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Rupee Climbs 21 Paise To A Three Month High Of 69.64 Against The US Dollar

New Delhi: The rupee has climbed 21 paise to a three month high of 69.64 against the US dollar amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. The rise in Rupee has been for the fourth straight day.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close.

On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar.

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Arvind Subramanian Calls Demonetisation Massive, Draconian, Monetary Shock Accelerating Economic Slide

New Delhi: Former Chief Economic Advisor Arvind Subramanian has come down heavily on demonetisation when he said that it was a massive, draconian, monetary shock that accelerated economic slide to 6.8 per cent in the seven quarters after it against the 8 per cent recorded prior to the note ban.

Breaking his silence on the November 8, 2016 decision of Prime Minister Narendra Modi, he says that he does not have a strongly-backed empirical view apart from the fact that the welfare costs, especially on the informal sector, were substantial.

Though Subramanian, who quit the post earlier this year after a four-year tenure, has devoted a chapter in the upcoming book “Of Counsel: The Challenges of the Modi-Jaitley Economy”, published by Penguin, has continued to keep a studied silence on whether he was consulted in the decision-making process of demonetisation. The detractors of the government had said that the Prime Minister had not consulted the CEA on the crucial decision.

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Airports Authority Of India Serves Notice To SpiceJet Asking To Pay Rs 20 Crore By November 30

New Delhi: The Airports Authority of India (AAI) has served a notice to Ajay Singh-controlled budget carrier SpiceJet. The AAI has asked it to pay Rs 20 crore by November 30 to partially clear its dues which claims the airline’s dues have crossed the 80 per cent threshold of its security deposit.

As per the AAI norms, all the carriers are supposed to keep their dues within 80 per cent of their security deposit with the state-run aerodrome operator.

SpiceJet’s outstanding towards landing, parking and route navigation charges currently stands at Rs 117 crore, against its security deposit of Rs 104 crore, the source said.

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Ministerial Panel Clears Proposal For Strategic Sale Of Air India’s Ground Handling Subsidiary AIATSL

New Delhi: An official said that a ministerial panel cleared a proposal for strategic sale of Air India’s ground handling subsidiary AIATSL. The approval comes amid the government working on ways to revive the fortunes of Air India -- estimated to have debt burden of more than Rs 50,000 crore --, including sale of non-core assets.

“The Alternative Mechanism has approved EoI (Expression of Interest) together with Preliminary Information Memorandum for Air India Air Transport Services Limited (AIATSL) sale,” an official told reporters here.

Proceeds from the sale of AIATSL would be used to pay-off part of Air India’s debt. The Alternative Mechanism on Air India disinvestment, headed by finance minister Arun Jaitley, has decided to proceed with strategic sale through divestment of 100 per cent ownership of AIATSL, the official added.

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NGT Directs Volkswagen To Deposit Rs 100 Crore With CPCB For Using Software Not Reflecting

New Delhi: Taking stern measure on the automobile giant, the National Green Tribunal (NGT) has directed Volkswagen India Private Limited to deposit a sum of Rs 100 crore with the Central Pollution Control Board (CPCB) within a month for installing ‘deceit devices’ — software that does not reflect the real level of emissions — in their cars.

An NGT bench headed by chairperson Adarsh Kumar Goel invoked the “polluter pays” and “precautionary principle” to compensate the environmental damages caused by Volkswagen vehicles which didn’t meet emissions criteria.

Asserting that the Volkswagen complied with emissions norms defined in India, a group spokesperson said it will challenge the NGT order.