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Tag: payments

Budget 2018: Contractors face higher tax and NI payments

Budget 2018: Contractors face higher tax and NI payments

Business
Hundreds of thousands of private-sector contractors face higher tax and National Insurance (NI) bills from April 2020.The chancellor announced that tighter tax rules for those working in the public sector will be extended to those working for private firms. The rules, known as IR35, are designed to hit those deemed by HM Revenue and Customs (HMRC) to be employees.Among those affected will be IT contractors, engineers and consultants.The crackdown is the biggest revenue-raising measure in this year's Budget. Critics accused the chancellor of hurting thousands of people who are self-employed, and burdening businesses too.But the Treasury insisted that the reforms would not affect anyone who was genuinely self-employed.How will the new rules work?For IR35 to...
BA hacked: 380,000 card payments 'compromised'

BA hacked: 380,000 card payments 'compromised'

Business
Shares of British Airways' parent company IAG fell around 4% as markets opened on Friday morning, hours after the airline said the credit card information of at least 380,000 customers had been "compromised" in a data theft. More than £500m was wiped of the airline group's market value as a result, before the share price rallied to being down just 2% on the day.The airline said people using BA.com and its mobile app for flight bookings were targeted by hackers between 21 August and 5 September.Information stolen includes customer names, email addresses, home addresses and payment card information - but not travel or passport details. We are aware of reports of a data breach affecting British Airways and are working with partners to assess ...
PM to launch India Post Payments Bank on Sept 1

PM to launch India Post Payments Bank on Sept 1

Finance
Prime Minister Narendra Modi will tomorrow launch the India Post Payments Bank (IPPB) that seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses. The event is scheduled to be held at Talkatora Stadium in New Delhi, along with simultaneous launch events at 650 branches and 3,250 access points that will go live tomorrow, an official statement said. "IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union Government," it added. The payments bank, where the Indian government holds 100 per cent equity, will leverage the vast network of the Department of Posts (DoP) that has more than three lakh postmen and Grameen Dak Sewaks. All the...
India Post Payments Bank to start operations soon with 650 branch

India Post Payments Bank to start operations soon with 650 branch

Finance
NEW DELHI: India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations. "We are looking at launch date. From an operational, technology and market perspective, we are ready to go live," India Post Payments Bank (IPPB) MD and CEO Suresh Sethi told PTI. He confirmed that RBI has given approval to IPPB after testing its entire system. The final approval for the launch of IPPB was pending before the RBI. According to sources in the communications ministry the launch of IPPB is expected in August. When asked about the launch schedule, Sethi without specifying the timings said: "It is very much around the corner". IPPB was the third entity to receive payments bank permit after Airtel ...
RBI seeks update on payments data storage every fortnight

RBI seeks update on payments data storage every fortnight

Finance
NEW DELHI: Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight. "You are hereby advised to inform the status of ensuring compliance...The same shall be submitted by June 8, 2018, followed by an update on progress at fortnightly intervals thereafter," the RBI said in the letter referring to its order dated April 6, 2018. A payment bank official on the condition of anonymity confirmed receipt of the RBI letter. According to the order issued on April 6, all payment system providers including payments bank, payment gateways are required to ensure that full end-to-end transaction details relating to payment systems operated by them a...