Tuesday, April 8, 2025 | 30 Pages | `5 & for State (+4 pages) `6 Reg.No MCS/048/2021-23; RNI No. 1541/1957 M.p.c.s office Mumbai. PIN 400001 THE FREE PRESS JOURNAL Vol. 68 No. 158 | Leader in E-paper circulation l www.freepressjournal.in ● EDITIONS: ● MUMBAI ● INDORE ● PUNE ● BHOPAL ● NASHIK ● KONKAN ● E-paper ● Member: Audit Bureau of Circulation (July to December 2024) ZERO FOR ZERO DEAL NATION ‘Not while I’m alive’: Mamata Banerjee on top court order sacking teachers "Europe is always ready for a good deal," Ursula von der Leyen said as trade tensions with the US reached an all-time high. The EU has offered the US a deal to remove tariffs on all industrial goods as part of the trade negotiations. Trump has announced a 20% across-the-board tariff on imports from the EU, set to take effect on 9 April. NO BACKING OFF | In the face of global selloff, Trump displays his cockiness again, threatens China with extra 50% tariffs TARIFF-IED FPJ News Service MUMBAI Even as global markets were hammered by a third consecutive day of steep losses triggered by the Trump administration’s sweeping tariff measures, the US president showed no signs of backing off. Rather his cockiness was again on display when he said there's 'no  inflation' and threatened  China with additional 50% tariffs if Beijing does not withdraw its 34% retaliatory tariffs on Washington. On Monday, the S&P 500 swung wildly with each share falling in the range of a 20% drop since the last peak, dovetailing huge losses in Asia and Europe and reinforcing fears of a global economic downturn. In India, the Sensex plunged 2,226.79 points, while the Nifty slumped 742.85 points, wiping off a staggering Rs 19 lakh crore in market capitalisation in a matter of moments. Even as the sell-off gathered pace worldwide, US President Donald Trump dug in his heels. In a post on Truth Social, Trump declared, “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on tariffs that are already in place.” US indices closed sharply lower on Friday, with the S&P 500 falling 5.97%, the Nasdaq retreating 5.82%, and the Dow Jones shedding 5.5%. 4Contd on | nation Cinema Safety concerns? Sreeleela gets pulled into crowd Edit The BJP fights for power to promote its Hindutva agenda Crash course in economics Sensex plunges 2,226 points, wiping off a staggering `14Lcr in mkt cap. FED: TIME TO WAIT & SEE S Fed Reserve Chair Jerome Powell had sent strong messages when he felt they were needed during the pandemic. Now Powell and the Fed have been left guessing as much as the rest of the world about where Trump is taking the economy. He indicated on Friday this is not the moment for a "Fed put" - Wall Street's term for actions to shore up freefalling stock markets even as household wealth evaporates with real risks to economic activity. Rather, it is the time to wait and watch and see how this pans out. U 4 billionaires lose $10.3bn Signal to calm markets, public ndia’s top four billionaires have experienced a cumulative $10.3 billion drop in their net worth due to the market selloff. Mukesh Ambani, the wealthiest individual in India, saw his fortune decline by $3.6 billion, bringing his net worth to $87.7 billion. Gautam Adani, the second richest, faced a $3 billion rout, reducing his wealth to $57.3 billion. Savitri Jindal & family's net worth fell by $2.2 billion to $33.9 billion, while Shiv Nadar's fortune diminished by $1.5 billion, leaving him with $30.9 billion. ndian Foreign Minister S. Jaishankar said on Monday that he had spoken with U.S. Secretary of State Marco Rubio regarding the early conclusion of a bilateral trade agreement. Both sides, he noted, agreed on the importance of finalising the deal soon. In a parallel move aimed at stabilising the market sentiment, India raised excise duties on petrol and diesel without passing the burden on to consumers. The decision is expected to bolster government tax revenues amid falling global oil prices. Contd on nation I Briefs RANA PLEA IS REJECTED The US Supreme Court has rejected a plea by Tahawwur Rana—accused in the 26/11 Mumbai terror attacks—to halt his extradition to India. Rana, 64, a Canadian national of Pakistani origin, is currently lodged at the Metropolitan Detention Center in Los Angeles. In February, US President Donald Trump publicly announced Rana’s impending extradition to India during a joint press conference with Prime Minister Narendra Modi, following their bilateral meeting. Trump stated that Rana would be sent to India to “face justice.” BOMB SCARE ON INDIGO A city-bound IndiGo flight from Jaipur has landed in Mumbai under full emergency conditions due to a bomb threat, sources said. The flight landed safely at around 8.50 pm and the aircraft is currently parked at a remote bay as part of the security protocol, they said. The number of people on board was not immediately known. Without giving the specifics, the source said that a note of a bomb threat to the flight was found in one of the aircraft's lavatories, after which the flight made an emergency landing. VVPAT SLIPS SC SAYS ‘NO’ The Supreme Court on Monday declined to entertain a plea seeking a directive to the Election Commission of India for 100 per cent manual counting of Voter Verified Paper Audit Trail (VVPAT) slips alongside the electronic count from the control unit. A bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan was hearing a special leave petition filed by Hans Raj Jain, challenging the Delhi High Court's judgment dated 12 August 2024. I BADLAPUR ENCOUNTER HC constitutes SIT, frowns at FIR delay Urvi Mahajani MUMBAI Noting that a cognisable offence has been disclosed, the Bombay High Court on Monday constituted a Special Investigation Team (SIT) of the Mumbai police to probe the custodial death of an accused in the Badlapur sexual assault case. The court also chided the State government for its “reluctance” in registering an FIR against the five policemen, observing that the same would undermine the State’s “legitimacy” and erode public faith in the criminal justice system. Moreover, “re- fusal to investigate will allow perpetrators to go unpunished,” it said. In August 2024, a 23-yearold man was arrested for the alleged sexual assault of two minor girls at a school in Badlapur in Thane district. He was shot dead on September 23 while being transported in a police van from Taloja prison to Kalyan for questioning in a case registered by his wife. The escorting police team claimed they had shot the accused in self-defence after he snatched the gun of one of them and opened fire. 4Contd on | nation Chided the State government for its “reluctance” in registering an FIR against the five policemen, observing that the same would undermine the State’s “legitimacy” and erode public faith in the criminal justice system Plea against Hindi tirade Online Report MUMBAI A petition has been filed before the Supreme Court seeking action against Maharashtra Navnirman Sena (MNS) and its president Raj Thackeray for allegedly delivering a hate speech against outsiders in Mumbai for refusing to speak Marathai.  The plea has been filed by Sunil Shukla, National President of the Uttar Bharatiya Vikas Sena, who is the leader of a political party focused on the welfare of marginalized North Indian residents in Maharashtra and advocates for the rights of North Indians. The plea states that there have been repeated instances of hate speech, targeted violence and serious threat to life and liberty of North Indian community in Maharashtra. 4See | city Key is discipline, Not desperation What It Means for India’s Middle Class By invitation Dr. Srinath Sridharan Corporate Advisor & Independent Director on Corporate Boards. Author - Family and Dhanda The Indian stock markets witnessed a brutal selloff on Monday, wiping out Rs 14 lakh crore worth off Dalal Street in a single trading session as Sensex sank 2,227 pts. At the heart of this market bloodbath lies a renewed round of global disruption, sparked by U.S. President Donald Trump’s sweeping tariffs on imports—an aggressive return to trade protectionism that has set off alarm bells across financial markets worldwide. The market tumbled as the carnage over high U.S. tariffs and the retaliation by other countries raised fears of a fullfledged trade war. This threatens to hit supply chains, pricing, and confidence across continents. Globally, markets are being rattled by extreme FPJ News Service LPG cylinders, both Ujjwala and non-Ujjwala, will be Rs 50 dearer starting Tuesday, Minister Hardeep Puri announced on Monday at a press conference. "The price per cylinder of LPG will increase by Rs 50. From Rs 500, it will go up to Rs 550 (for PMUY beneficiaries), and for others, it will go up from Urvi Mahajani Claims continuation of the case would be a frontal attack on a citizen's constitutional right to freedom of speech and expression MUMBAI Stand-up comedian Kunal Kamra has approached the Bombay High Court seeking quashing of FIRs registered against him by the Mumbai Police over alleged remarks insulting Maharashtra Deputy Chief Minister Eknath Shinde. In his plea, Kamra said that the continuation of the case would be a frontal attack on a “citizen's constitutional right to freedom of speech and expression”. It asked whether a person's right to comment on political developments and actions of leaders could be criminalised in this manner. Kamra has said that his remarks regarding the split in the Shiv Sena, Shinde quitting Uddhav Thackeray's Sena fac- Rs 803 to Rs 853," the minister said. "This is a step which we will review as we go along," he added. The government has also hiked excise duty on petrol and diesel by Rs 2 per litre each but there will be no change in retail prices as the increase will be adjusted against the price cut that was warranted because of falling international oil prices. The excise duty on petrol was The Supreme Court on Monday delivered a stinging rebuke to the Uttar Pradesh Police for routinely attempting to convert civil disputes into criminal cases, describing the trend as indicative of a “complete breakdown of the rule of law.” Chief Justice of India Sanjiv Khanna cautioned that the apex court would impose penalties on the police in future cases if such petitions continued to be filed. The case in question involves a financial dispute, where the UP Police filed a chargesheet seeking criminal prosecution. The petitioner alleged that bribes were paid to the police to escalate what was essentially a civil disagreement into a criminal matter. Slamming the police’s conduct, the Supreme Court stayed the criminal proceedings and directed UP Director General of Police Prashant Kumar and the investigating officer (IO) to submit their responses within Apex court rebukes UP police for converting civil disputes into criminal cases two weeks. “What is happening in UP is entirely unacceptable,” CJI Khanna remarked, according to LiveLaw. “Every day, civil suits are being turned into criminal cases. This is absurd—merely failing to repay money cannot amount to a criminal offence. I will ask FPJ News Service NEW DELHI hiked to Rs 13 per litre and that on diesel to Rs 10 a litre, an official order showed. The increase in duties will "come into force on the 8th day of April, 2025," it said. While any change in taxes are normally passed on to consumers, there will be no change in retail selling price of petrol and diesel as the excise hike will be set off against the reduction 4Contd on | nation 4Contd on | nation tion and being sworn in as the chief minister at the time (in 2022) are all part of records. Requesting the police to record his statement through video conference, his plea states that he has been receiving death threats after the show.  On Monday, his counsel Navroz Seervai and advocates Ashwin Thool and Meenaz Kakalia, mentioned the petition before a bench of Justices Complete breakdown of law in UP, says court FPJ News Service 4Contd on | nation The All India Muslim Personal Law Board has moved the Supreme Court against the constitutional validity of the Waqf (Amendment) Act, 2025. Earlier in the day, a bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan agreed to consider, listing for an urgent hearing, the plea of Jamiat Ulama-i-Hind, AIMIM leader Asaduddin Owaisi and others, including Congress MP Mohammad Jawed and AAP MLA Amanatullah Khan on the issue. Kapil Sibal will appear for Jamiat Ulama-i-Hind. President Droupadi Murmu on April 5 gave her assent to the Waqf (Amendment) Bill, 2025, which was passed by Parliament after heated debates in both houses. The All India Muslim Personal Law Board (AIMPLB) filed the plea in the top court late April 6. In a press statement, SQR Ilyas, the AIMPLB spokesperson, said the petition strongly has objected to the amendments passed by Parliament for being "arbitrary, discriminatory and based on exclusion". offgrid MUMBAI direct equity, the hit is both financial and emotional. These are not just market numbers; they are dreams and responsibilities—school fees, EMIs, future weddings, ageing parents, medical needs. The rupee’s weakening past ₹87 to the U.S. dollar only adds pressure. Imports become costlier, inflation risk rises, and the daily cost of living feels tighter. In moments like these, the most sensible thing to do is often the simplest—wait and watch. This is not the time to give in to FOMO (fear of missing out) or attempt to average investments in haste. Rash decisions can deepen financial stress rather than reduce it. With global volatility and a weaker rupee, there’s every possibility of a renewed uptick, especially in fuel, technology products, and services with dollar dependencies. Goldman Sachs now pegs U.S recession at a 45% probability, which could affect India’s growth-sensitive sectors like manufacturing, KUNAL KAMRA SEEKS Waqf law: AIMPLB QUASHING OF FIRs moves SC Pay `50 more for LPG NEW DELHI levels of uncertainty. The fear is not just about tariffs but about unpredictability—about not knowing how far this disruption will go, or whether it will be resolved diplomatically or escalate into something worse. Though the broader impact on India may be somewhat contained compared to export-heavy economies, the volatility has arrived at our doorstep. Investors should tread cautiously through this fray, focusing more on domestic-oriented themes—sectors and companies less vulnerable to global shocks. A rebound in these segments is likely when the chaos eventually settles. But therein lies the deeper concern—no one knows when that will settle, or what may come next in this chaotic realignment of global trade flows. The impact of this global stress is already being felt across middle-class households. For salaried professionals, pensioners, and small investors who have steadily built portfolios through SIPs or the IO to step into the witness box and justify this as a criminal matter. Let him learn his lesson. This is not how chargesheets are supposed to be filed.” The Chief Justice further criticised the legal fraternity in the state, suggesting that many advocates seemed to have forgotten that civil jurisdiction still exists. While the court agreed to pass over the matter temporarily, it issued a stern warning: 4Contd on | nation Sarang Kotwal and SM Modak, seeking urgent hearing. Seervai informed the bench that Kamra has got interim relief from the Madras High Court till Monday, but despite that the Mumbai police keep issuing him summons to appear before them. In the course of the day, the Madras HC extended his interim protection till April 17. 4Contd on | nation VIRAT KOHLI has scripted history by becoming the fastest Indian batter to score 13000 T20 runs. He achieved the feat during the IPL 2025 encounter between Royal Challengers Bengaluru and Mumbai Indians at the Wankhede Stadium in Mumbai on Monday. The star batter also become the first Indian cricketer to score 13000 runs in the shortest format of the game.