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<ul class="summary-list"><li>Thousands of <keyword id="19953645" type="General" weightage="100" keywordseo="Chinese-migrants" source="keywords">Chinese migrants</keyword> flew into Ecuador last year in hopes of walking into the US.</li><li>But Ecuador is now cutting its yearslong <keyword id="22159339" type="General" weightage="20" keywordseo="visa-free-access" source="keywords">visa-free access</keyword> to Chinese citizens after a surge in <keyword id="19929766" type="General" weightage="20" keywordseo="migrants" source="keywords">migrants</keyword>.</li></ul>Ecuador is suspending visa-free access for Chinese travelers starting July 1, closing off a popular arrival spot used last year by thousands of Chinese migrants trekking to the <keyword id="19953646" type="General" weightage="20" keywordseo="US-Mexico-border" source="keywords">US-Mexico border</keyword>. Since 2016, Ecuador has allowed Chinese nationals to enter its borders without a visa and stay for up to 90 days. But in a statement on Tuesday seen by Business Insider, the <keyword id="20245662" type="General" weightage="20" keywordseo="ministry-of-foreign-affairs" source="keywords">Ministry of Foreign Affairs</keyword> and Human Mobility said it was ending the program "due to the unusual increase in irregular migratory flows of Chinese citizens" who overstayed their 90 days. It is only one of two nations in the Americas that offers visa-free access to Chinese nationals. The other is Suriname, a smaller country of about 618,000 people. The Ecuadorian ministry noted that about 50% of all Chinese arrivals "have not left through regular routes and within the times established by law." Many people have used the country as a "starting point to reach other destinations in the Hemisphere," the ministry added. <a target="_blank" href="https://www.niskanencenter.org/new-data-suggests-political-repression-slowing-economy-driving-irregular-chinese-migration-to-u-s/">The Niskanen Center</a> assessed in May that Chinese travelers entered Ecuador 48,381 times in 2023 but only left the country legally 24,240 times that year. The deficit was "by far the highest number of any nationality," the US think tank wrote. It comes amid a surge in Chinese arrivals that year, with a 235% increase compared to the previous five-year average, per the Niskanen Center. The visa-free access recently made Ecuador a major entry point into the Americas for <a target="_blank" href="https://www.youtube.com/watch?v=ukkLIFQWG4g&amp;t=1735s&amp;ab_channel=CNAInsider">Chinese migrants looking to travel through Central America and reach the US-Mexico border.</a> In response to Ecuador's Tuesday decision, a <a target="_blank" href="https://www.fmprc.gov.cn/fyrbt_673021/jzhsl_673025/202406/t20240618_11437859.shtml">Chinese Foreign Ministry spokesperson</a> said the country "firmly opposes any form of <keyword id="22159340" type="General" weightage="20" keywordseo="smuggling-activities" source="keywords">smuggling activities</keyword>." "In recent years, Chinese law enforcement agencies have cracked down on crimes that hinder national border management and have maintained a high-pressure crackdown on various smuggling organizations and criminals engaged in smuggling activities, achieving remarkable results," the spokesperson said. <h2>How Chinese migrants use Ecuador to get to the US</h2>Thousands of migrants fly into Ecuador before traveling through Colombia, where they begin a grueling trek on <a href="https://edition.cnn.com/2023/04/15/americas/darien-gap-migrants-colombia-panama-whole-story-cmd-intl/index.html" target="_blank">a perilous, cartel-run route</a> through a stretch of jungle called the <keyword id="22159341" type="General" weightage="20" keywordseo="Darin-Gap" source="keywords">Darién Gap</keyword>. If successful, they emerge in Panama. Over 15,500 Chinese migrants were counted exiting the Darién Gap in 2023, per <a target="_blank" href="https://www.wilsoncenter.org/article/through-darien-gap-new-path-chinese-asylum-seekers-united-states">Washington-based think tank The Wilson Center.</a> "This figure is nearly eight times as many from the same period in 2022 and more than 40 times that of 2021," wrote Joshua Peng, a program associate in refugee and displacement research at The Wilson Center. Many migrants then travel to Mexico, attempting to reach the US through its southern border. <keyword id="19959298" type="General" weightage="20" keywordseo="US-border" source="keywords">US border</keyword> officials said they <a target="_blank" href="https://apnews.com/article/china-immigration-border-deportation-mayorkas-514f42ee56e80fe7eb7f9fcc71c4d55c">detained 37,000 Chinese migrants attempting to cross the border in 2023</a>, or 10 times the number detained in the year before. The true number of those attempting to cross the border is likely higher. <div type="image" title="Chinese migrants huddle in a line to receive colored wristbands from a US Border Patrol agent at a makeshift camp." height="2667" width="4000" msid="111136208" hostid="261"></div>The flow of Chinese migrants continued to surge in 2024, with <a target="_blank" href="https://www.cbsnews.com/news/us-border-mexico-chinese-migrants-60-minutes/">CBS reporting</a> in February that it observed <a target="_blank" href="https://www.businessinsider.com/chinese-migrants-guide-douyin-how-to-cross-us-border-cbs-2024-2">600 migrants, many of whom were Chinese, entering the US in a single day.</a> The House Homeland Security Subcommittee on Oversight, Investigations, and Accountability <a target="_blank" href="https://homeland.house.gov/2024/05/11/media-advisory-homeland-subcommittee-hearing-on-unprecedented-surge-of-chinese-illegal-immigration/">said in May</a> that the number of Chinese nationals encountered by authorities at the US border in March had jumped 8,000% from the same period in 2021. <keyword id="19959299" type="General" weightage="20" keywordseo="illegal-immigration" source="keywords">Illegal immigration</keyword> from the southern border has been <a target="_blank" href="https://www.businessinsider.com/republicans-want-to-kill-bipartisan-border-bill-help-trump-campaign-2024-1">rising in political prominence</a> in the US, with Republican leaders <a target="_blank" href="https://www.businessinsider.com/texas-spent-nearly-9-million-busing-migrants-over-holidays-2023-1">pushing for increased border security</a> and saying southern states are unable to cope with a surge in migrants. Data on Chinese arrivals in Ecuador give some clues to the demographics of migrants reaching the US. According to the Niskanen Center, Shanghai is the Chinese region with the highest per-capita rate of people leaving to reach Ecuador, with 274 arrivals for every 1 million people in Shanghai. Hong Kong is second, with 257 arrivals per 1 million people, followed by Beijing, with 161 arrivals per 1 million people. Xinjiang is sixth, with 24 arrivals per 1 million people. Correction: June 21, 2024 — An earlier version of this story misspelled the name of the country Colombia.

The thousands of Chinese migrants headed to the US-Mexico border just lost their key entry point to America

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

<ul class="summary-list"><li>Qin Gang was once one of China's most powerful men.</li><li>But the former foreign minister has suffered a spectacular fall from grace.</li></ul>China's former foreign minister Qin Gang is working in a low-level publishing job after falling foul of China's leader Xi Jinping, <a target="_blank" class="" href="https://www.washingtonpost.com/national-security/2024/09/08/qin-gang-whereabouts-foreign-minister/">The Washington Post reported.</a>Two US officials, speaking on condition of anonymity, told the publication that Qin was now listed as an employee at World Affairs Press, a publishing company associated with China's foreign ministry.The officials reportedly told the publication that the demotion took place in spring. One characterized it as a "fall from grace" but also said, "he's off the hook.""He's not going to jail, but his career is over," one source told the Post.One of the officials told the outlet that the demotion is likely intended as a warning to others.Qin was formerly one of China's most powerful figures and a trusted aid of Xi, rising to the position of foreign minister and member of China's state council, the cabinet of China's top officials.His rise to the top was swift. He was known as one of the most prominent of a new generation of "wolf warrior" officials, who brought an aggressive and confrontational style to China's diplomacy.But his downfall was just as rapid. In June 2023, Qin disappeared from public view and <a target="_blank" href="https://apnews.com/article/qin-gang-resigns-legislature-foreign-minister-china-fd15a275387c28e711727eb1bfc4b66f">officially resigned</a> from his position in China's state legislature in February.Rumors circulated about what had led to Qin's dismissal, with <a target="_blank" class="" href="https://www.wsj.com/world/china/chinas-ex-foreign-minister-ousted-after-alleged-affair-senior-officials-told-fdff4672">The Wall Street Journal </a>reporting that Qin had been dismissed because he had an extramarital affair during his stint as China's ambassador to the US, sparking security concerns.<a target="_blank" class="" href="https://edition.cnn.com/2023/09/27/china/china-qin-gang-fu-xiaotian-intl-hnk/index.html">The Financial Times</a> reported that the person Qin had an affair with was TV host Fu Xiaotian. Around that time, Fu reportedly had a child through surrogacy in the US, the report said.Qin was replaced by his predecessor as foreign minister, veteran diplomat Wang Yi.The Chinese embassy in the UK did not immediately respond to a request by Business Insider for comment.

China's 'wolf warrior' foreign minister is now working a lowly publishing role after falling foul of Xi: report

<ul><li>If the <keyword id="118926" type="General" weightage="20" keywordseo="remittance" source="Orion">remittance</keyword> for <keyword id="382324" type="General" weightage="20" keywordseo="foreign-education" source="Orion">foreign education</keyword> exceeds ₹7 lakh and is funded through a <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword>, it will attract a <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> rate of 0.5%. </li><li>If remittance is from one’s own funds, TCS shall apply at the rate of 5% on remittance above ₹7 lakh. </li><li>The TCS paid is adjusted against your total tax liability when you file your return of income.</li></ul>If you're currently in the midst of securing funds for your children's international higher education, you can rest easy knowing that the upcoming higher 20% tax collected at source (TCS) regulation, scheduled to come into effect on October 1, 2023, won't be a cause for concern. The <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> has offered a reassuring guarantee that this elevated TCS rate will not be applicable to expenditures associated with overseas education and medical necessities. Your children's educational expenses abroad will remain unaffected by this tax change. Having said that, let us take a look at how any remittance made for the purpose of your kid's education will attract TCS. There are two broad categories in this – self-funded and loan-funded education. <cmsannotation type="cmsannotation" annotationid="What constitutes education remittance?" comment="Subhead" text="What constitutes education remittance?">What constitutes education remittance?</cmsannotation> “Any remittance for the purpose of education be it for accommodation, travel, food etc is treated at par as remittances for the purpose of education,” says Divakar Vijayasarathy, CEO and Founder, DVS Advisors, a tax-centric professional services firm. Remittance for the purpose of education shall include, remittance for purchase of tickets of the person undertaking study overseas for commuting between India and the overseas destination, the tuition and other fees to be paid to the educational institute; and other day to day expenses required for undertaking such study. <cmsannotation type="cmsannotation" annotationid="When the education is funded through loan" comment="Subhead" text="When the education is funded through loan">When the education is funded through loan</cmsannotation> Remittances below ₹7 lakh intended for educational expenses do not incur any TCS. In other words, there is no TCS for such transactions. “If the remittance for foreign education exceeds ₹7 lakh and is funded through a loan obtained from an approved financial institution, it will attract a TCS rate of 0.5%. This means that 0.5% of the amount exceeding ₹7 lakh will be collected as TCS,” says Vertika Kedia, co-founder, Tax2Win, an income tax portal. For example, if you are remitting ₹10 lakh abroad for foreign education and the remittance is funded through a loan obtained from an approved financial institution, you will be required to pay TCS of ₹1,500 (0.5% of ₹3 lakh). <cmsannotation type="cmsannotation" annotationid="When education is self-funded" comment="Subhead" text="When education is self-funded">When education is self-funded</cmsannotation> “If remittance is from one’s own funds, TCS shall apply at the rate of 5% on remittance over and above ₹7 lakh. Refund of TCS can be obtained only upon filing return of income for the relevant year,” says Vijayasarathy. If you are remitting ₹10 lakh abroad from your own funds, you will be required to pay TCS of ₹15,000 (5% of ₹3 lakh). You can only get a refund of this ₹15,000 by filing your return of income for the relevant year. It is important to note that TCS paid in both the above cases is not an additional tax. It is simply a way of collecting tax at the source. The TCS paid is adjusted against your total tax liability when you file your return of income. If you have already paid more tax than you owe, you will be eligible for a refund. <cmsannotation type="cmsannotation" annotationid="How to reduce the impact of TCS" comment="Subhead" text="How to reduce the impact of TCS"> How to reduce the impact of TCS </cmsannotation> “If both parents are contributing to the education expenses, they can each utilise the ₹7 lakh threshold limit. This effectively allows a higher total amount to be remitted without incurring TCS,” says Kedia. One can also involve grandparents for additional remittances: Involving grandparents or other family members in funding the education can further increase the exemption limit. Each family member can utilise their own ₹7 lakh exemption. As we have seen, funding higher education overseas through an education loan reduces the impact of TCS. Consider financing your education through an education loan. This will allow you to benefit from the lower TCS rate of 0.5% specifically designed for education loans. Additionally, you can avail benefit under section 80E. .

Explained: TCS on your child's overseas education and mitigating strategies

New Delhi [<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword>], May 19 (ANI): India's <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> rose for the second straight week, by <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 2.561 billion to USD 644.151 billion in the week that ended on May 10, according to data shared by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). Preceding these two weeks, the forex kitty had seen three consecutive weeks of decline. The country's foreign exchange reserves had hit an all-time high of USD 648.562 billion recently. According to the latest data released by the Reserve Bank of India (RBI), India's foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 1.488 billion to USD 565.648 billion. <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">Gold reserves</keyword> during the week rose by USD 1.072 billion to USD 55.952 billion. India's foreign exchange reserves, which had reached an all-time high are sufficient to cover 11 months of projected <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, according to the Monthly Economic Review report of the Department of Economic Affairs under the Ministry of Finance, released lately. In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India's forex kitty slumped by USD 71 billion cumulatively. Foreign exchange reserves have risen about USD 23 billion, on a cumulative basis, in 2024 so far. Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling. The country's foreign exchange reserves last touched their all-time high in October 2021. Much of the decline after that can be attributed to a rise in the cost of imported goods in 2022. Also, the relative fall in forex reserves could be linked to the RBI's intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the sale of dollars, to prevent a steep depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

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The thousands of Chinese migrants headed to the US-Mexico border just lost their key entry point to America

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Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

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China's 'wolf warrior' foreign minister is now working a lowly publishing role after falling foul of Xi: report

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Explained: TCS on your child's overseas education and mitigating strategies

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India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

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