New Norms for Credit Cards :Reserve Bank of India

All new debit and credit cards to be issued only for domestic usage unless international use is specifically sought by the customer.

Reserve Bank of India (RBI) vide Circular dated 28.02.2013 on “Security and Risk Mitigation Measures for Electronic Payment Transactions” has directed banks to put in place the following safety measures for Credit and Debit Card Transactions :

• All new debit and credit cards to be issued only for domestic usage unless international use is specifically sought by the customer. Such cards enabling international usage will have to be essentially EMV Chip and Pin enabled. (By June 30, 2013).

                                   Sample of EMV Chip and PIN enabled card

• Issuing banks should convert all existing Magstripe cards to EMV Chip card for all customers who have used their cards internationally at least once (for/through e-commerce/ATM/POS) (By June 30, 2013).

Backside of Existing Megastrip card(Sample)

• All the active Magstripe international cards issued by banks should have threshold limit for international usage. The threshold should be determined by the banks based on the risk profile of the customer and accepted by the customer (By June 30,2013).

• Banks should ensure that the terminals installed at the merchants for capturing card payments (including the double swipe terminals used) should be certified for PCI-DSS (Payment Card Industry – Data Security Standards) and PA-DSS (Payment Applications – Data Security Standards) (By June 30,2013).

• Bank should frame rules based on the transaction pattern of the usage of cards by the customers in coordination with the authorized card payment networks for arresting fraud (By June 30, 2013).

• Banks should ensure that all acquiring infrastructure that is currently operational on IP (internet protocol) based solutions are mandatorily made to go through PCI-DSS and PA-DSS certification. This should include acquirers, processors/aggregators and large merchants (By June 30, 2013).

• Banks should move towards real time fraud monitoring system at the earliest.

• Banks should provide easier methods (like SMS) for the customer to block his card and get a confirmation to that effect after blocking the card.

• Banks should move towards a system that facilitates implementation of additional facilitates implementation of additional factor of authentication for cards issued in India and used internationally (transactions acquired by banks located abroad).

After discussions with Banks, the RBI had issued the above guidelines vide Circular dated 28.02.2013 on “Security and Risk Mitigation Measures for Electronic Payment Transactions”.

Eight Things Remarkably Successful People Do

   

The most successful people in business work differently. See what they do and why it works.

Very good article written by Jehh Haden for Inc Magazine

1. They don't create back-up plans. 

Back-up plans can help you sleep easier at night. Back-up plans can also create an easy out when times get tough. 

You'll work a lot harder and a lot longer if your primary plan simply has to work because there is no other option. Total commitment--without a safety net--will spur you to work harder than you ever imagined possible. 

If somehow the worst does happen (and the "worst" is never as bad as you think) trust that you will find a way to rebound. As long as you keep working hard and keep learning from your mistakes, you always will. 

2. They do the work... 

You can be good with a little effort. You can be really good with a little more effort. 

But you can't be great--at anything--unless you put in an incredible amount of focused effort. 

Scratch the surface of any person with rare skills and you'll find a person who has put thousands of hours of effort into developing those skills. 

There are no shortcuts. There are no overnight successes. Everyone has heard about the 10,000 hours principle but no one follows it... except remarkably successful people. 

So start doing the work now. Time is wasting. 

3. ...and they work a lot more. 

Forget the Sheryl Sandberg "I leave every day at 5:30" stories. I'm sure she does. But she's not you. 

Every extremely successful entrepreneur I know (personally) works more hours than the average person--a lot more. They have long lists of things they want to get done. So they have to put in lots of time. 

Better yet, they want to put in lots of time. 

If you don't embrace a workload others would consider crazy then your goal doesn't mean that much to you--or it's not particularly difficult to achieve. Either way you won't be remarkably successful. 

4. They avoid the crowds. 

Conventional wisdom yields conventional results. Joining the crowd--no matter how trendy the crowd or "hot" the opportunity--is a recipe for mediocrity. 

Remarkably successful people habitually do what other people won't do. They go where others won't go because there's a lot less competition and a much greater chance for success. 

5. They start at the end... 

Average success is often based on setting average goals. 

Decide what you really want: to be the best, the fastest, the cheapest, the biggest, whatever. Aim for the ultimate. Decide where you want to end up. That is your goal. 

Then you can work backwards and lay out every step along the way. 

Never start small where goals are concerned. You'll make better decisions--and find it much easier to work a lot harder--when your ultimate goal is ultimate success. 

6. ... and they don't stop there. 

Achieving a goal--no matter how huge--isn't the finish line for highly successful people. Achieving one huge goal just creates a launching pad for achieving another huge goal. 

Maybe you want to create a $100 million business; once you do you can leverage your contacts and influence to create a charitable foundation for a cause you believe in. Then your business and humanitarian success can create a platform for speaking, writing, and thought leadership. Then... 

The process of becoming remarkably successful in one field will give you the skills and network to be remarkably successful in many other fields. 

Remarkably successful people don't try to win just one race. They expect and plan to win a number of subsequent races. 

7. They sell. 

I once asked a number of business owners and CEOs to name the one skill they felt contributed the most to their success. Each said the ability to sell. 

Keep in mind selling isn't manipulating, pressuring, or cajoling. Selling is explaining the logic and benefits of a decision or position. Selling is convincing other people to work with you. Selling is overcoming objections and roadblocks. 

Selling is the foundation of business and personal success: knowing how to negotiate, to deal with "no," to maintain confidence and self-esteem in the face of rejection, to communicate effectively with a wide range of people, to build long-term relationships... 

When you truly believe in your idea, or your company, or yourself then you don't need to have a huge ego or a huge personality. You don't need to "sell." 

You just need to communicate. 

8. They are never too proud. 

• To admit they made a mistake. 

• To say they are sorry. 

• To have big dreams. 

• To admit they owe their success to others. 

• To poke fun at themselves. 

• To ask for help. 

• To fail. 

• And to try again

Eight Countries with Zero Income Tax

Paying taxes from your hard earned income is like a burden for you. The word 'tax' also scares you even in your dreams. What will you feel if one day the government announces that from now on you shall not be required to pay income tax? It may sound very unreal but for some countries it is true.

There are eight countries in the world where the citizens pay zero income taxes, as reported by CNBC based on KPMG's 2011 survey of 96 countries.

1.United Arab Emirates

The United Arab Emirates is a country with the world's highest per-capita incomes i.e $48,000 but it does not charge personal income taxes to its citizen. It is the third highest exporter of crude oil so it largely depends on the taxes paid by the oil companies which amount to 55 percent in corporate tax.

As a citizen you will be asked to contribute 5 percent of your total earning for social security and your employer shall pay 12.5 percent of your base salary for your pensions and social security.

2.Qatar

Qatar, the gas rich nation is the richest country in the world with the highest Gross Domestic Product (GDP) above $ 88,000, according to Forbes. It primarily relies on its third largest gas reserves in the world to earn revenue. The country levies no taxes on personal incomes, capital gains, property dividends, royalties and profits.

As a Qatar citizen, you will have to pay 5 percent of your total income and your employer will contribute 10 percent for your security benefits.

3.Oman

Oman earns majority of revenue from crude oil. The crude oil revenue increased by 35 percent in April 2011 to $8.49 billion against the statistics of 2010. Being a resident of this nation you must pay 6.5 percent of your monthly salary for social security benefits.

You will also be charged with 3 percent of stamp duty for owning a property in the nation. You will also witness several protests by the countrymen, demanding jobs and employment benefits.

4.Kuwait

Kuwait, world's sixths largest oil exporter, achieves 95 percent of its total revenue from the sale of oil. Out of the entire population only 7 percent of Kuwaitis work in the public sector and each contribute 7.5 percent of their salary as tax and 11 percent is paid by their employer for social security. Being a Kuwaiti you shall be no stranger to the political chaos and corruption scandals. Taking into consideration Kuwaitis political and economic conditions International Monetary Fund's dignitaries have recommended Kuwait to introduce the value-added tax and comprehensive income tax system.

5.Cayman Islands

An off shore financial center, the Cayman Islands is a place for big pocketed people who are ready to pay $ 550,000 for an apartment and $ 736,000 for a house, according to government figures in April 2011. You can still relax over social security contributions, personal income taxes and capital gains taxes as these are not compulsory to be paid.

As an employer you are required to pay pension plan for all your worker, including the expatriates (refugees), if they have worked for more than nine months.

6.Bahrain

Abu Safa oilfield generates 70 percent of Bahrain budget revenue inspite of the fact that this oilfield is shared with Saudi Arabia. Being an employer you will make a contribution of 12 percent of your employee salary and they shall put in 7 percent for their social insurance. A stamp duty of 3 percent of the property value is paid registering property in your name. If you are an Expatriate and you rent a house in the Persian Gulf state then you would be required to pay 10 percent municipal tax.

7.Bermuda

Bermuda is a nation where you will have to spend more money as the cost of living index is quite high. Custom duty charged on the imported goods turns up to be a bigger source for the government. The total population of Bermuda includes 20 percent of foreign born. For relocating you will be charged with 25 percent for the goods you take along and a 10 year work permit in this nation will cost around $20.000.

8.The Bahamas

The Bahamas is one among the wealthiest Caribbean countries and it depends highly on tourism and off shore banking for its economy. Duties on imported goods fetch 70 percent of the government revenue.

As a self employed individual you shall have to contribute 8.8 percent of your income earned for social security called National Insurance.