Cabinet likely to clear INR10,000cr scheme for promotion of EV and hybrid vehicles. Aviation Ministry releases the Passenger Rights Charter. Facebook to release ‘Clear History’ feature. 7 – Eleven convenience stores set to make India debut.
Now to Today's Top Business News Stories in Our End Of Day Wrap Up:
Cabinet likely to clear INR10,000cr scheme for promotion of EV and hybrid vehicles. Finance Ministry requests revision of tax slabs. Ambani’s e-commerce ambitions might face legal hurdles.
Going Green: The Union Cabinet is likely to clear a INR10,000cr program under the FAME-II scheme for the promotion of electric and hybrid vehicles.
The funds from the program will be used for subsidies on electric busses, passenger cars to be used by taxi aggregators, three-wheelers and two-wheelers.
The incentives will also cover setting up of charging infrastructure for EVs.
Change That: The Finance Ministry has asked the Direct Tax Code (DTC) panel to revise the existing income-tax slabs, especially in the 20% bracket.
Zoom Out: Under the current I-T slabs, income up to INR2.5L is exempt from tax, those earning up to INR5L pay 5%, those earning up to INR10L have to pay 20%, and those with income above INR10L have to pay 30% tax.
What You Need to Know: From April 1, those with income up to INR5L will not have to pay tax, as they have been given tax credits in the Interim Budget.
Data Barrier: Reliance Industries Chairman Mukesh Ambani’s ambitions of marrying the might of his Group’s 9,900-plus retail stores and 280 million strong telecom user base to bolster his e-commerce venture could run into a legal wall. Read this article to know what we are talking about.
Facebook to release ‘Clear History’ feature. HTC hints at plans for India return. IRCTC launches payment aggregator service iPay.
Moving On: Facebook has announced that it will launch the long-requested ‘Clear History’ feature later this year, which would let users erase their information collected by Facebook from third-party apps and websites.
The move will make it harder for Facebook to use data collected by third parties to target ads to users on its platform.
Perspective: The feature was formulated in response to the company's Cambridge Analytical scandal last March.
I’m Back: International Smartphone brand HTC is in talks with domestic manufactures Micromax, Lava, and Karbonn to return to the Indian market.
HTC plans on licensing its brand for smartphones, mobile accessories, and tablets. It will earn royalty in return.
Going Digital: IRCTC has launched its own payment aggregator system, IRCTC iPay, in a bid to promote the government's Digital India initiative.
The exclusive digital payment gateway aims to improve online digital payment convenience for the passengers, while eliminating the need for third-party service providers.
NCLT Ahmedabad directed to take final call in ArcelorMittal’s bid for Essar. 7 – Eleven convenience stores set to make India debut.
Deadline: NCLAT has directed the NCLT Ahmedabad bench to take a decision on the INR42,000cr resolution plan submitted by ArcelorMittal for debt-ridden Essar Steel by March 8.
Earlier: NCLT Ahmedabad had rejected the debt settlement proposal put forth by the shareholders of Essar Steel stating that the offer violated Section 12A of the IBC.
First Time: Future Group has signed a pact to open the first store of 7-Eleven - the Japanese-owned convenience chain in India.
Future Retail plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand.
King of The Jungle: 7-Eleven is the world's largest convenience store chain, and operates over 66,000 stores in more than 17 countries.
France hits back at Dutch government’s stake purchase in Air France-KLM. Jet Airways to ground more aircraft. Aviation Ministry releases the Passenger Rights Charter.
Blitzkrieg: The Dutch government has purchased a 12.68% stake for £774m in Air France-KLM, aiming to match France's 14.3% share. Until now, the Dutch held only a 6% stake in KLM.
The surprise move came after a series of disagreements in which the Dutch felt they did not have enough influence in the holding company. This has attracted much criticism from the French govt which has insisted that the company should be "managed without national public interference".
Plane Truth: Beleaguered airline Jet Airways has announced its plans to ground about a dozen aircraft in March, primarily on back of non-payment of rentals.
The airliner has already grounded 28 planes in the last two months.
Flyers Rejoice: The Ministry of Civil Aviation introduced the much-awaited Passenger Rights Charter which will ensure full ticket refund in the event of flight cancellation without prior information.
Moreover, according to the new guidelines, if a domestic flight is expected to be delayed by more than six hours, the airline will have to offer an alternate flight to the passenger within that time or will have to refund the full price of the ticket.
Read the full list of rights that the Passenger Rights Charter guarantees to air travelers here.
Trump, Kim end nuclear summit without agreement. US abandons tariff threats against China.
No Deal: President Trump and North Korean leader Kim Jong Un have left their summit meeting without agreeing on a denuclearization deal.
Kim was prepared to dismantle the North’s Yongbyon nuclear complex, a plutonium processing plant if the US would have agreed to ease sanctions. But Washington wanted any deal to include other parts of the North’s nuclear program, including undeclared sites for producing highly enriched uranium.
Let it Go: The US has decided to abandon its threat to raise tariffs to 25% on $200bn worth Chinese goods entering the country.
The move came following a House Ways and Means Committee meeting in which the US and China reached a tentative agreement on a mechanism to enforce the trade deal, which has long been a stumbling block in talks.
Officials from both sides suggest that the two countries are poised to finish a deal over the next month following a likely summit between Mr. Trump and the Chinese President.
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