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NYC Taxi Commission Accused Of $810 Million Fraud

PYMNTS

She’s alleging the city profited by that same amount selling medallions and by collecting a 5% tax on third-party transfers. James is alleging that the TLC had a hand in inflating the price of thousands of medallions over a 14-year period, 2004 to 2017, sometimes by more than 200 percent.

Fraud 223
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Foreign Travel Gets Dearer: TCS on Credit Card Transactions Explained

BankBazaar

The Reserve Bank of India (RBI) has included international Credit Card transactions under the Liberalised Remittance Scheme, and as a result, every dollar spent abroad will now incur a 20% Tax Collected at Source (TCS). Adhil Shetty, CEO, BankBazaar.com, says, “TCS has been applicable on foreign remittances since 1961, and the LRS since 2004.

Cards 78
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Amazon’s Biggest Campus In The World Opens In India

PYMNTS

Amazon was going to build a huge new headquarters in New York, but eventually decided against it, due to local opposition and despite tax breaks. The investment to create an office of this size indicates that we are going to continue to grow,” Amazon India Country Manager Amit Agarwal said. The newest campus is on 9.5

Arlington 170
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India’s Struggling Yes Bank Sees Share Boost From $1.2B Offer

PYMNTS

Yes Bank is a private-sector bank that mainly operates as a corporate bank, but it also does asset management and retail banking. The Bombay Stock Exchange’s Sensex index also saw record highs, with a rally of more than 40,300 points due to a corporate tax cut and other business-boosting reforms. Regulators must approve it as well.

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Ant Financial Close To Doubled Its Profit In Fiscal Year 2017

PYMNTS

Ant Financial, the financial arm of Alibaba specializing in wealth management, nearly doubled its profit during its 2017 fiscal year in part because of its mobile payments feature. The company started AliPay in 2004 and, according to Bloomberg, has since seen it grow to control more than half of the $5.5

Mobile 115
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Why Authentication And Real-Time Tracking Are Key To API Security

PYMNTS

The share of B2B transactions conducted via check has fallen 50 percent since 2004 and hit an all-time low of 42 percent last September, for example. B2B payments traditionally involved tedious manual bookkeeping and companies had to ensure they were deposited correctly and accounted for on their taxes.

Security 151
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Lessons to apply to business valuations

Abrigo

There was a familiar conversation in 2004-06 where neighbors would find out what a house in the area sold for, peg the supposed value of their house off what their neighbor sold his or hers for and conclude that their house was worth $X. To accurately ascribe a value to a company, a manager must first project cash flows into the future.