US may hike immigration fee by 2050% for H1B workers,green cards to get costlier
Immigration to the US is all set to become costlier with a possible immigration fee hike by 2050% for H1B workers along with the increased cost of green card applications. Read more below. Key Points
Hindustan TimesGovt proposes trial in absentia, ex parte conviction of fugitives
n the proposed changes, the government has included strict action for mob lynching and snatching, as well as a 10-year jail for sexual relations on false promise of marriage. Under the proposed changes, the government is looking to create a mechanism for ex parte trial and conviction of fugitives and absconders. Key Points
Economic TimesGovt plans to introduce bills to amend companies, insolvency laws in Parliament's monsoon session
The IBC, which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. It has already undergone various amendments. On January 18, the ministry proposed a raft of changes to the IBC, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. Key Points
Economic TimesUS approves sale of 31 MQ-9B armed drones to India for nearly $4 billion
The proposed mega drone deal was announced during the historic US visit of Prime Minister Narendra Modi here in June 2023. The acquisition will bolster India’s capability to meet current and future threats by enabling unmanned surveillance and reconnaissance patrols in sea lanes of operation. Key Points
India TodayMajority of India-UK FTA issues either closed or at advanced stage of talks: Official
Majority of the issues in the proposed FTA between India and the UK are either finalised or at an advanced stage of talks, according to a government official. The 14th round of negotiations is currently underway. Talks are also progressing on the proposed BIT. Meanwhile, the seventh round of talks for the proposed trade deal between India and the EU and the sixth round of negotiations for a proposed trade agreement between India and Peru are scheduled. Key Points
Economic Times
Global rules proposed for crypto asset firms
The recommendations, issued at the direction of G20, also revised its existing recommendations for stablecoins. The FSB published the final proposals requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. However, the recommendations focus on risks to financial stability and do not comprehensively cover all specific risk categories related to crypto asset activities. Key Points
Economic TimesUS proposes major changes in H-1B Visa: Here's how it will impact professionals, students
US immigration agencies have proposed changes to the H-1B visa program, which could affect Indian professionals in the US. The changes aim to modernize the program, combat fraud, and provide opportunities for startup founders. With approximately 580,000 H-1B visa holders in the US, many being Indian nationals, the changes have far-reaching consequences. Key Points
Economic TimesH-1B visa and Green Card fee increase clears White House review; H-1B visa fees to go up by 70% and lotter
The changes bring notable adjustments to fees for temporary and permanent work visas. Registration fees for H-1B specialty occupation visas are expected to rise by 40% to $215. The burden of fee hikes will likely be borne by employment-based visa petitioners. The final impact of these proposed changes will be revealed once the rule is officially published. Key Points
Economic TimesMultilateral banks back reforms plan
The MDB reform programme will be taken up at the G20 finance ministers and central bank governors' (FMCGB) meeting in Marrakech under India's presidency on October 12-13. The reforms blueprint is derived from the report of the Independent Expert Group (IEG), co-chaired by 15th Finance Commission chairman NK Singh and former US treasury secretary Larry Summers, set up by the G20. Key Points
Economic TimesSansar Trust Nov 2023's proposed pool change has no impact on rating, affirms Fitch Ratings
New Delhi [India], January 6 (ANI): Fitch Ratings has clarified that the proposed changes to the pool composition of Sansar Trust Nov 2023 will not impact its current ‘BBB-(EXP)sf’ rating. The credit enhancement (CE) available remains sufficient to absorb potential stresses, according to Fitch Ratings. According to Fitch Ratings, the proposed alterations to the transaction’s […] Key Points
ThePrint
State banks plan one portal to map clients
State-run banks in India are considering the establishment of a common blockchain platform to issue letters of credit and facilitate multi-party underwriting for their corporate clients. The platform would allow lenders to make faster decisions and provide a more efficient and secure solution for stakeholders and auditors. Key Points
Economic TimesUS visa fee hike postponed, now likely in April 2024
E-registrations for the annual H-1B cap lottery typically occur in March. The proposed E-registration fee increase, from $10 to $215, aimed to deter misuse of the lottery system. With the delay in publishing the final regulation, the H-1B cap applications for the 2024-25 season are unlikely to be subject to higher fees. Key Points
Economic TimesTesla urges US to adopt much tougher fuel efficiency rules
Electric vehicle manufacturer Tesla (TSLA.O) on Tuesday urged the Biden administration to finalize much tougher fuel economy standards through 2032 than U.S. regulators have proposed. Key Points
ReutersWildlife board gives green signal to second phase of Bangalore-Chennai Expressway, with riders
The NHAI can utilise the proposed area only for the expressway and not for any commercial purpose. The diversion work will be executed under the supervision of the Forest Department. Key Points
The Indian ExpressWill interim budget 2024 bring any major income tax changes? Here's what the Modi govt did in previous one
The finance Minister Nirmala Sitharaman is likely to present the interim budget/Vote on Account of the current government on February 1, 2024. Due to election year, the budget will not be for the full financial year. The budget for the full financial year 2024-25 will be announced after the elections. Key Points
Economic Times
NITI Aayog lays out a blueprint for pandemic preparedness to tackle any Covid-like outbreak in future
Dr Renu Swarup-led expert panel set up for the purpose has proposed enacting a new Public Health Emergency Management Act (PHEMA), setting up of a special pandemic preparedness and emergency response fund and creating an institutionalized empowered governance mechanism to tackle public health emergencies in future. The idea is to put in place an emergency response which begins action on day zero and gives the required results to have disease prevention, mitigation and control in place within 100 days of the outbreak. Key Points
Economic TimesReserve Bank of India hikes threshold for bulk fixed deposit to Rs 3 crore from Rs 2 crore for better asset liability management
It takes several pioneering initiatives to encourage innovation in the fintech sector, one such key initiative being the global hackathon: ‘HaRBInger - Innovation... Key Points
The Tribune IndiaUS judge says Google must fact some advertisers' antitrust claims, dismisses others
(Refiles to fix typo in headline) (Reuters) - A U.S. judge on Friday ruled that Alphabet's Google must face advertisers' proposed class action lawsuit claiming that it monopolizes the ad exchange Key Points
ThePrintMCA floats framework for public inputs in key rule changes; seeks public comments on Companies Act, LLP Ac
The Ministry of Corporate Affairs (MCA) has firmed up a policy framework for “pre-legislative consultation” relating to the framing of rules and regulations under laws administered by it. It suggests the explanatory note and the proposed changes will have to be placed for stakeholder comments for at least 30 days. Key Points
Economic TimesMallikarjun Kharge's name proposed as INDIA bloc chairperson: Sources
Mallikarjun Kharge's name has been proposed for the chairperson of the Opposition INDIA bloc, sources told India Today. The development comes ahead of the Lok Sabha elections. Key Points
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Siemens, Ericsson warn EU cybersecurity rules may disrupt supply chains
Electronics makers Siemens (SIEGn.DE), Ericsson (ERICb.ST) and Schneider Electric (SCHN.PA), along with industry group DigitalEurope warned on Monday that onerous proposed EU rules targeting cybersecurity risks of smart devices could disrupt supply chains on a scale similar to during the pandemic. Key Points
ReutersEU proposal may accelerate pharma innovation decline, industry group says
A major pharmaceutical rules overhaul, proposed by the European Commission in April, could see Europe's share in global research and development contract by a third to 21% by 2040 translating to 2 billion euros ($2.15 billion) per year in lost investment, industry group EFPIA said on Monday. Key Points
ReutersUndue favour given to Vedanta: SC upholds quashing of land acquisition for university in Odisha
The Supreme Court has upheld the 2010 decision of the Orissa High Court's quashing of the state government's proceedings to acquire 6,000 acres of land to establish a university. The top court accused the state government of giving undue favour to Vedanta and that the entire acquisition process was vitiated by favouritism. The court imposed a cost of INR 5 lakh on Anil Agarwal Foundation. Key Points
Economic TimesUS may hike the fee for a critical H-1B visa step by 2050% in 2024; make green cards applications costlier
While the USCIS contends that these fee adjustments are essential for sustaining agency operations, many immigration attorneys anticipate only minor tweaks to the proposed fees. With the need for funding pressing, there is a consensus among legal professionals that some adjustments are likely, but the overall fee structure may see implementation. Key Points
Economic TimesPolice, 4,000 protesters clash in Spain over Catalan amnesty law
Spanish police clashed with around 4,000 protestors demonstrating against a proposed amnesty law related to Catalonia's independence drive. The protest led to chaotic scenes and at least one person was detained. Key Points
India Today
Govt may propose up to Rs 500 crore fine for violations under Digital India Bill
The Indian government is expected to propose a penalty of up to Rs 500 crore for violations of the Digital India Bill. The bill would authorize government agencies to monitor and collect traffic data to enhance cyber security. The proposed Digital India Authority would handle grievances and determine the penalty amount based on factors such as the gravity of the breach and the number of affected users. Key Points
Economic TimesIndia, UK next round of talks for free trade agreement from Wed
India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. Key Points
Economic TimesIndia, UK 14th round of FTA talks in January
Indias main exports to the UK are ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, while key imports include precious and semi-precious stones, ores and metal scraps, and engineering goods. Discussions are also going on between the countries on the bilateral investment treaty. Investment is being negotiated as a separate agreement and earlier, the plan was to conclude the two simultaneously. Key Points
Economic TimesHouse panel okay with new criminal bill's Hindi title, says retain adultery & unnatural sex sections
Eight of the 28 panel members give dissent note on Hindi title. Bharatiya Nyaya Sanhita proposes changes like removing offence of sedition, defining terrorism & organised crime. Key Points
ThePrintSiemens Healthineers posts forecast beating Q4 results
Siemens Healthineers (SHLG.DE) on Wednesday posted better than expected fourth-quarter results helped by its cancer care unit and proposed an unchanged dividend for its fiscal year 2023. Key Points
Reuters
Karnataka: CM Siddaramaiah taps booze, property markets to fund poll pledges
The excise duty has been proposed to be increased by 20% on Indian-made liquor. On beer, the additional excise duty will be raised to 185% from 175%. Even after the increase in excise rates, the price of liquor in our state would be lower when compared to the neighbouring states, the chief minister said, presenting the fiscal 2023-24 budget of the new Congress government Key Points
Economic TimesBJP wants to do a Rahul Gandhi with Raghav Chadha: AAP on forgery charges
A select committee was proposed by Raghav Chadha in the Upper House on Monday to examine the Delhi services Bill. Four MPs, Sasmit Patra (Biju Janata Dal), S Phangnon Konyak (BJP), M Thambidurai (AIADMK) and Narhari Amin (BJP), have alleged that Raghav Chadha included their names in the proposed Select Committee without their consent. Key Points
India TodayMoody’s affirms 'Ba3' rating on Tata Motors with positive outlook post demerger move
The demerger is subject to shareholders and regulatory approvals, and the automaker expects to complete it within the next 12-15 months. The positive outlook on Tata Motors reflects Moody's view that the upgrade momentum on its ratings should continue with or without the proposed demerger. The rating agency expects all of the companys businesses to continue to deliver on their strategic growth priorities, while maintaining a balanced financial policy that focuses on achieving net-zero automotive debt by March 2025. Key Points
Economic TimesCCI proposes fees to file applications, seeks stakeholders' comments
The CCI has proposed introduction of fees for filing miscellaneous applications in a bid to expedite case disposal by discouraging unnecessary requests and fostering a more disciplined approach to proceedings. The fair trade regulator has invited stakeholder comments on the proposed regulation. Key Points
Economic TimesGovt content review proposal worries broadcasters, OTT companies
Concerns loom over TV broadcasters and streaming platforms as they grapple with the potential ramifications of the Ministry of Information and Broadcasting's (MIB) proposed legislation. This directive would mandate content certification by an evaluation committee prior to its broadcast, sparking debates about the implications on creative freedom. Key Points
Economic Times