EDIT: Bought the following config for around 40k
 Intel Core2Duo E7200-------------------|
 Abit IP35-E---------------------------- |11k
 GSkill DDR2-800Mhz 1GB x 2--------------2.35k
 Palit Geforce 9600GT 512MB GDDR3-------8k
 Zebronics Bijli (without power supply)-----1.1k
 Corsair VX450W--------------------------3.25k
 Western Digital SATA2 7200rpm 320GB---- 2.65k
 LG GH20N--------------------------------1.1k
 Dell SE198WFP---------------------------9.5k
 Microsoft Desktop Black-------------------0.7k
 Amigo 120mm fan-------------------------0.3k
Thank you guys for your advice.
 Intel Core2Duo E7200-------------------|
 Abit IP35-E---------------------------- |11k
 GSkill DDR2-800Mhz 1GB x 2--------------2.35k
 Palit Geforce 9600GT 512MB GDDR3-------8k
 Zebronics Bijli (without power supply)-----1.1k
 Corsair VX450W--------------------------3.25k
 Western Digital SATA2 7200rpm 320GB---- 2.65k
 LG GH20N--------------------------------1.1k
 Dell SE198WFP---------------------------9.5k
 Microsoft Desktop Black-------------------0.7k
 Amigo 120mm fan-------------------------0.3k
Thank you guys for your advice.