HUBBALLI THURSDAY DECEMBER 21, 2017 `5.00 PAGES 16 CITY EDITION TAX REFORM: U.S. SENATE PASSES LANDMARK BILL Hailed as the “most significant” tax reform in the United States since 1986, it would affect nearly everyone in the country BIG BOOST FOR THE WEALTHY AFTER TAX RELIEF EXPIRES IN 2027... Those earning over $1 mn will see a 3.3% rise in their after-tax income, yielding a benefit of $69,660 yearly. For those earning less than $75,000, the benefits amount to less than $1,000 per annum. Those making less than $30,000 - nearly half of Americans - will earn a meagre $180 yearly in tax savings ■ The average tax will increase for all, except the wealthy, once the tax relief expires in 2027 ■ Then, those earning less than $75,000 will see a marginal dip in their after-tax income ■ Those earning above $1 mn will continue to enjoy tax relief $1.5 trillion PROJECTED REVENUE LOSS TO THE U.S. OVER 10 YEARS DUE TO TAX CUT CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR At 93%, more big notes than before DeMo H500 and H2,000 notes breach 90% mark after 15 years; reliance on high denominations back, defeating the purpose of note ban S U N I T H A N AT T I @ Mumbai UNBELIEVABLE, but just a year after demonetisation, high-value notes have touched a whopping 93 per cent of total currency in circulation. This is not only higher than the pre-DeMo levels of 86.4 per cent, but also the first time that high-value notes crossed the 90 per cent mark in 15 years. Here’s the math. As on December 8, total currency in circulation is `16,82,510 crore. As per the information provided by the Finance Ministry to Parliament last week, the RBI printed `15,78,700 crore worth of `2,000 and `500 notes as on December 8 — translating to 93 per cent of the total currency in circulation. If you consider notes in circulation (excluding coins), it’s 97 per cent! Though it appears that reliance on high denominations is back, defeating the purpose of the noteban, analysts say this is temporary considering RBI’s ongoing work on getting the right currency mix. Typically, RBI maintains an inventory and may not pump all that it prints. As per SBI Research’s Chief Economic Adviser Dr Sowmya Kanti Ghosh’s calculation, RBI hasn’t supplied about 16 per cent of the printed notes yet. The central bank did not respond to an email seeking comment. But sources confirmed to Express that `2,000 and `500 notes comprise the bulk (read over 90 per cent) of total banknotes in the system and small-value denominations account for less than 10 per cent currently . But the biggest puzzle is, if the central bank is beginning to gradually phase out the `2,000 note, introduced to ease cash shortage last year. As on March, 2017, there were 3.2 billion pieces of `2,000 notes in circulation, while December data showed a mere 11 per cent increase in printing. The thrust was on `500 notes, the value of which shot up EXPRESS READ Purported video of Jaya in hosp surfaces Chennai: Setting off a political controversy a day ahead of RK Nagar bypoll, a video purportedly showing late CM J Jayalalithaa in a hospital was released by sidelined AIADMK leader TTV Dhinakaran’s loyalist on Wednesday. Questions are raised about the timing of the video, which was aired by TV channels and later went viral. an eye-popping 188 per cent between March and December. From 5.8 billion pieces in March (in circulation), printing touched 16 billion as on December 8. In value terms at `8,47,800 crore, `500 notes account for 50 per cent of the total currency This is also . the first time that `500 notes crossed the 50 per cent mark since 2002, when the `1,000 denomination was introduced. “Printing of `2,000 notes may have been a judgment taken at that time. Today changing the note is a challenge...The fact that `200 notes are also being printed could be a way out to first provide change for `2,000 notes and also address cumulative inflation where a `100 note doesn’t fetch goods of daily consumption,” said Madan Sabnavis, chief economist at Care Ratings. Decoding the math Here’s a break-up of the total currency in circulation in India as on Dec 8 put out by the Finance Ministry A16,82,510 cr total currency in circulation A16,36,885 cr notes issued New Delhi: Former Calcutta High Court judge C S Karnan was released from jail on Wednesday after the completion of his sixmonth sentence for contempt of court. The sentence was awarded by the Supreme Court in May. Karnan left the Presidency Correctional Home premises around 11 am, his wife Saraswati Karnan said. Value: `8,47,800 crore (50% of currency in circulation) notes in circulation As on March, 2017 (rest with banking dept) Volume 5,882 million pieces L45,600 cr crore coins in circulation Value: `2,94,100 crore (22.5% of currency in circulation) `2,000 NOTES As on December 8 100 80 76.4 79 81.6 83 EXPRESS NEWS SERVICE 3,654.5 million pieces @ New Delhi Value: `7,30,800 crore (43% of currency in circulation) THE special 2G court is expected to deliver its verdict on the 2G scam matter on Thursday and decide the fate of many top corporate honchos and some politicians, including Rajya Sabha MP Kanimozhi. Special CBI Judge OP Saini will pronounce judgments in three separate 2G cases — two probed by the CBI and another by the Enforcement Directorate (ED). The high-profile accused in the 2G matter include former Telecom minister A Raja, senior bureaucrat Siddharth Behura, the Ruias of Essar group, promoter of Unitech Sanjay Chandra, filmmaker Karim Morani, top officials of Anil Ambani’s Reliance g roup and Shahid Balwa of DB Realty. The CBI has alleged there was a loss of `30,984 crore to the exchequer in allocation of 122 licences for 2 G s p e c t r u m wh i c h we r e scrapped by the Supreme Court on February 2, 2012. The 17 accused comprise 14 individuals and three companies. As Telecom minister in the UPA regime, Raja is accused of violating rules to allot 2G spectrum to Unitech Wireless and Swan Telecom despite them being ineligible for the same. The telecom ministry allegedly issued licenses on a distorted First Come First Served Policy and that too at 2001 — not 2008 — prices. As on March, 2017 Volume 3,285 million pieces Value: `6,57,100 crore (50.2% of currency in circulation) 84 85 86.4 60 as % of currency in circulation 40 As J2,000 notes led to challenges in transactions, RBI may have either consciously stopped printing the notes or started printing them smaller numbers 20 0 Dr Sowmya Kanti Ghosh, group chief economic adviser, SBI Economic Research 2010 2011 2012 2013 2014 2015 2016 State BJP leaders take up Mahadayi issue with Shah, Goa CM WATER ROW The state government has taken up the Kalasa-Banduri project to improve drinking water supply in Belagavi, Dharwad and Gadag districts. The plan is to divert 7.56 tmcft of water through two separate canals, Kalasa and Banduri, from Mahadayi river which flows into Goa and Maharashtra from Karnataka. EXPRESS NEWS SERVICE @ Hubballi/Bengaluru IN a major boost to the party’s strategy ahead of the 2018 Assembly election, the state BJP leaders seem to have convinced their central leadership to intervene and find an out-of-the-tribunal settlement for the Mahadayi river water dispute. The party leaders, who were facing flak for not taking up the issue with the Centre, on Wednesday met BJP president Amit Shah and Goa Chief Minister Manohar Parrikar in the national capital to find a solution to the dispute. “I am very happy with the outcome of the meeting. The decision taken at the meeting will be announced before lakhs of people, who will be attending the Parivarthana Yatra in Hubballi tomorrow (Thursday),’’ BJP state president B S Yeddyurappa told reporters after the meeting. Yeddyurappa, however, did not give any details about the understanding they have reached with the Goa CM. The presence of BJP’s election in-charge for the state Piyush Goyal and Prakash Javadekar at the meeting at Shah’s residence Minor Dalit girl raped and murdered in Vijayapura; protests erupt in district A 15-year-old Dalit girl was raped and murdered in broad daylight in Vijayapura town on Tuesday The in. cident occurred at Manjunath Nagar around 2.30 pm when the victim was on her way to school along with her younger sister. It’s said that the prime suspect in the murder who was known to the victim, stopped her on the pretext of talking. At the same time, five to six of his friends who came there dragged the victim into an empty house and allegedly raped and murdered her. The victim’s sister who escaped the gang went to her school and informed the teachers. Teachers rushed to the area and found the girl dead inside the room. Adarsh Nagar Police who have Several organisations held protests in Vijayapura demanding the arrest of rape accused on Wednesday I EXPRESS registered a case have formed a team to catch the accused. Police sources said that on Tuesday two boys had been detained and search for the others was on. Vijayapura SP Kuldeep Jain told Express that the initial medical reports suggested that there was no gang rape. “However, we are waiting for the autopsy report. We have identified the main accused and soon he will be arrested. The role of other boys and reason for the death of the girl is being investigated,” he said. The incident has sparked protests throughout the district with people taking to the roads. The family members and Dalit organisations held protest throughout the night keeping the dead body of the girl at Ambedkar Circle. On Wednesday several organisations held protest in Vijayapura and other parts of district. CM Siddaramaiah who was in Vijayapura was gheraoed by ABVP members. He called on the family members of the victim on Wednesday night after participating in a function and handed over a cheque. livery Both women delivered babies . in the span of about 10 minutes. Nandamma, her husband and her parents have claimed that a nurse brought a male baby out of the labour ward and showed it to the husband and other family members. The baby was with them for about 10 minutes after which it was taken back. The family has alleged that some time later, the hospital authorities changed their version and told Nandamma that she had in fact delivered a female baby and that Nazma Begum had delivered the male child. Refusing to buy the hospital’s contention, Nandamma and her family have been insisting that the hospital authorities hand over the male baby to them as she had delivered before Nazma Begum and a nurse had even shown them the male baby. Nazma and her family Nazma Begum Nandamma too have refused to accept the female baby Shockingly neither Nan. , damma nor Nazma breast-fed the babies for about four days. In an effort to convince the families, the hospital authorities on Tuesday tested blood samples of the babies and the parents. The tests revealed that the blood group of the male child was B+ve, matching with that of Nazma Begum and Lal Mohammed, while the blood group of female baby was A+ve, matching with that of Nandamma and Siddappa. Yet, Nandamma and her fam- ily were not ready to accept it. On Tuesday evening, Kalaburagi Superintendent of Police Shashikumar held a meeting with the District Surgeon and the fathers in his chamber. He convinced Siddappa to take the female baby for a few days till the DNA report is received and to ask his wife to breastfeed the baby He also told Lal Mohammed to . ask his wife to breastfeed the male baby Both accepted the suggestion, . and on the advice of the SP Siddap, pa filed a complaint with the police regarding his suspicion on the exchange of babies and seeking a directive to the hospital to conduct a DNA test. But Nandamma has remained adamant and has refused to breastfeed the girl child. However, she agreed to drawing milk through artificial means after which the baby was fed. Judgment day for Kanimozhi, A Raja in 2G spectrum scam Volume: COMPOSITION OF HIGH-VALUE NOTES Hospital opts for DNA test after parents cry foul A case of alleged baby swap at the Kalaburagi District Government Hospital has had the hospital authorities and the local police on the edge with two nursing mothers laying claim on a male child while disowning a female child. After the intervention of the police on Tuesday evening, the hospital authorities on Wednesday sent blood samples of the five-day old infants and the parents for DNA tests to establish the parentage. District surgeon Dr B N Joshi said the report is expected within a week. On December 15, Nandamma, the wife of Siddappa, hailing from Konasirasagi village in Kalaburagi taluk, and Nazma Begum, the wife of Lal Mohammed of Kadamgera village in Shahapur taluk of Yadgir district were admitted to the hospital for de- Volume: 16,957.317 million pieces L16,36,868 cr BABY SWAP R A M K R I S H N A B A D S E S H I @ Kalaburagi As on December 8 As on Dec 8 E X P R E S S N E W S S E R V I C E @ Vijayapura Former HC judge released from jail `500 NOTES THREE CASES shows that the party seems to be keen on making an attempt to resolve the issue ahead of the 2018 elections. A BJP leader said that Parrikar will take a decision on how the water could be shared and intimate that on Thursday which , would be announced during the Parivarthana Yatra in Hubballi. BJP’S MAHADAYI TALKS AN ELECTION GIMMICK, SAYS CM: P6
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