Here is the update:

Honda team did the diagnosis on SRS system and found the cause. SRS
light was ON due to problem with driver's seat belt.
SRS system doesn't recognizing that driver's seat belt. Honda intially
estimated $125 for diagnosis. But they did totally free  and replaced
the seat belt. Seat belts are on life time warranty.

Thanks to all for your responses.

CKR

All experts!,

 Thanks for your valuable comments. I will take car to Honda dealer
and let them troubleshoot this symptom.
I will update you after hear from them.

Thanks again for Woody, Dufus and Stan for quick responses.

CKR

See if this helps > http://www.tegger.com/hondafaq/faq.html
Look under General Information > How to reset the SRS light.

Hello,

I am having Honda Civic 2001, I noticed that SRS light is ON since
three days. It's a second time that light started apperaing on
dashboard.

Last time I got the same problem, I called the Honda Dealer and they
said it costs $135 for diagnosis and they will give estimate how much
cost more.

Meanwhile I checked with one of local Honda certified repairer and he
said he can reset the light for $40. He also said, I will reset the
light and if the light not appears again in next few days, you are fine
otherwise you should take the car to the dealer. I agreed and he reset
the light. This all happend on Oct 2005.  After 5 months agin light ON.
Any advice?

One more thing, my two yrs son always throw papers and toys under
seats? This would be the cause? What are your advice, I need to see the
dealer now?

Waiting for experts comments.

Thanks
CKR