There is much to delve about this metropolitan city of India called Mumbai. If you turn the pages of history related to Mumbai, erstwhile Bombay, you will be stupefied at the series of events that took place. Bombay was part of the Portuguese dominion and when Princess Catherine de Braganza of Portugal tied the knot with King Charles II of England in 1661, Bombay was given as dowry. Later in 1668, it was handed over to the East India Company. Today, Mumbai is the most happening commercial hub. There is abundance of business hotels in Mumbai. The emergence of business hotels in Mumbai across the length and breadth of the city owe their origin to the rising increase of business travelers – from within the country and overseas. The city also happens to be home to the largest and the busiest port handling India’s foreign trade and a major international airport. So, you can well imagine the occupancy rate of the business hotels in Mumbai. Trading of stocks is carried out in billions of rupees everyday in the stock exchanges. Then there is Bollywood, synonymous to the name ‘Mumbai’. Those guests who are on a hectic schedule and need to attend more meets in other cities prefer to stay in the vicinity of the airport. There are numerous business hotels in Mumbai in the vicinity of the airport. Advance bookings give you confirmed accommodation space besides discounts.

Another city worth mentioning is Goa. It is the richest state in the country with a GDP per capita two and a half times that India as a whole. Given the countless visit by tourists, there is no dearth of luxury hotels here. Even the budget travelers will find budget hotels in Goa in abundance. Do you know the Eleventh Finance Commission has ranked Goa the best placed state for its infrastructure? It also tops the list for the best quality of life in India. This rank is conferred by the National Commission on Population based on the 12 indicators. Like Mumbai, you can still find cultural influence of the Portuguese, in fact more than that of Mumbai. It is in the vicinity of the beaches that most of the luxury hotels in Goa are located. The Portuguese overseas territory in Goa existed for about 450 years until it was annexed in 1961 by India. Portuguese cuisines are also served in the luxury hotels in Goa.

PANAJI: An opportunity for creating international joint ventures, partnerships and enhancing trade beckons Goan businesses.

For the first time, Goan businesses will be able to participate in ‘Indiallia’, an international business development forum organized by the All India Association of Industries (AIAI) and the World Trade Centre, Mumbai, in association with French-based company Futurallia.

With the Goa Chamber of Commerce and Industry (Gentering into an MOU with the AIAI, the GCCI has managed to get a slot for Goan businesses at the two-day business forum which commences on April 23.

“We are only facilitators,” GCCI president Manguirish Pai Raikar told TOI.

He said that the GCCI will accommodate a maximum of 20 companies on a first-come-first-serve basis.

Those interested in attending the forum will have to prepare a profile of their company. The profile will then be matched with those of international suitors and a series of 12 one-to-one 30-minute meetings for closing deals and business alliances will be scheduled.

Legal advice on international laws that may come into play for closing trade deals will also be provided.

Delegates from 600 companies spanning 30 countries are expected to attend ‘Indiallia’.

Pai Raikar said, “There are western companies that have developed sophisticated technology. Due to high production costs abroad, these firms are looking for joint ventures with companies in developing countries.”

MARGAO: The feast of the Epiphany, also known as the Three Kings’ feast, is celebrated by Catholics on January 6 across the world. It often symbolizes the end of Christmas celebrations and the packing up of decorations for next year.

In Goa, the visit of the Magi, as the Three Kings are also called, is grandly observed in three villages-Cansaulim and Chandor in the South and Reis Magos in the North.

According to the Gospel, the Wise Men from the East-yet another name for the Three Kings-were guided by a star to Bethlehem, over 2000 years ago, where they worshipped the child Jesus.

Commemorating this visit in Cansaulim, three young boys from the villages of Cansaulim, Arossim and Cuelim are chosen as the Three Kings. Travelling on horses, they converge some distance from the Chapel of Our Lady of Remedies (Nossa Senhora dos Remedios) before proceeding towards it for the feast mass at 10am.

The chapel stands pretty on the picturesque hill at Cuelim and locals say the feast has been celebrated every year since their ancestors helped renovate the chapel in 1795.

In Chandor, the three young boys who play the Wise Men come from three hamlets-Chandor (Kott), Cavorim and Gurdolim.

The youngsters meet at the nearby hill of Our Lady of Mercy and descend on horseback towards the main church-the Church of Our Lady of Bethlehem-where the feast mass is celebrated.

Here too, the feast has been celebrated every year since the church was built in 1645, say residents.

Reis Magos sees three of its youngsters play out the part of the Magi and attend the feast mass at The Church of the Holy Magi.

Dressed grandly in regal robes, including ‘crowns’, the Three Kings in all three villages are accompanied by family and friends and the route they take is decorated with streamers, palm leaves and balloons. Those standing along the routes often shout out greetings to the chosen ‘Magi’.

The entire Eucharistic celebration, on an average, takes about three hours.

Over the years the feast has built a reputation as a tourist attraction and visitors visit to feast on its colour and pageantry.

The ‘Three Kings’ also carry along versions of the gifts that were offered by the original kings-gold, incence and myrrh.

Ashley Fernandes, a resident of Cansaulim, explains that the ancients regarded gold as the king of metals and Christians thus interpret it as standing for the kingship of Christ.

Incense was used for worship and the aroma along with the smoke rising heavenwards spoke to them of God and divinity. “Christians interpret this gift as standing for the divinity of Christ,” says Fernandes.

Myrrh was used to prepare the dead for burial. “Christians interpret this gift as standing for the humanity of Christ,” Fernandes concludes.

TNN | Jan 2, 2012, 01.19AM IST

MUMBAI: Non-resident Indians (NRIs) are expected to pump in upwards of $10 billion as banks fall over each other to offer better rates. The rate war is the fallout of Reserve Bank of India’s move to deregulate returns on non-resident rupee deposits.

With big banks now in the game, dollars are expected to flow in as the yield on non-resident external (rupee) deposits is more than three times the return on dollar deposits even after adding the cost of hedging against the risk of rupee depreciation. By going in for a currency hedge, which will cost around 4.5% to 5%, investors are protected against rupee depreciation.

“I expect $10-$15 billion of inflows to come from the NRE deposits given the rate differential. This could be a game changer for the rupee which has factored in all the bad news so far,” said Ashish Vaidya, head of fixed income, currency and commodities trading at UBS.

“I would expect that even on a conservative basis the deposit collection should be around Rs 40,000cr ($8 billion),” said Abhay Aima, group head, equities and private banking at HDFC Bank. He said that HDFC Bank was using this opportunity to increase its presence in the NRI segment, where it has had moderate presence, by offering very competitive rates. HDFC Bank was among the earliest large banks to offer 9% and was followed by SBI and ICICI Bank, which introduced 9.25% schemes.

According to a banker with a multinational bank, the key to success is the international reach. But for international banks it could be a tradeoff between offering wealth management products with high fees and selling high cost deposits in a falling interest rate environment. “The present rates offered by banks in India provide an arbitrage opportunity for NRIs to borrow overseas and invest in India,” said a banker with a multinational bank.

It is not clear how aggressive Standard Chartered Bank and Citibank will be in raising these deposits. Stanchart’s highest return is 8.25% in the 2 years to 31 months maturity. Citibank has come out with a tiered rate structure where it offers between 5% and 8.75% depending on the size of the deposit. Interestingly, Citi’s rates drops for deposits over Rs 50 lakh ostensibly to discourage customers from making leveraged deposits.

Banks can offer NRIs deposits in foreign currency. But such deposits will not address the shortage of dollars in India as the funds have to be deployed in foreign exchange loans. NRE deposits result in immediate supply of dollars which are converted into rupees.

By: Nivedita Dargalkar Date: 2011-12-31 Place: Mumbai

Concerned parents and spouses have hired private investigators to snoop on the activities of their kith and kin in the party capital of the nation

With Goa taking the honours of being the hedonistic capital of the country during the year-end festivities, it will also this year have the unique distinction of having 100-odd private detectives snooping on pleasure seekers.

Many worried parents and spouses from Mumbai have hired the services of private detective agencies to keep a bird’s eye view on their children and partners’ indulgences during New Year celebrations.

Detectives will also act as protectors and bail out their client’s kids if they happen to mess up or fall in bad company while partying in Goa

Naman Jain, owner of an Andheri-based detective agency who has dispatched 25 detectives to Goa, said, “Worried parents have approached us to keep an eye on the revelries drinking, doping and friends circle of their kin partying in Goa.

Likewise, worried spouses and partners have asked us to keep a check on their better half’s acquaintances in Goa this New Year’s Eve.”

Samil Tiwari, owner of a Bandra-based detective agency, who has despatched 20 detectives to Goa, said, “A few teams of detectives have already been dispatched prior to New Year’s eve to do the groundwork, rest of the teams will reach Goa on 31st.”

Following the huge demand for the festive season, detective agencies have also hiked their charges. The rates start from Rs 20,000 per day that do not include travel fare to Goa and entrance to the venue of the party place.

“I have hired a detective agency to confirm that my girl is not partying with the wrong kind of people and inviting trouble for herself.

Since, I won’t be physically present there, hiring a detective gives me an assurance that if my girl faces a difficult situation, she will be taken care of,” said Prashant Surve (name changed on request), a parent.

“Besides, reporting to parents about the whereabouts of their kids on 31st night, we will also act as protectors and bail out our client’s kids if they happen to mess up or fall in bad company while partying,” said Kirtesh Kavi, owner of a Goregaon-based detective agency who is servicing 14 clients this year.