ALSO READH1B visa: Global firms setting up captives in India to tide over changes Now US will tighten H-1B visa verification too: How this impacts Indians Tighter H-1B visa verification, more site visits: Life could get tougher for techies Trump admin may stop spouses of H1B visa holders from working in the US New US rules to delay visa extension process: Nasscom
PMLA rules: Cash deal limit may be reduced to curb money laundering The Centre is planning to tighten the anti-money laundering rules pertaining to the “reporting and maintenance of record” by mandating reporting entities to furnish information of entities dealing in cash above a certain amount, a move to curb money laundering. Under the current Prevention of Money Laundering Act (PMLA) rules, such reporting is required for all cash transactions of value exceeding Rs 1 million, all cross-border wire transfers of more than Rs 500,000, and all purchase and sale of immovable property of Rs 5 million or more. (More details) Telecom panel for higher limit on spectrum holding for mobile operators In a move that will boost consolidation and help stressed companies exit the sector, the Telecom Commission (TC) has approved the recommendations of the Telecom Regulatory Authority of India (Trai) on relaxing spectrum-holding caps for mobile operators. The move will help telcos, including Reliance Jio, Vodafone, and Idea Cellular. (Full report) No disruption in lives of Indian H1B visa holders, clarifies US govt The information technology (IT) sector is relieved that there will be no disruption in projects for clients and the movement of people back to India, after the US government clarified that it didn’t intend to bring any regulatory changes to force H1B visa holders out of the country. (Read more) Sovereign wealth fund proposal back; may become holding company for assets The Union government is holding discussions to set up a sovereign wealth fund that might be structured on the lines of funds set up by non-oil exporting nations such as Singapore, Vietnam, and Malaysia.
Tentatively named ‘Investment Management Company’, the sovereign wealth fund may also become a holding company for assets in all public sector undertakings, including nationalised banks, government sources, on the conditions of anonymity, said. (Click here to know more) Markets welcome 2018 with a smart rally; BSE SmallCap up 3.5% so far The first seven trading sessions of 2018 saw 296 stocks from the broad-based BSE 500 index gain more than the Sensex, which was up 1.1 per cent. Even as the benchmark indices make new highs, the party on Dalal Street is going strong in the mid- and small-cap stocks. Of the BSE 500 shares, 139 have posted gains of over five per cent. (More details)