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Record rainfall batters Chennai, cripples life
After some days of respite, a torrential downpour, termed the heaviest in over 100 years, on Tuesday crippled life here, flooding numerous roads, neighbourhoods, train tracks and airport runways and crippling transport and power supply, residents said.
 
People working in offices located in the suburbs were finding it difficult to reach home after work and many were stuck in their office.
 
Power has been cut in several areas as a precaution, while people have been advised to stay wherever they are.
 
With waterlogging on the airport runway, several flights were delayed. For several hours, flights did not take off or land and hundreds of passengers were stuck inside the airport.
 
Trains were delayed and some were cancelled as authorities struggled to cope with the after-effects of the fresh torrential rains in the Tamil Nadu capital.
 
Water logging on the suburban railway tracks forced the authorities to cancel some services while many trains ran behind schedule. Southern Railways cancelled 12 trains and diverted 15 more.
 
Big sink holes on several roads forced the authorities to divert the vehicular flow.
 
Speaking to Prime Minister Narendra Modi, Tamil Nadu Chief Minister J.Jayalalithaa said the unprecedented torrential and extremely heavy rains which is the heaviest recorded in the past more than 100 years and has battered the state's northern districts, especially, Chennai, Tiruvallur, Kancheepuram and Cuddalore.
 
She told Modi that the state machinery is fully geared to meet the challenge.
 
The state has deployed personnel of the State Disaster Response Force, the Fire and Rescue Service personnel, Coastal Security Group in all the affected places.
 
A flood alert has been issued along the banks of Adyar river here as surplus water from the Chembarambakkam reservoir have been let out in the river.
 
According to municipal administration, around 3,000 people living along the banks of Adyar have been relocated at safer place.
 
According to reports, three lakes in Kanchipuram district were breached due to heavy rains and inflows.
 
The weather department has warned of heavy rains in Chennai and northern Tamil Nadu over the next three days. The government has declared a holiday for schools in Chennai and neighbouring Kanchipuram district.
 
During the last spell of rains, around 180 people lost their lives in the four districts of Chennai, Kanchipuram, Cuddalore and Thiruvallur.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Government moots gold exchange for transparent trading
The government is mulling a gold exchange for transparent trading of the yellow metal and to reduce dependence on imports from overseas, a top official said on Tuesday.
 
"A gold exchange for transparent trading will facilitate jewellers to buy and sell the precious metal locally instead of depending on the international market," Economic Affairs Secretary Shaktikanta Das said at a summit here.
 
Inaugurating the third India International Bullion summit, organised by Indian Bullion & Jewellery Association (IBJA), he said such a transparent platform could be used by those who have surplus gold to sell it to those requiring it.
 
"A jeweller who needs gold temporarily can buy it locally instead of importing it," Das said.
 
On the gold monetisation scheme, launched November 6 by Prime Minister Narendra Modi in New Delhi along with two other gold schemes, Das admitted that it was not easy to convince people to part with their jewellery, which had emotional value attached it.
 
"We need to change the mindset and understand the psyche of the people. We need to involve you (jewellers) to talk to traditional customers and bring them into the scheme," he stressed/
 
The other two are gold sovereign bond scheme and gold coin and bullion scheme to mobilise the precious metal lying within the country for re-use and curb its surging imports, which were resulting in huge outgo of foreign exchange and impacting the current account deficit.
 
The Bureau of Indian Standards has invited applications from 13,000 licensed jewellers to act as a collection and purity testing centres across the country.
 
When IBJA president Mohit Khamboj urged the central government to set up a dedicated gold bank to boost the industry, Das said it was not feasible.
 
According to Additional Secretary, Commerce, J.K. Dadoo, a whopping 22,000 tonne of gold, valued at $1 trillion was lying across the country, with about 90 percent of it in temples and religious places.
 
Former SBI chairman O.P. Bhatt suggested that the maturity period for the gold bond scheme should be 10-15 years instead of 8-10 years to make it attractive.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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