VISA Financial News

H-1B visa programme as a form of «indentured servitude», Indian-American Republican presidential aspirant Vivek Ramaswamy has vowed to “gut” the lottery-based system and replace it with meritocratic admission if he wins the race to the White House in 2024. The H-1B visa, much sought-after among Indian IT professionals, is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. Ramaswamy himself has used the H-1B visa programme 29 times. From 2018 through 2023, US Citizenship and Immigration Services approved 29 applications for Ramaswamy's former company, Roivant Sciences, to hire employees under H-1B visas, the Politico reported.

H-1B visa programme which he said is an “indentured servitude". He further asserted that the lottery-based system will be replaced with more-effective meritocratic admission. Vivek Ramaswamy noted that he would fire over 75% of the federal work force if he is elected the US President.

Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. Ramaswamy himself has used the visa programme 29 times. From 2018 through 2023, US Citizenship and Immigration Services approved 29 applications for Ramaswamy’s former company, Roivant Sciences, to hire employees under H-1B visas.

By Rohit Sethi

₹1,543 (GBP 15) more and UK Student Visas will be ₹13,070 (GBP 127) more expensive for travelers from around the world, including Indians. The UK Home office has informed that the changes mean the cost for a UK Visit Visa for less than six months will rise to ₹11,835 (GBP 115) and the fee for applying for a UK Student Visa from outside the UK will rise to ₹50,428 (GBP 490) – to equal the amount charged for in-country applications.

visa interviews in India, the US consulate in Frankfurt has set aside specific interview appointments for Indian applicants. According to the State Department's website, the wait times for B1/B2 visa interview appointments in India have reached staggering durations, with 441 days in Hyderabad, 486 days in Chennai, 526 days in Delhi, 571 days in Mumbai, and 607 days in Kolkata. In stark contrast, the wait time in Frankfurt is a mere three days. To alleviate the backlog and cater to the increasing demand, Indians were granted the option to apply for visas at US consulates outside India, such as in Bangkok. Over the past year, various measures have been implemented to reduce the extensive waiting period, which had peaked at nearly three years last winter. Despite these efforts, applicants have encountered issues with a new scheduling portal for non-immigrant visa interviews in India. A US embassy official has told TOI that attempts are being made to resolve these issues «as quickly as possible». During recent discussions between the US embassy and Indian authorities, three key issues were addressed: visa wait times, technical problems with the scheduling portal, and concerns related to student visas.

US visas. It noted that even if you have paid the full application amount, it will expire if you do not take the interview in within the stipulated period. Apparently, US visa applications are valid for exactly 1 year from the date of payment to schedule an appointment.

Mastercard, the world's second-largest payments network, said India's Unified Payments Interface (UPI) is a loss-making proposition for the players in the ecosystem even as it driving digitisation in the country. «UPI is fantastic at many levels in terms of what it has done to create digitisation in the economy. It is an incredibly painful experience for ecosystem participants, who all end up losing money as part of that proposition.

NEW DELHI : The negotiations between India and Canada on the free trade agreement (FTA), which resumed after a decade, have come to a halt due to political concerns, said a senior government official on Friday. Without citing the Khalistan issue, which created differences between the two countries, the official said negotiations will resume once the “political issues" are resolved. The announcement comes after Canada recently said the negotiations were on hold.

President Joe Biden has announced new U.S. sanctions on “some of Iran’s most egregious human rights abusers” as he marks the anniversary of the death of 22-year-old Mahsa Amini

Flying rights are allocated on a bilateral reciprocal basis by the government to airlines of their country. Airlines cannot operate more flights than they are allotted.

Here’s a quick question: What is common to former German chancellor Angela Merkel, British comedian Rowan ‘Mr Bean’ Atkinson, former president of India APJ Abdul Kalam, Microsoft CEO Satya Nadella, supermodel Cindy Crawford, first man on the moon Neil Armstrong, India’s richest businessman Mukesh Ambani, Delhi's chief minister Arvind Kejriwal, Bollywood heartthrob Vicky Kaushal, and Bloomberg founder and CEO and three-time New York Mayor Michael Bloomberg? The answer: They are all engineers. This eclectic list serves as a counter-narrative, challenging the notion that engineering no longer opens doors to opportunity, particularly in India.

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«Check your receipt! If you paid your visa application fee before October 1, 2022, and have not scheduled an interview yet, book now,» the US Embassy in India issued a warning this week. Certain extensions were granted during the pandemic, but these extensions expire September 30, it added. Visa applicants typically have 365 days from the date of payment to schedule an appointment before the payment expires. If you paid your fee prior to October 1, 2022, you must schedule an interview (or submit your interview waiver application, if you are eligible) before September 30, 2023.

Thailand’s new government has approved a measure granting temporary visa-free entry to Chinese tourists, signaling that the recovery of the country’s tourism industry is a top economic priority

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Visa (NYSE:V) shares fell nearly 1.5% in premarket trading on Thursday after the financial services company initiated a process to enable the largest U.S. banks to sell their shares in the world's largest payments network.

The move to expand the programme follows an earlier pilot in 2022 conducted by EY and a subsequent 'Discovery Phase' held in consultation with market participants, including Barclays, Lloyds, HSBC, Santander and Visa. It follows a recent PoC run by the Federal Reserve with a clutch of top banks that demonstrated the feasibility of an interoperable network for wholesale payments operating on a shared multi-entity distributed ledger. While the UK Discovery Phase explored the delivery of a RLN for wholesale paymnts, the PoC will track the retail consumer market. This would test the use case for a RLN that would provide commercial bank money with the equivalent programmability of a future digital pound, in this way ensuring competitive consistency in the event of a full scale CBDC roll out. The importance of this was emphasised in a speech given in July by Bank of England governor Andrew Bailey, who stated: "We want to encourage more thinking and action in the world of enhanced digital bank deposits - sometimes call tokenised deposits.

Indian tourists annually before the pandemic, South African Tourism anticipates a large resurgence in Indian travellers due to a new e-visa pilot programme. Neliswa Nkani, hub head for the Middle East, India, Southeast Asia, and Australasia (MEISA) for the tourism board, said the introduction of a direct flight by Air India could boost tourism, potentially transforming how Indians travel to South Africa. Nearly 100,000 Indians travelled to South Africa every year before the pandemic began in 2019.

GREAT Scholarship is given to individuals who want to pursue higher studies in the UK. More than 200 scholarships are awarded every year. A minimum amount of £10,000 is given to candidates chosen. Individuals who come from India, China, Malaysia, Thailand, Indonesia, and Turkey are eligible for this scholarship. The chosen postgraduate program should begin in September. Indians are given the most number of scholarships. The scholarship covers the full tuition fees for one-year postgraduate programs or the tuition fee for the first year of master’s degree programs with a duration of two years.Eligibility

Digital Nomad Visa, several media outlets reported. It was formally introduced in 2021 but its official launching has been confirmed only now. The visa is expected to boost Sri Lankan tourism. To be eligible for the visa, you will need to have at least a $ 2,000 monthly income, which should be channeled through the Sri Lankan baking system. The visa holder will also be eligible to renew it every year once they show minimum bank balance required. Applicants will also have to pay $500 application fee. The fee will cover the visa holder’s spouse and dependents. You will also require a passport which is valid for at least next six months after you enter Sri Lanka. Employee, freelancers, or business owners who have clients abroad are going to benefit the most from this visa. Those who travel to Sri Lanka on Digital Nomad visa will not be allowed to work in the country or engage in economic activities of the country. The launching of the Digital Nomad Visa was proposed by Minister of Public Security Tiran Alles, aiming to attract global talent.