India is a step closer to a simpler direct tax laws. On Thursday the cabinet approved a bill that will simplify those rules. The government will now go to parliament on Monday to seek approval for the bill. The proposed changes to tax rules will reduce taxes, but also replace profit-linked exemptions with investment-linked ones.
Renault India will unveil five new cars by mid-2013. The vehicles be built on platforms provided by alliance partner Nissan… Nissan India’s general manager Marc Nassif says the cars will be built at its Chennai plant and will be priced attractively.
On Thursday executives from BlackBerry maker RIM met with officials from India’s intelligence agencies. The officials are from the intelligence bureau and the National Technical Research Organisation. Research in Motion has until the end of this month to comply with government demands. India’s intelligence agencies want to be able to monitor messages sent via BlackBerry Messenger and BlackBerry Enterprise Service.
SpiceJet’s new owner Kalanithi Maran could get greater representation on the airline’s board. Mint has learnt that one of SpiceJet’ founders, Ajay Singh, could leave the board soon. Despite that, he and his associates will retain their roughly 10% stake in the airline. If Singh leaves, SpiceJet will have a six-member board that will be augmented with six more members from SpiceJet.
Indian stocks ended in the green on Thursday, breaking a two-day losing streak. The Sensex climbed 47 points to finish at 18,226. And the Nifty gained 16 to close at 5,478.