VISA Financial News

IGST waiver to luxury vessels converting to coastal run and encouraging setting up of cruise terminals in ports. The near-term goal is to encourage tourists who would otherwise be boarding cruises from Dubai or Singapore to onboard cruises from Indian destinations, shipping ministry officials aware of the plan told ET. In line with the plan, the Centre is encouraging setting up of cruise terminals to improve passenger experience in the country’s coastline ports, which are currently focused on transporting goods, one of the officials said. The Goods and Services Tax (GST) Council recently gave a conditional and limited duration waiver to foreign flag foreign-going vessels converting to coastal run from the 5% integrated goods and services tax (IGST). “This IGST waiver has made it viable for companies like Costa Cruises to bring their luxury vessels to Indian shores,” Nalini Gupta, managing director of Lotus Destinations – a representative of Costa Cruises in India, told ET. Costa Cruises will have for the first time an international cruise liner stationed in India for a two-month period. “The biggest attraction is international sailing experience without having the hassles of travelling abroad, hence no visa or passport will be required,” Gupta said. Sarbananda Sonowal, union minister of ports, shipping, and waterways, told ET, “The Costa Cruises initiative has been driven by the Dekho Apna Desh initiative of Prime Minister Narendra Modi.

A recent study conducted by Visa and Allium Labs has found that more than 90% of stablecoin volumes do not originate from genuine users.

Visa announced the launch of its new global artificial intelligence advisory practice on Nov. 8. The consultation service will be part of Visa Consulting & Analytics (VCA) and, according to a press release, focus on “providing actionable insights and recommendations to empower clients to unlock the potential of AI and utilize generative AI.”

Visa, a global leader in payments technology, has announced the successful completion of a pilot test of tokenized deposits using central bank digital currencies (CBDCs).

visa services for Canadians from today, the Indian Embassy in Ottawa announced Wednesday. The a move that could ease tensions in a high-profile dispute over the killing of a Sikh separatist on Canadian soil.

New Delhi had suspended all visa facilities in Canada after allegations by Prime Minister Justin Trudeau over Indian involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar. Several visa categories have now been opened by India. «After a considered review of the security situation that takes into account some recent Canadian measures in this regard, it has been decided to resume visa services for the following categories with effect from October 26, 2023.

Hong Kong’s leader has cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub

Hong Kong's leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved, making the first easing over the past decade since property cooling measures were introduced. In his annual policy address, Lee also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city's status as a financial hub. After the easing of COVID-19 restrictions, Hong Kong's economy has begun to recover, fuelled by growth in tourism and private consumption. The city's economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. However, the path to full recovery remains uneven, particularly with geopolitics tensions rising and mainland China, its largest trading partner, struggling to rebound quickly.

Canada also claimed that had held numerous ‘meetings’ to make India aware of the ‘credible allegations’ which state India and its intelligence agency was involved in Nijjar's killing. Since then, Ottawa and New Delhi announced tit-for-tat expulsions of diplomats in the wake of Trudeau's allegation of Indian involvement in Nijjar's killing. India also suspended visa services for Canadian citizens amid the festering diplomatic fallout of Trudeau's charge.

Payments processing giant Visa Inc. has posted an 18% rise in its fiscal fourth-quarter profits

Goa government is working on attracting more 'digital nomads' and technology investment to the state by bolstering its electronics and accommodation infrastructure. This quarter, co-working shacks called 'sea hubs' will be set up along the beach, the state's minister of tourism and IT, Rohan Khaunte, told ET. «They can go and surf in the water, they can go to the shack and have some good Goan food, and then go and work at a workstation,» he said. High-speed internet connectivity in rural areas is crucial for both 'digital nomads' and the success of Goa's homestay policy, which the state government plans to roll out next month to take tourism to the hinterland.

By Manya Saini

A Hong Kong court has upheld a ruling that favored the granting of equal inheritance rights to same-sex couples

H-1B status. Under the current system, students in the STEM field of study (science, technology, engineering, and mathematics) are granted one year of OPT, while those in other fields receive the same. However, under a set of new proposals to modernise the H-1B system, the United States is planning to extend the OPT period for STEM students to a total of three years. International students studying in the United States on an F-1 or study visa and looking to switch to a non-immigrant work visa or H-1B have a lot to gain from the proposed H-1B modernisation rules, which were released on Friday night. The new rules offer more flexibility and benefits for these students. Cyrus D Mehta, an immigration attorney based in New York, told TOI that the proposed rule extends the cap-gap protection period. With the new proposal, this period is extended from September 30 to April 1 of the following year. In other words, students now have the opportunity to enjoy an additional six months of status and employment authorization. For international students who have completed their qualifications and are eligible for optional practical training (OPT), the proposed rules are even more beneficial.

Following Visa and Mastercard's termination of partnerships with Binance a couple of months ago, the world's largest cryptocurrency trading platform is now ceasing service of its Visa debit card in the European Economic Area (EEA).

S Jaishankar on Sunday said that visa services in Canada will only be restored after the safety of Indian diplomats is ensured. He was addressing the Kautilya Economic Conclave closing plenary session.

US immigration agencies have recently unveiled a series of proposed changes to the H-1B visa program, which could have significant implications for Indian professionals working in the US. The changes, aimed at modernizing the program and combating fraud, include amendments to the selection process, redefining eligibility criteria, and providing greater opportunities for startup founders, a TOI report by Lubna Kably stated. At the end of fiscal year 2019, there were approximately 580,000 H-1B visa holders in the US, with a significant proportion being Indian nationals.

Canada withdrawing 41 of its diplomats from India amid a diplomatic row between the two countries after the killing of a Sikh separatist, consultants and agents in Punjab apprehend delay in processing of visa applications for that country. Prospective students from Punjab may bear the brunt because of the likely delay in visa, they fear.

As Bitcoin continues its impressive trajectory, bulls are ardently pushing the cryptocurrency ever closer to the significant $30,000 resistance mark. 

Biden administration in the United States has proposed changes in the H-1B visa program to streamline eligibility requirements and make it more efficient and flexible. The changes have been proposed by the US Department of Homeland Security, which stated that the changes will also lead to a reduction in cases of misuse and fraud. «The US Department of Homeland Security (DHS), through US Citizenship and Immigration Services (USCIS), published a Notice of Proposed Rulemaking (NPRM) that would modernize the H-1B speciality occupation worker program by streamlining eligibility requirements, improving program efficiency, providing greater benefits and flexibilities for employers and workers, and strengthening integrity measures,» the department said in a statement. The US Secretary of Homeland Security, Alejandro N Mayorkas said that the priority of the Biden administration is to attract global talent and reduce undue burdens on employers. «DHS continues to develop and implement regulations that increase efficiency and improve processes for employers and workers navigating the immigration system,» the Secretary of Homeland Security, Alejandro N Mayorkas said. He added, «The Biden-Harris Administration's priority is to attract global talent, reduce undue burdens on employers, and prevent fraud and abuse in the immigration system.» According to the department, the proposed changes would streamline eligibility requirements.

By Kanishka Singh and Costas Pitas