DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE TUESDAY, APRIL 8, 2025, LUCKNOW, LATE CITY, 16 PAGES BY UNNY GLOBAL MARKETS RATTLED OVER U.S. TARIFFS, FURTHER ESCALATIONS US indices swing wildly, Sensex & Nifty tank 3%, highest since June Trump threatens additional 50% tariffs on China THE WORLD MUMBAI, APRIL 7 EU LOOKS FOR TALKS WITH U.S. OVER TRUMP TARIFFS AT LEAST 30 KILLED IN ISRAELI STRIKES ACROSS GAZA PAGE 11 Former MLA Vinay Shankar Tiwari UP ex-MLA held in bank fraud case: ED EXPRESS NEWS SERVICE LUCKNOW, APRIL 7 FORMER MLA Vinay Shankar Tiwari was arrested by the EnforcementDirectorate(ED)on Monday in connection with its probe into money laundering, linked to a Rs 754 crore bank fraud case. Later in the day, the agency produced Tiwari before a court in Lucknow, which remanded him in 14 days of judicial custody. A Samajwadi Party (SP) leader, Tiwari is the son of the late Hari Shankar Tiwari, a gangster-politician from Gorakhpur. On Monday, the ED had carried out searches at Tiwari’s premises and others. The agency launched its investigationfollowinganFIRfiled by the CBI in October 2020 on charges of fraud and other related offences, in which Tiwari was named among the accused. Tiwari, who was a promoter of M/s Gangotri Enterprises Ltd — a company engaged in road constructionandtollplazaoperations — is alleged to have had a role in causing a loss of Rs 754 crore to seven banks. TheEDaddedthatitsinvestigationrevealedTiwari's involvement in offences under the Prevention of Money Laundering Act (PMLA). According to the agency, despite issuing multiple summons to Tiwari seeking data and clarification related to Gangotri Enterprises Ltd (GEL), he “consistently responded that all relevant documents had already been submitted.” However,theagencypointed outthatfurtherinformationwas required from Tiwari. His repeatedabsencemadeitimpossible to obtain the necessary details, prompting his arrest. Vinay Shankar Tiwari is a one-time MLA, having won the Indices Apr 1, 2025 Apr 7, 2025 Difference (in %) AFTER LOSING $6.6 trillion in value over two days last week, US stocks were highly volatile Monday with the Dow Jones Industrial Average swinging wildly over 2,400 points in the first hour of trading, and down 2 per cent at 10.30 am (EST). The Nasdaq Composite also yo-yoed 1,125points,andwasdown1per cent at 10.30 am. Globally, markets crashed, with Nifty and Sensex in India down almost 5 per cent in the morning, but ending the day 33.25 per cent down. It was their biggest single-day fall since June last year, tracking the nervousness and fall in equity markets globally amid fears of escalation in trade wars after US President DonaldTrumpannouncedreciprocal tariffs last week. During the day, stocks in the US rallied on expectations of a thaw on the tariff front. The administration, however, clarified there would be no delay in implementing new levies. In fact, in another round of escalation, US President Donald Trump threatened additional tariffs of 50 per cent on US imports from China if the latter did not withdraw the 34 per cent tariff ithadimposedonUSproducts last week. Inapostonsocialmediaplatform ‘Truth Social’, Trump said, CONTINUED ON PAGE 2 Nifty 50 23,165.70 22,161.60 -4.33 Sensex HITESH VYAS Focus on early India-US trade pact in talks between Rubio and Jaishankar TREMORS ACROSS WORLD MARKETS 76,024.51 73,137.90 -3.79 Dow Jones* 41,989.96 37,879.65 -9.78 Hang Seng 23,206.84 19,828.30 -14.55 Shanghai Composite 3,348.44 3,096.58 -7.52 Euro Stoxx 50 5,320.30 4,662.45 -12.36 Nikkei 225 35,624.48 31,136.58 -12.59 2,521.39 2,328.20 -7.66 22,539.98 19,689.75 -12.64 KOSPI Dax *April 7 opening level The Bombay Stock Exchange on Monday. Ganesh Shirsekar After Black Monday: What could be endgame for Trump tariffs? ANIL SASI NEW DELHI, APRIL 7 WARNINGS ABOUT a Black Monday crash turned out to be prescientwithaglobalstockmarket bloodbath unfolding in the wake of last week’s meltdown over US President Donald Trump’s tariffs. This even as Trump defended his tariffs over the weekend, claiming a lot of countries are “dying to make a deal”andthatanyadjustmentin thestockmarketsis“temporary”. STRICT KYC, MONEY LAUNDERING NORMS Govt works on bringing online gaming firms under PMLA fold Unaccounted money circulating, will clean up compliance in sector: Official SOUMYARENDRA BARIK & AANCHAL MAGAZINE NEW DELHI, APRIL 7 GROWING OPPOSITION WITHIN While analysts who said Trumpisunlikelytowalkhistariff talk have been proven wrong, there is a growing view that these tariffs might not last. Likely tariff endgame One possibility is that the reverses in the American stock markets and pressure from his own supporterswouldforceTrump ● to temper the tariff push. Secondly, the US President might indeed manage to extract concessionsfromsomecountries E EXPLAINED BUSINESS AS USUAL `6.00 WWW.INDIANEXPRESS.COM SINCE 1932 CONTINUED ON PAGE 2 EXPERTS EXPLAIN Follow dharma of asset allocation NILESHSHAH Hold on to large-cap investments ANISHTAWAKLEY Next few months, invest in staggered manner PRASHANTJAIN EXPLAINED,PAGE12 THE EDITORIAL PAGE READING THE FALL In a world without fair trade rules, India needs to be better prepared PAGE8 RELATEDREPORTS,PAGE13 External Affairs Minister S Jaishankar, US Secretary of State Marco Rubio. File SHUBHAJIT ROY NEW DELHI, APRIL 7 DAYSBEFORE the 26 per cent reciprocal tariffs imposed on India by the President Donald Trumpled US administration come into effect, External Affairs Minister S Jaishankar spoke to US Secretary of State Marco Rubio on Monday. The two sides “agreedontheimportanceof the early conclusion of the Bilateral Trade Agreement”. India and the US started negotiations on the trade deal after Prime Minister Narendra Modi met Trump in Washington DC in mid-February. “Good to speak with @SecRubio today. Exchanged perspectives on the Indo-Pacific, the Indian sub-continent, Europe, Middle East/West Asia and the Caribbean... Agreed on CONTINUED ON PAGE 2 THE CENTRE is in advanced stages of finalising a move that could bring online real-money gaming companies such as Dream11, Games24x7, and Winzo under the ambit of antimoneylaunderinglawsandsubject them to stricter obligations such as know-your-customer (KYC) requirements, and tracking and reporting suspicious transactions, The Indian Express has learnt. The proposal, steered by the Ministry of Finance and sent for inter-ministerial consultations, couldresultinonlinereal-money gaming companies getting denoted as “reporting entities” under the Prevention of Money Laundering Act (PMLA), 2002. PMLA stipulates certain record-keeping and reporting obligations for financial institutions—banks,financialintermediaries or a person carrying on a designated business or profession — by classifying them as reporting entities. A reporting entity, under PMLA, has to furnish information about its clients and transactions to Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance and follow a number of compliance obligations including maintaining a record of all transactions, documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. It is also subject to compliance with anti-money launderingandcounteringthefinancing of terrorism (AML/CFT) obligations, in line with norms of the CONTINUED ON PAGE 2 Ayodhya temple prepares for another consecration in May, likely to be low key DIVYA A NEW DELHI, APRIL 7 Chirag Paswan, Union Minister and LJP (RV) president, is guest at Express Adda today EXPRESS NEWS SERVICE NEW DELHI, APRIL 7 FROMWINNINGallfiveseatshis party contested in the 2024 Lok Sabhaelectionstosecuringakey portfolio in the Union Cabinet, the past year has been eventful for Lok Janshakti Party (Ram Vilas) president Chirag Paswan, the Union Minister of Food Processing Industries. Paswan, 42, will be the guest at the Express Adda in Delhi on Tuesday. He will be in conversation with Anant Goenka, Executive Director, The Indian Express Group, and Vandita Mishra, National Opinion Editor, The Indian Express. After facing a huge setback in 2021 when his party split, Paswan made a remarkable comeback in the Lok Sabha polls PRESIDENT BEGINS PORTUGAL VISIT President Droupadi Murmu lays a wreath at the tomb of poet Luis Vaz de Camoes in Lisbon, at the start of her two-day state visit to Portugal on Monday. PTI Union Minister and LJP (RV) chief Chirag Paswan ‘Absolute breakdown of rule of law’: SC raps UP Police for treating civil dispute as criminal case EXPRESS NEWS SERVICE NEW DELHI, APRIL 7 CONTINUED ON PAGE 2 THESUPREMECourtonMonday pulled up the Uttar Pradesh police for filing criminal charges in what it said was primarily a civil dispute for allegedly not returning `25 lakh borrowed from a person. CONTINUED ON PAGE 2 MORE THAN a year after the “pran pratishtha” ceremony of Ram Lalla, the Ram Temple in Ayodhya will see another consecration ceremony next month, TheIndianExpresshaslearnt.The event will mark Lord Ram as the King,anditwillfollowtheinstallationof theRamDurbarorroyal courtonthefirstfloorof thetemple later this month. Preparations are underway for the ceremony and those aware of the matter said it will be low-key as compared to the scale of the grand event held on January 22 last year, which was attended by more than 8,000 people, and presided by Prime Minister Narendra Modi. The event will also mark a kind of finale to the temple construction, which started in 2020 after the Supreme Court verdict mandated the setting up of a committee to oversee the con- The court said there was a trend of converting civil matters into criminal cases in the state and termed it a “breakdown of the rule of law". The apex court was hearing an appeal challenging the Allahabad High Court decision dismissing the plea to quash an FIR against petitioners Debu SinghandDeepakSinghwhoare facingchargesof criminalbreach of trust, criminal intimidation and conspiracy. “This is wrong what is happening in UP… Day in and day out, civil matters are being converted into criminal... This is an absolute breakdown of the rule of law,” Chief Justice of India Sanjiv Khanna presiding over a three-judge bench said. The bench, also comprising Justices Sanjay Kumar and K V Viswanathan, said this was contrarytoitsMay2024directionin thecaseof Sharif AhmedvsState of Uttar Pradesh, wherein it laid down that the investigating officer must ensure that the chargesheet contains clear and complete entries of all columns, CONTINUED ON PAGE 2 Over 8,000 people attended the 2024 consecration event struction. The temple construction committee is currently headed by Nripendra Misra, former Principal Secretary to the Prime Minister. Misra recently said that the construction of the temple complexwillbecompletedbytheend of this month while the remaining work on the “parkota”, or the compound wall, will be completedbeforetheendof thisyear. “About 20,000 cubic feet of stone is yet to be laid in the temple.Theconstructionof thetemple will be completed by around CONTINUED ON PAGE 2 INSIDE E-SURVEILLANCE ALONG PAK BORDER SOON: SHAH PAGE 4 A 1954 Pak trip & passport lost: Landmark six-year battle to prove citizenship SOHINI GHOSH GODHRA, NEW DELHI, AHMEDABAD, APRIL 7 JUST A few metres from the Godhra railway station, where a fire in coach S6 of Sabarmati Expressin2002hadledtowidespread communal violence across Gujarat, stands Patel ni chali (Patels’ dwelling). A dilapidated entryway leads to a clusterof two-storeyhomeswithjalousie windows, households without boundaries and gleeful childrenrunningamok,someon their bicycles, others chasing them. It was in Patel ni chali that Abdul Sattar Haji Ibrahim Patel was born in 1936. He went to school in Polan Bazar, just a few hundred metres from his house. Except for nearly three years, from1954to1957,whenhewent to bring his wife back to India, Abdul Sattar lived his entire life in Patel ni chali, till he turned 83 and died in 2019. He is buried at the Sheikh Ghanchi Kabrastan, a graveyard in Godhra. Yet, those three years framed Patel’sidentity,raisingquestions abouthisnationality.Heclaimed he was an Indian citizen under Article 5 of the Constitution and took the battle all the way to the 75 AN EXPRESS SERIES YEARS ON RESHAPING THE REPUBLIC CASE BY LANDMARK CASE 1964 ABDULSATTARHAJIIBRAHIMPATEL VSSTATEOFGUJARAT THE CASE: Godhra-born Patel took the battle to prove his Indian citizenship to the Supreme Court. He won the case in 1964 RELEVANCE TODAY: The ruling called for a fair evaluation of factors in determining one’s citizenship status. It set a benchmark for the Centre, to establish that a person is not an Indian before labelling him a foreigner An arched entryway leads to the residence of Abdul Sattar Haji Ibrahim Patel, in Gujarat’s Godhra. Bhupendra Rana Supreme Court. In 1964, a fivejudge Bench of the Supreme Court determined that he could indeed live in Patel ni chali. Today, it is occupied by his descendants — his four sons, four daughters and their families. His case, Abdul Sattar Haji Ibrahim Patel vs State Of Gujarat, called for a fair evaluation of factorsindeterminingone’scitizenship status in a new nation that was still coming to terms with Partition. The ruling may not be a landmark ruling that carried political stakes, but it exemplified how ordinarymenlike Patel put their extraordinary faith in the Constitution. Godhra-based advocate Yusuf Charkha says, “This was a landmark case, in the sense that it laid out that the Central government has to first determine citizenship of a person and establish that they have lost Indian nationalitybeforethepersoncan betreatedasaforeignerandface actions accordingly, including deportationorcriminaloffence.” The case Godhra, no stranger to communal riots, had seen “very serious” riots in 1948, following Partition,accordingtotheJustice Nanavati-Mehta Commission of CONTINUED ON PAGE 2 Lucknow