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Credit card spends in foreign currency to attract 20% TCS

CFO News

The Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ecommerce sites through international credit cards will count towards an individual's Liberalized Remittance Scheme (LRS) account and attract 20% tax collected at source (TCS).

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eCommerce Site JD.com Now Takes Digital Yuan

PYMNTS

Some Chinese shoppers visiting an established online mall will be able to buy goods with the country's first official digital currency under a new trial announced over the weekend, Reuters and other wire services reported. JD Digits is a digital arm of eCommerce heavyweight JD.Com Inc. As of the exchange rate on Sunday (Dec.

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Financing Gets Flexible As eCommerce Sellers Brace For Seasonality Whiplash

PYMNTS

And the surge in eCommerce isn't isolated to the B2C world, either: as social distancing requirements and shutdowns migrate corporate buyers online, wholesalers, distributors and other B2B vendors are likely to face a similar holiday boon this year to fulfill rising customer demand. The company now operates in the U.K.,

eCommerce 142
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JD.com Joins China’s Central Bank To Advance Digital Currency

PYMNTS

As China prepares to debut digital currency, JD.com Inc., one of the biggest eCommerce businesses in China, has partnered with the central bank to advance the technology. CoinTelegraph.com reported the retailer has entered into a partnership with the Digital Currency Research Institute of the People’s Bank of China (PBoC).

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Police Allege Money Launderers Are Using Chinese eCommerce Sites To Move Money

PYMNTS

Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. In June, the Nikkei Asian Review reported that Chinese officials are considering an East Asia digital currency in a bid to combat money laundering. .

eCommerce 124
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IKEA Allows Consumers To Use Time As Currency

PYMNTS

IKEA Dubai is launching a campaign that will let shoppers use their time as currency by showing their Google Maps timeline to checkout workers to show how long it took them to travel to IKEA stores, Forbes reported. The “time currency” prices are reportedly based on the average salary in Dubai.

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H&M’s eCommerce Sales Jump Amid Temporary Store Closures

PYMNTS

The retailer’s eCommerce sales, however, jumped by 36 percent in SEK and 32 percent in local currencies, according to an announcement. Sales during the timeframe of June 1-24 of this year dropped by 25 percent in local currencies compared to the same timeframe in the past year.