Diwali marks the end of the harvest season in most of India. Farmers are thankful for the plentiful bounty of the year gone by, and pray for a good harvest for the year to come. Traditionally this marked the closing of accounts for businesses dependent on the agrarian cycle, and the last major celebration before winter. The deity of Lakshmi symbolizes wealth and prosperity, and her blessings are invoked for a good year ahead.

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Schoolchildren across state subjected to an hour of compulsory ‘Moditalk’ today

It seems that Dr S Radhakrishnan, the second President of India and one of the country’s greatest teachers, will have to take a backseat in Gujarat this Teacher's Day. The state government has decided that what millions of schoolchildren across Gujarat actually need on September 5, is an hour of very compulsory 'Moditalk.'

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The Reserve Bank of India has adviced banks to gear up to face the risks of a fuller capital account regime that is expected to be in place by 2011.

In its report on Currency and Finance (2006-0 released on Thursday the RBI said that the banking system would be exposed to enhanced risks in terms of currency risk, counter party credit risk, legal risk, risk of regulatory arbitrage, risk in derivatives transactions and reputation risk.

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