BRICS Communique on Tax and Revenues released in Mumbai
Communique talks about prevention of base erosion, shifting of profits, and exchange of tax information and capacity building of the developing countries.
- Automatic Exchange of Information- leaders reaffirmed their support for the global Common Reporting Standard for automatic exchange of information and set 2018 as the deadline for its implementation.
- Agreed on extending the reach of tax cooperation and building capacity.
- Agreement on creation of a framework of cooperation between the administrations of BRICS nations in order to contribute to their further economic growth.
RBI has relaxed norms for online card transaction
- Additional Factor of Authentication (AFA) for online card transactions of up to Rs 2000 have been eased by Reserve Bank of India
- To opt for this facility, customers will go through a one-time registration process by entering the card details and additional factor authentication by the issuing bank.
- After this registered customers will not be required to re-enter the card details for every transaction at merchant websites or apps.
- Banks and card networks are free to facilitate their customers to set lower per transaction limits.
- If the transaction limit goes beyond Rs 2000, then the card not present transaction will be processed as per the extant instructions with mandatory AFA; this goes same for the transaction value of below this limit.
- Banks and card networks will decide the number of such small value transactions in a day, week or month.
- There will be no change in the existing chargeback process.
Current Affairs: December 6, 2016
Current Affairs: December 5, 2016