BELAGAVI SATURDAY MARCH 3, 2018 `5.00 PAGES 16 LATE CITY EDITION PUBLIC NOW HOLD MORE CASH THAN BEFORE NOTE BAN Currency with the public stood at `17.06 lakh crore as on this February, as against `17.01 lakh crore seen on October 28, 2016, according to RBI data ALMOST ALL CASH BACK IN CIRCULATION ■ 98.96% SHARE OF HIGH-VALUE NOTES UNCLEAR As on February 23, total currency in circulation was `17.82 lakh crore, or 99.17% of the pre-note ban level of `17.97 lakh crore. At the rate at which the RBI is pumping money into the system, the total currency in circulation may well cross pre-demo figures by next week (the data will be made public with a one-week lag) ■ The proportion of high-denomination notes, which constituted 86.4% of total currency in circulation in Nov, 2016, is still unclear `2,000 and `500 notes comprise the bulk of banknotes, while small denominations account for less than 10%, sources said SHARE OF DEMONETISED NOTES (BY VALUE) RETURNED TO THE SYSTEM 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 Trade war fears as Karnataka man Hosabale to be elevated as No 2 in RSS? Trump stomps on tariff status quo A B H I J I T M U LY E @ Mumbai Steep import tariffs on steel, aluminium see stock markets from Japan to Europe tank J O N AT H A N A N A N D A @ New Delhi When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win Donald Trump, President, US These unilateral measures are not acceptable. They would have a major impact on the European economy and French companies… all options are on the table Bruno Le Maire, French Finance Minister China urges the US to exercise selfrestraint... and make a contribution to global trade regulations Chinese foreign ministry spokesperson US President Donald Trump kicked the proverbial hornets’ nest late Thursday evening as he followed through on poll promises to correct the US trade deficit. His announcement on imposing steep import tariffs on steel (25%) and aluminium (10%) saw stock markets tank from Japan to Europe, as world leaders issued threats of retaliation and fears of an imminent global trade war spiked. The news was worst received by US allies, with strong statements issued by the European Commission and Canada, the top steel suppliers to the US. “We will not sit idly while our industry is hit with unfair measures,” European Commission President Jean-Claude Juncker warned. Through Friday Asian and European stock , markets fell sharply with the Japanese Nikkei , 225 (-2.5%), German DAX (-2.01%), French CAC 40 (-2.14%) and Hong Kong-based Hang Seng (-1.48%) the worst affected. The immediate impact on India is likely to be negligible, however, with Reuters reporting Steel Secretary Aruna Sharma saying, “we have only 2 per cent of our exports to US so no immediate dent...” Indian stock markets were also closed on Friday for Holi and will not open until Monday, giving Indian investors more time to assess the situation. But, India will have enough to worry about if a global trade war erupts. Economists have consistently red-flagged protectionism as a risk to reviving global growth, which in turn is a key driver expected to propel Indian economic recovery A Crisil report released on Thurs. day, for example, highlighted “flashpoints in trade policies” as a key risk to Indian growth estimates for 2018-19. GLOBAL MARKETS TANK AFTER TRUMP’S ANNOUNCEMENT Dow Jones Industrial Average Thursday 420.22 points to 24,608.98 (-1.7%) Friday (as of 8.25 pm IST): 356.89 points at 24,252.09 (-1.45%) Nikkei 225 (Japan) 542.83 (-2.5%) FTSE 100 (UK) 89.33 (-1.24%) DAX (Germany) 242.67 (-2.01%) MAJOR organisational changes in the Rashtriya Swayamsevak Sangh (RSS) and its affiliate organisations are on the cards at the meeting of the Akhil Bharatiya Pratinidhi Sabha (ABPS) — the highest decision making body of the RSS — to be held in Nagpur next week. Around 1,500 representatives of the RSS and affiliate organisa- tions elect the Sarkaryavah (General Secretary) of the RSS at the ABPS meet every three years. The cur rent Sarkaryavah Suresh aka Bhaiyaji Joshi was first elected to the post in 2009 and has been continuing since then. During the past two years, he had entrusted part of his work to Saha-Sarkaryavah (Joint General Secretary) Dattatreya Hosabale, due to health reasons. The arrangement is likely to be formalised at this year’s ABPS with Hosabale’s elevation to the post of Sarkaryavah. While Sarasanghachalak is the head of the RSS, the Sarkaryavah is the executive head who also steers other organisations of the RSS family. Hence, the post is very crucial, especially when major elections like the 2019 parliamentary election are round the corner. A senior RSS functionary in the national executive team said Hosabale’s elevation has been on the cards for a long time. The functionary, however, said there was always an element of uncertainty till the changes are finalised and executed. “The meet is between March 9 and 11 and the changes made would be known only on March 11,” he said. Several other changes like inter and intra-organisational transfers of the organising secretaries too are expected. Changes in organising secretaries of key organisations like the ABVP and the BJP are likely to be announced too. However, according to some within the RSS, so many changes at one go are unlikely before 2019 — a crucial election year — that too especially when the RSS-BJP teams is working very well in tandem. State to see harsher summer this year GOING NORTHWARDS A S H W I N I M S R I PA D @Bengaluru MYRIAD OF COLOURS Students playing with colours on Holi festival at the National College grounds in Bengaluru on Friday | NAGARAJA GADEKAL US court comes to the rescue of Nirav Modi P T I @ Washington A US court on Friday passed an interim order that prevents creditors from collecting debt from Nirav Modi-owned Firestar Diamond Inc. after it filed for bankruptcy . Modi, who is being investigated for illegal transfer of nearly $2 billion from Punjab National Bank, has a majority stake in Firestar Diamond and its other sister companies through his other companies. Firestar Diamond Inc filed the Chapter 11 voluntary petition in the New York Southern Bankruptcy Court on Monday Enter. ing an order for relief, the US bankruptcy court in the Southern District of New York said that the filing of case imposed an automatic stay against most collection activities. “This means that creditors generally may not take action to collect debts from the debtor or the debtor’s property the bank,” ruptcy court said in its two-page order. “For example, while the stay is in effect, creditors cannot sue, assert a deficiency repossess prop, erty, or otherwise try to collect from the debtor. Creditors cannot demand repayment from the debtor by mail, phone, or otherwise,” it said. EXPRESS READ 12 Maoists, 1 Greyhounds constable killed in encounter Counting of votes in Tripura, Nagaland, Meghalaya today Cauvery verdict: K’taka all-party meet on March 7 Video shows LeT’s Naveed with Hizbul militants in J&K Hyderabad: In a major blow to Maoists, 12 of its cadre, including a top leader, were killed in an alleged encounter with the police in the agency areas near the Telangana-Chhatisgarh borders on Friday. One Greyhounds constable was also killed in the shootout, police sources said. P6 Guwahati: On the eve of counting of votes in Tripura, Nagaland and Meghalaya, political parties are busy striving to stitch post-poll alliances with like-minded parties. Of the three states, hung Assemblies have been predicted in Nagaland and Meghalaya. Bengaluru: Chief Minister Siddaramaiah has convened a meeting of leaders from all political parties in the state on Wednesday (March 7) to discuss the recent Supreme Court verdict in the inter-state Cauvery river water sharing dispute. P5 Srinagar: A fresh video has surfaced showing Lashkar-e-Taiba militant Naveed Jutt, who escaped from police custody last month, with top militants of the Hizbul Mujahideen in a forest area of the Valley. The video is believed to have been filmed somewhere in south Kashmir. THE summer season this year is expected to be harsher as maximum temperatures are likely to shoot up by nearly 3 degrees Celsius above normal in April at isolated places across the state. The maximum temperature in Bengaluru, which was known for its salubrious climate, is likely to cross 40 degrees Celsius. The Karnataka State Natural Disaster Management Centre (KSNDMC) authority has forecast that on an average, southinterior Karnataka including Bengaluru, Kolar, Tumakuru, Chikkaballapur, Ramanagara, Mandya and Mysuru — will witnesses a minimum rise of 0.5 degrees Celsius above normal. Regions in north-interior Karnataka like Ballari, Koppal, Kalaburagi, Gadag and Vijayapura will witness at least one degree rise in temperatures. Kolar 39.40C Ballari 39.30C Dakshina Kannada 39.10C Raichur 38.90C Dharwad 38.80C Kalaburagi 38.20C Belagavi 38.50C (Source: IMD) KSNDMC Director Srinivasa Reddy told The New Indian Express that although the average temperature increase will be between 0.5 to 1 degree Celsius, there will be an increase of 2-3 degrees Celsius in isolated places across the state in April. Reddy said the maximum temperature in Bengaluru this year is likely to cross 39 degrees Celsius in April. P6 No bail for Haris Jr, 6 others in assault case E N S @ Bengaluru A city civil and sessions court on Friday rejected the bail pleas of Congress MLA N A Haris’ son Mohammed Nalpad Haris (28) and six other co-accused in the alleged assault on Vidvat Loganathan (24) at Farzi Cafe in UB City on February 17. The judge observed that shifting of Vidvat from the ICU of Mallya Hospital to the ward did not lessen the gravity of his condition or the case. The court said, “Prima facie, it appears that the counter-complaint was filed (by co-accused Arun Babu) against Vidvat only to hamper the proben. In the larger interest of the public and state, the accused are not entitled for bail at least till the completion of investigation.” The six co-accused are Arun Babu (28), Manjunath (31), Mohammed Afras Ashraf (23), Balakrishna (25), Abhishek (23) and Nafi Mohammed Nasir. They were arrested on February 17. Judg e B Parameshwara Prasanna said it was alleged in the counter-complaint that Vidvat, who was alleged to be in an inebriated state, assaulted Arun at 12 am. On the contrary medi, cal records showed that Vidvat was not in an inebriated state and was in fact undergoing treatment at the hospital at that time.
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