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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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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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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. Under the scam, alleged cybercriminals make the online purchases while the same sum is then credited to their gambling account.

eCommerce 124
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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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Bolt Nets $75 Million In Funding Round For eCommerce Innovation

PYMNTS

While it initially focused on currency in online checkouts, the company has branched out to work on checkout and fraud detection, integrating with companies like Shopify , Magento , BigCommerce , WooCommerce and Salesforce Commerce Cloud , according to the the report. Data from the IBM U.S. billion, the report says.

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Banking APIs Give Businesses An eCommerce Push

PYMNTS

This has resulted in business-to-business (B2B) offerings such as mobile apps that help provide small business owners better overview and management of their companies’ bank accounts, as well as their accounts payable (AP) and accounts receivable (AR). How APIs Are Helping FIs Power Clients’ eCommerce Journeys.

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Remitr Launches Global Business Accounts For SMBs In Canada

PYMNTS

Using Remitr’s Global Business Accounts (GBA), small- to medium-sized businesses (SMBs) in Canada can access unique accounts in U.S. The idea is for those SMBs to get paid “like a local business,” even when doing business around the world and in other currencies, according to the release.