Replacing the heatsink on the card is definitely an option, seeing that coolers from Zalman, specifically the ZM-VHS1 that's made for ur card, are available for around $6 which is approximately 360 rupees over there.
Thanks u rage, I will definitly explore the local stores for the cooler u advised. Anyway, as I have deputed a mini pedestal fan to my system. It is running smootly. But now my desktop it is very odd looking though.
Well, folks I think i will now sort out my problem. You guys are a great help. Accept my heartiest congrats to the moderators and all friends for hosting such a good forum.
Specially to Rage and Rik as they constantly shared with me their very helpful tips and suggestions.
Yes, the system is working fine as soon as I used the fan to cool it down. Now I am in my office. I shall post a pic of the current looks of my desktop on returning home in the evening.
By the way one thing I am concerned about is that occasionally when my system boots up during RAM checking (when system counts the available physical memory as I have disabled 'fast boot up' option in my BIOS), The counter stops randomly at 125MB or 315MB or any xxxMB and an error is displayed saying "R/W memory error press F4 to continue".
When I restart the system (Alt+Ctrl+Del) the system counts the RAM as usual and successfully counts to 1024MB and just no problem at all.
The above mentioned problem happens occasionally as I have observed it for 6 to 7 times since I bought the system i.e. about a week ago and have done about 75 or so boots approximatly.