What I did was this:
I boot using knoppix cloop file. I activated the persistent boot. I have installed ntpdate using aptitude. I activated some reputed ntp servers around the world. Then from start menu>preferences>time and date and set time to Asia/Kolkata. The time and date is automatically updated.
However, every time I boot the time is reset to that of the USA, although there is an option to lock the settings, "Click to prevent changes".
Have I drawn the attention of the seniors!?