya Pillai. He also performed with legendary nagaswara vidwans such as T.N. Rajarathinam Pillai and Thiruvenkadu Subramania Pillai.
He made a mark in classical music as well as film music, and made conscious attempts to make music more accessible to the common man.
His foray into the film industry began with A.P. Nagarajan giving him a break in ‘Vaa Raja Vaa.’ From then, he gave several magical numbers and super hits that are among the eternal melodies in Tamil films.
In the film ‘Deivam,’ he had all his playback singers including Madurai Somu appear on screen.
His composition ‘Marudamalai mamaniyae murugaiyya...’ in Darbari Kanada made waves in the industry like not many songs have. Several other films such as ‘Agathiyar’ and ‘Raja Raja Chozhan,’ for which he scored music, were also phenomenal hits.
His interest in new attempts and innovations led him to work with veteran thavil vidwan Valayapatti Subramanian. They performed over 3,000 shows together which were also very successful. He also made a significant contribution to Tamil devotional music.
An able administrator, Mr. Vaidyanathan served as Secretary of the Tamil Nadu Iyal Isai Nadaga Mandram and also conducted the Thiruvaiyaru Thyagaraja Utsavam for several years.
Known for his dexterity and subtlety in handling the violin, he catered not only to the music scholar but also to the layman. His play reflected his own different moods and the demands of his audience with whom he established and enjoyed a good rapport.
He stopped accompanying vocal artistes in 1976 to concentrate more on solo concerts and was famous for his experiments on violin, which he referred to as fingering techniques.
Vaidyanathan, who had a long association with All India Radio, won several prestigious awards including the Padma Shri, Sangeeth Natak Academy award, Sangeetha Mamani and the Carnataka Isaignani award.
He also served as president of the Raga Research Centre.
Union Minister of State for Statistics and Programme Implementation G.K. Vasan expressed his deep shock and conveyed his condolences to the bereaved family.
He is survived by wife V. Bagirathi, sons V.R. Shekar, V. Srinivasan, V. Sridhar, V. Balasubramanian and daughter Bhanumathi Ramakrishnan.
Born on March 2, 1935, he trained under his father Ramaswamy Sastry. As a youngster, he accompanied stalwarts, including Ariyakudi Ramanuja Iyengar, Semmangudi Srinivasa Iyer, Maharajapuram Santhanam and Chittoor Subramanya Pillai. He also performed with legendary nagaswara vidwans such as T.N. Rajarathinam Pillai and Thiruvenkadu Subramania Pillai.
He made a mark in classical music as well as film music, and made conscious attempts to make music more accessible to the common man.
His foray into the film industry began with A.P. Nagarajan giving him a break in ‘Vaa Raja Vaa.’ From then, he gave several magical numbers and super hits that are among the eternal melodies in Tamil films.
In the film ‘Deivam,’ he had all his playback singers including Madurai Somu appear on screen.
His composition ‘Marudamalai mamaniyae murugaiyya...’ in Darbari Kanada made waves in the industry like not many songs have. Several other films such as ‘Agathiyar’ and ‘Raja Raja Chozhan,’ for which he scored music, were also phenomenal hits.
His interest in new attempts and innovations led him to work with veteran thavil vidwan Valayapatti Subramanian. They performed over 3,000 shows together which were also very successful. He also made a significant contribution to Tamil devotional music.
An able administrator, Mr. Vaidyanathan served as Secretary of the Tamil Nadu Iyal Isai Nadaga Mandram and also conducted the Thiruvaiyaru Thyagaraja Utsavam for several years.
Known for his dexterity and subtlety in handling the violin, he catered not only to the music scholar but also to the layman. His play reflected his own different moods and the demands of his audience with whom he established and enjoyed a good rapport.
He stopped accompanying vocal artistes in 1976 to concentrate more on solo concerts and was famous for his experiments on violin, which he referred to as fingering techniques.
Vaidyanathan, who had a long association with All India Radio, won several prestigious awards including the Padma Shri, Sangeeth Natak Academy award, Sangeetha Mamani and the Carnataka Isaignani award.
He also served as president of the Raga Research Centre.
Union Minister of State for Statistics and Programme Implementation G.K. Vasan expressed his deep shock and conveyed his condolences to the bereaved family.
Tuesday, September 2, 2008
Several shop floors gutted on Ranganathan Street
A fire that broke out in a multi-storeyed shop, Saravana Stores, on Ranganathan Street on Monday morning spread to the abutting utensils shop, damaging several floors in the two buildings.
Officials said two employees of the shop, Kottaisamy and Ramajeyam, were reported missing and efforts were on to locate them. Police and fire service personnel rescued 13 staff members from the shop. Fire service personnel said until the debris on the sixth floor of the utensil shop cooled, they would not be able to confirm whether there was any casualty.
Shop assistants were sleeping on the upper floor of the shops. More than 100 people spent the night in the building. The fire was contained around noon.
City Police Commissioner R. Sekar said they received a call at 6.10 a.m. and special teams were formed to cordon off the area and assist fire service personnel in extinguishing the flames. “With minimum traffic diversions, we ensured that the fire did not spread to adjacent buildings,” he said. “The cause of fire apparently seems to be a short circuit,” Mr. Sekar said.
Eyewitnesses said the fire was noticed around 5.45 a.m. on the second and third floor of Lucky Plaza that houses the godown of Saravana Stores.
It spread to the lower floors of the Plaza, a shopping mall with scores of small shops and to the nearby Saravana Stores building, housing the utensils shop. Within two hours, even as fire fighters were trying to put out the blaze, it spread to the adjacent jewellery shop.
Smoke billowed several metres above the buildings radiating heat. The smell of acrid smoke hung in the residential areas around Ranganathan Street, which remained congested with thousands of spectators mutely watching the flames in awe. Police used megaphones to regulate curious pedestrians thronging Usman Road.
Tension prevailed for an hour after the fire began, as people in Suganthi Mansion that shares a wall with Lucky Plaza were not aware of the commotion. A few men ventured into the building and police urged the groggy residents to vacate the premises.
Fire tenders and Metrowater lorries were parked on Ranganathan Street and Natesan Street and a sky lift was positioned on each street to fight the fire.
Three hours after the fire broke out, four explosions rocked the building causing fear that the building might collapse.
Fire officials attributed the explosions to bursting of refrigerators and air-conditioners in the godown.
When the fire fighters eventually entered the buildings they found four-foot high hot debris on the sixth floor of the utensil shop, said S. Veeramani, Divisional Fire Officer.
“We had warned the shopkeepers but they paid no attention. Even now they contend that it is the first time a major fire had broken out in the area,” he said.
“The building may require a stabilisation certificate from the Public Works Department officials before the owners can take up repair work.”
Officials said two employees of the shop, Kottaisamy and Ramajeyam, were reported missing and efforts were on to locate them. Police and fire service personnel rescued 13 staff members from the shop. Fire service personnel said until the debris on the sixth floor of the utensil shop cooled, they would not be able to confirm whether there was any casualty.
Shop assistants were sleeping on the upper floor of the shops. More than 100 people spent the night in the building. The fire was contained around noon.
City Police Commissioner R. Sekar said they received a call at 6.10 a.m. and special teams were formed to cordon off the area and assist fire service personnel in extinguishing the flames. “With minimum traffic diversions, we ensured that the fire did not spread to adjacent buildings,” he said. “The cause of fire apparently seems to be a short circuit,” Mr. Sekar said.
Eyewitnesses said the fire was noticed around 5.45 a.m. on the second and third floor of Lucky Plaza that houses the godown of Saravana Stores.
It spread to the lower floors of the Plaza, a shopping mall with scores of small shops and to the nearby Saravana Stores building, housing the utensils shop. Within two hours, even as fire fighters were trying to put out the blaze, it spread to the adjacent jewellery shop.
Smoke billowed several metres above the buildings radiating heat. The smell of acrid smoke hung in the residential areas around Ranganathan Street, which remained congested with thousands of spectators mutely watching the flames in awe. Police used megaphones to regulate curious pedestrians thronging Usman Road.
Tension prevailed for an hour after the fire began, as people in Suganthi Mansion that shares a wall with Lucky Plaza were not aware of the commotion. A few men ventured into the building and police urged the groggy residents to vacate the premises.
Fire tenders and Metrowater lorries were parked on Ranganathan Street and Natesan Street and a sky lift was positioned on each street to fight the fire.
Three hours after the fire broke out, four explosions rocked the building causing fear that the building might collapse.
Fire officials attributed the explosions to bursting of refrigerators and air-conditioners in the godown.
When the fire fighters eventually entered the buildings they found four-foot high hot debris on the sixth floor of the utensil shop, said S. Veeramani, Divisional Fire Officer.
“We had warned the shopkeepers but they paid no attention. Even now they contend that it is the first time a major fire had broken out in the area,” he said.
“The building may require a stabilisation certificate from the Public Works Department officials before the owners can take up repair work.”
Central-Egmore link: Railways presses for NOC
The Railway ministry has asked the Tamil Nadu government to reconsider its decision to deny ‘no objection certificate’ (NOC) to the project that would provide 2.5-km rail link between Chennai Central and Egmore railway stations in the city.
The link, on elevated structures, would save both passengers as well as the railways considerable amount of money, since South-bound trains from the North and vice-versa take a 11.2-km circuitous and congested route via Beach, Royapuram, Washermanpet and Basin Bridge stations to reach their destinations, said Union Minister of State for Railways R. Velu.
He told The Hindu that on his instructions the railway authorities in Chennai had once again written to Tamil Nadu Chief Secretary seeking NOC. “I am planning to pursue this project vigorously.”
He said the main contention of the government was that the elevated rail structure would obstruct the implementation of the proposed metro rail project and the Chennai Port-Maduravoyal elevated highway, which would pass through Central station. The railways have pointed out that the metro rail track is going to be laid underground; and to cross the expressway, the rail line could be laid either beneath or above the expressway. “In a number of places in Delhi, railway lines, metro lines and flyovers criss-cross without any hurdle. I hope the State government will give its nod this time,” Mr. Velu said.
The link, on elevated structures, would save both passengers as well as the railways considerable amount of money, since South-bound trains from the North and vice-versa take a 11.2-km circuitous and congested route via Beach, Royapuram, Washermanpet and Basin Bridge stations to reach their destinations, said Union Minister of State for Railways R. Velu.
He told The Hindu that on his instructions the railway authorities in Chennai had once again written to Tamil Nadu Chief Secretary seeking NOC. “I am planning to pursue this project vigorously.”
He said the main contention of the government was that the elevated rail structure would obstruct the implementation of the proposed metro rail project and the Chennai Port-Maduravoyal elevated highway, which would pass through Central station. The railways have pointed out that the metro rail track is going to be laid underground; and to cross the expressway, the rail line could be laid either beneath or above the expressway. “In a number of places in Delhi, railway lines, metro lines and flyovers criss-cross without any hurdle. I hope the State government will give its nod this time,” Mr. Velu said.
Monday, September 1, 2008
Marathon turns Chennai, Sunday livelier
The city turned out in its sporty best for the GiveLife Chennai marathon on Sunday. The number of participants went well above the registered 50,000 as celebrities, students, senior citizens, corporate firm employees and representatives from voluntary organisations gathered for the run. At 8 a.m., bunches of white and green balloons went up in the air amid loud cheers of ‘We love Chennai’. The event was the biggest marathon in the city in terms of the huge response it drew. The 7-km run was flagged off by Union Minister for Sports M.S. Gill. Actor Surya charmed the swarming crowd: “Be safe. Take care of the person beside you. You are running for Chennai.” Actor Napolean and Member of Parliament Kanimozhi added their words of caution.
Participants carried placards or banners bearing messages such as ‘Paint the plant green’ and ‘Please avoid plastic bags’. The marathon began near the Island Grounds entrance on Anna Salai and ended at Gandhi Statue on the Marina. The 21.09-km half marathon for professional athletes and a 3-km run for those above 50 years were also organised.
Participants carried placards or banners bearing messages such as ‘Paint the plant green’ and ‘Please avoid plastic bags’. The marathon began near the Island Grounds entrance on Anna Salai and ended at Gandhi Statue on the Marina. The 21.09-km half marathon for professional athletes and a 3-km run for those above 50 years were also organised.
More Tamil medium students make it to engineering colleges through counselling
Over the last three years, the percentage of Tamil medium students making it to engineering colleges in the State through the government’s single window counselling system has almost doubled. Three years ago, the percentage of students from Tamil medium higher secondary schools opting for a BE degree through Tamil Nadu Engineering Admissions was just 23 per cent. This year, the figure shot up to 43 per cent of the more than 74,000 students who were allotted seats, according to Anna University Vice-Chancellor P. Mannar Jawahar. He agreed that one reason for the jump could be the abolition of the common entrance examination two years ago. The year before the test was removed, the share of Tamil medium students was 35 per cent; the very next year, it had risen to 41 per cent. Simultaneously, the share of rural students has also gone up to 64.5 per cent.
College life could be tough for students for whom the city setting and the language of instruction is new. Last year, several freshers who had been toppers in their Tamil medium schools found themselves failing in an English medium university. Being unable to understand concepts in an unfamiliar language, several students said they were forced to resort to memorisation. The university had started special bridge classes to help such students. Dr. Jawahar said the practice would continue in all the university department institutions, though they would not be identified as sessions specifically meant for Tamil medium students.
The university does not want to give students an inferiority complex by labelling them that way, said Dr. Jawahar. Students with language difficulties also get special coaching by English Department staff.
Apart from academic coaching, students are also introduced to activities and lectures that help build their confidence and put them at ease, he said. Career counselling and self-esteem sessions are part of the itinerary for first year students, through activities sponsored by the NSS, NSO and Alumni Club.
College life could be tough for students for whom the city setting and the language of instruction is new. Last year, several freshers who had been toppers in their Tamil medium schools found themselves failing in an English medium university. Being unable to understand concepts in an unfamiliar language, several students said they were forced to resort to memorisation. The university had started special bridge classes to help such students. Dr. Jawahar said the practice would continue in all the university department institutions, though they would not be identified as sessions specifically meant for Tamil medium students.
The university does not want to give students an inferiority complex by labelling them that way, said Dr. Jawahar. Students with language difficulties also get special coaching by English Department staff.
Apart from academic coaching, students are also introduced to activities and lectures that help build their confidence and put them at ease, he said. Career counselling and self-esteem sessions are part of the itinerary for first year students, through activities sponsored by the NSS, NSO and Alumni Club.
Friday, August 22, 2008
Chennai’s founding, 369 years ago today
This is the story of the beginning of Chennai, the founding of a city. On this day, August 22, in 1639, British Administrator Francis Day is reported to have received the grant for privileges in Medraspatam, as it was referred to then. It was officially ‘granted’ that day, and the rest, too, is history.
According to Vestiges of Old Madras by Henry Davison Love, the Naik’s grant, probably drafted by Day, was delivered with a letter signed by Day. Three copies are extant, but only one bears a date, 22nd July 1639, where July is probably a slip for August, since Day did not reach Madras until July 27, Love noted. The original document relating to the grant of the Fort St. George site to the British East India Company is said to have been signed at Chandragiri Fort in what is now in Andhra Pradesh.
The original text of the grant read thus:
‘The firman granted Mr. Day for privileges in Medrasspatam by the Nague Damela Vintutedra.
(O.C. No. 1690, 22nd July
{ ?Aug }, 1639 )
‘Firman granted by Damela Vintatedro Nague unto Mr. francis Day, Cheife for the English In Armagon, in behalfe of the Honble company for their tradeing and fortifieing at Medraspatam, to this effect as followeth:-
‘Whereas Mr. Francis Day, Captain of the English at Armagon, upon great hopes by reason of our promises offten made unto him, hath repaired to our port of Medraspatam and had personall Conference with us on behalfe of the Company of that Nation, Concerning their trading in our territories and friendly comerce with our subjects ; wee out of our spetiall Love and favour to the English, doe grant unto the said Captain, or whomsoever shall bee deputed to Idgitate the affaires of that company, by vertue of this firman , Power to direct and order the building of a fort and Castle in or about Medraspatam, as they shall thinke most Convenient , the Charges whereof, until fully and wholly finished to bee defrayed by us, but then to bee repaied when the said English shall first make their enterance to take possession thereof. And to make more full Expression of our effection to the English Nation, wee Doe Confirme unto the said Mr. Francis Day, or whatsoever other Substitutes or Agents for that Company, full power and authority to governe and dispose of the Government of Madraspatam for the terme and space of two yeares. Next Insueing affter they shall be seated there and possest of the said fortifications; and for the future by an Equall Division to receive halfe the Custom and revenuewes of that port.
‘Moreover, Whatsoever goods or Merchandize the English Company shall either Import or Export, forasmuch as Concernes the dutyes and Customes of Medraspatnam, they shall not only for the Prementioed two years in which they injoy the government , but for ever after, be Custom free. Yett if they shall Transport or bring any commodities up into, or through my Countray, then shall they pay halfe the dutyes that other Merchants pay, whether they buy or sell the said Commodities either in my Dominions or in those of any other Nague whatsoever.
‘Also that the said English Company shall perpetually Injoy the privileges of mintage(e) without paying any Dewes or dutyes whatsoever, more then the ordinary wages or hire unto those that shall Quoyne the moneyes.
‘Iff the English shall Accquaint us before they deliver out any moneys to the Merchants, Painters, Weavers &c, which are or shall hereafter reside in our prementioned port or territories, and take our word for their sufficcency and honest dealeing, then doe wee promise, in case those people faile in their performances, to make good to the English all such sumes of money as shall remaine on their Accounts, or Else deliver them their persons, if they sahllbe found in any part of my territories.
‘That whatsoever provisions the English shall buy in my Countrey, either for their fort or ships, they shall not be liable to pay any Custom or Dutyes for the same.
‘And if any shipp or vessell belonging to the English ( or to any other Countray whatsoever which tradeth or shall come to trade at that port) shall by misadventure suffer shipwrack and bee driven upon any part of my territories, they shall have restitution upon Demand of whatsoever can bee found remaining of the said wrack.
Dated the 22th July, 1639.’
Friday, August 1, 2008
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