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New Delhi, The onus of deducting <keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword> should be banks, in case a person makes an overseas hotel booking using the e-commerce portal of tour operators, said a senior official of MakeMyTrip, a leading online travel service provider. MakeMyTrip Group Vice President-Taxation Tajinder Singh said, in case a tour package is booked from the e-commerce portal, the company will take an undertaking from its customers, on whether the total amount remitted abroad so far has exceeded the threshold of Rs 7 lakh in the fiscal year. The government has said that from October 1, a 5 per cent <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) will be levied on tour packages up to Rs 7 lakh in a fiscal. The rate will go up to 20 per cent for spending beyond the threshold. Currently, 5 per cent TCS is levied on overseas tour packages irrespective of spending. Singh said TCS collection on overseas tour spendings has two aspects -- one where a tour package is booked using the e-commerce portal and secondly, when the customer uses the portal to make a standalone hotel booking. He said in case of tour packages booked from an e-commerce website, the company will seek a declaration from customers about the total money remitted so far in a fiscal year. In case of standalone hotel booking, he said it will fall in the category where authorised dealer banks would be responsible for taking this declaration from customers. "We have been talking to banks that for these declarations, banks will have to come up with their own facility and infrastructure where they would be able to directly use the KYC data available of their customers to collect the information directly from customers. That is where we are pushing it to the banks to do the compliances at their end. "It is the compliance of the banks. Banks are liable to collect the TCS from customers who are remitting outside India. The compliance is on banks, but because we are intermediaries we will have to pitch-in somewhere and facilitate this," Singh said. The government's decision on levying higher TCS on overseas tour packages beyond Rs 7 lakh would impact outbound tourism. "A lot of customers would be looking at the higher TCS rate as a cost... The higher cash outflow at the time of booking might pinch a lot of customers and they might curtail their expenditure," Singh added.

Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

The government on Wednesday proposed to hike the <keyword id="9215522" type="General" weightage="20" keywordseo="tcs-rate" source="Orion">TCS rate</keyword> to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (<keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tcs" meta.entityname="Tata Consultancy Services Ltd." meta.entityid="8345" meta.seoname="tata-consultancy-services-ltd">TCS</keyword>) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for <keyword id="148355" type="General" weightage="20" keywordseo="overseas-travel" source="Orion">overseas travel</keyword> perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other than travel and medical is likely to cause resentment and hardship amongst the middle class and HNIs. "This is especially true since many students aspire for foreign education and the cost of education and living is usually met by parents through LRS, the blanket rate of 20 per cent on all residuary remittances would mean that foreign remittance for education / maintenance is likely to be costlier owing to the 20 per cent TCS," Agrawal said. Deloitte India Partner Neeru Ahuja said TCS on overseas tour packages or liberalized remittance scheme for remittance of funds out of India has been proposed to be increased from 5 per cent to 20 per cent. "Despite the TCS being creditable in the hands of taxpayers, the same shall lead to higher cash outflow at the first instance in the hands of taxpayers," Ahuja said. Tax and consulting firm AKM Global, Tax Partner Amit Maheshwari said, "TCS has been proposed on any foreign payment without any threshold. "This would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay," Maheshwari said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/life-insurance-stocks-fall-up-to-10-after-budget-pushes-for-new-tax-regime/articleshow/97526113.cms">Life insurance stocks fall up to 10% after Budget pushes for new tax regime</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-blow-to-hnis-claiming-huge-deductions-for-expensive-houses/articleshow/97525649.cms">Budget blow to HNIs claiming huge deductions for expensive houses</a>

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

Kolkata, As the new Tax Collection at Source (<keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword>) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances. <keyword id="642357" type="General" weightage="50" keywordseo="travel-agents-association-of-india" source="Orion">Travel Agents Association of India</keyword> (TAAI) has written to <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, appealing to abolish TCS on overseas tour packages, highlighting the business loss and complexity of its implementation. In a letter to the FM, TAAI President Jyoti Mayal said the TCS is a huge challenge for the travel fraternity and would lead to a lot of business being diverted to overseas tour operators. Further, she pointed out that with GST already affecting the livelihood of Indian tour operators engaged in outbound tours, the introduction of TCS presents a double blow. According to her, Indian tour companies are becoming less competitive when compared to operators outside India, who not only save on the 5 per cent GST but also the TCS, which ranges from 5 to 20 per cent, and they are not required to register in India. The association in its letter also stated that the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> and banks are not equipped to maintain and monitor the limits of Rs 7 lakh per traveller, and there is no mechanism to track the same. There is still ambiguity on the payments made for such packages through credit cards overseas, it said. The risks associated with these overseas companies could also have a significant impact on passengers in general. The quality and reliability of these companies may not meet the desired standards, leading to potential service delivery issues or even instances of fraud, Mayal emphasised. She lastly urged the finance minister to abolish the TCS as a whole on overseas tour packages or at least defer it until the next financial year so that a detailed discussion can be carried on the subject. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-n150-vs-yamaha-fz-s-v3-bikes-comparison-of-price-and-features/slidelist/103985134.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-n150-vs-yamaha-fz-s-v3-bikes-comparison-of-price-and-features/slidelist/103985134.cms" target="_blank">Bajaj Pulsar N150 vs Yamaha FZ-S V3 – The bike to consider under ₹1.25 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/pixel-8-launch-on-oct-4-from-camera-to-design-specifications-what-we-know-so-far/articleshow/103924696.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-8-launch-on-oct-4-from-camera-to-design-specifications-what-we-know-so-far/articleshow/103924696.cms" target="_blank">Pixel 8 launch on Oct 4 – From camera to design specifications, what we know so far</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-launched-in-india-specs-features-and-price/articleshow/103832280.cms">Motorola Edge 40 Neo with with vegan leather back hits the Indian market</a>

Travel agents body calls for abolishing TCS ahead of its implementation from Oct 1

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (<keyword id="447038" type="General" weightage="100" keywordseo="lrs" source="Orion">LRS</keyword>) of the Reserve Bank, to ensure that such expenses do not escape <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> (Tax Collection at Source). While moving the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> is being requested to look into this with a view to bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh. <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) is an income tax, collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the government. The LRS, introduced in 2004, initially permitted an outflow of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. LRS permits Indians to freely remit up to USD 250,000 (about Rs 2.05 crore) per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI. The rules clearly mention that one can remit foreign exchange (forex) only for any permissible current account transactions or capital account transactions or a combination of both. If one wishes to invest abroad in shares, property etc, the LRS rules will define them as capital account transactions. Only certain capital account transactions are allowed under LRS rules such as opening a bank account abroad i.e. a Foreign Currency Account, purchasing real estate property overseas, for making investments overseas which includes investing in shares, mutual funds, and debt instruments amongst others. Authorised dealers, such as banks, enable such transactions between residents and their overseas dependents, using only PAN cards for verification. Besides remittances, LRS can also offer foreign exchange services to Indian citizens for medical expenses or travelling. However, corporates, partnership firms, HUFs, and charitable trusts are not eligible to use the LRS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canva-just-got-a-major-ai-upgrade-with-new-features-like-magic-eraser-text-to-image-and-moreheres-what-they-do/articleshow/98965377.cms">Canva just got a major AI upgrade with new features like Magic Eraser, Text to Image, and more–here’s what they do</a>

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

<ul><li><keyword id="4761491" type="PERSON" weightage="20" keywordseo="TCS-Share-Price">TCS share price</keyword> dipped to ₹1506.05 when markets opened today morning.</li><li>The overall market crash was so massive that it triggered the circuit breaker limit halting trade for 45 minutes.</li><li>This is the first time in seven years that TCS stock has dipped below ₹1600. The last time was in July 2013. </li><li>Over the last three months, TCS' value has dipped by ₹2 lakh crore ($27 billion). </li></ul>The stock of Tata Consultancy Services (TCS) hit a seven-year low as markets opened to a massive crash today morning. The company's share price dipped to ₹1506 as a massive global selloff affected Indian stock markets too. TCS' value has gone down from ₹8.3 lakh crore in December to ₹6.3 lakh crore in the last three months — a dip of 24.3% resulting in market cap loss of ₹2 lakh crore ($27 billion). 
 
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 The last time the company's share price went below ₹1600 was in July 2013. IT stocks in India were already bearish amid a global economic slowdown. Things took a turn for the worse as India locked down borders and suspended most active visas. TCS wasn't the only stock to crash in earning trading hours. In what is being called the Coronacrash, Asian markets — including Indonesia, South Korea, Thailand and the Philippines — halted trading as stocks plummeted the minute markets opened. In India, the <a href="https://www.businessinsider.in/india/news/trading-halted-for-45-mins-as-sensex-hits-lower-circuit-for-the-first-time-in-12-years/articleshow/74605048.cms">circuit breaker limit</a> was used for the first time in 12 years. It was triggered after Nifty50 crashed 10%. Trading was suspended for 45 minutes before markets reopened. However, TCS continues to be volatile. Amidst this melee, TCS temporarily recouped its position as India's most valued company back from <a href="https://www.businessinsider.in/business/news/heres-how-mukesh-ambani-lost-5-8-billion-in-a-day/articleshow/74572111.cms">Reliance Industries</a> which faced the double whammy of coronavirus and crude oil price crash yesterday. However, it was back to being in second place after markets closed yesterday, March 13. Even ₹4,500 crore couldn't fight the effects of the coronavirus The massive dip in TCS value comes after the company met on March 11 and declared an interim dividend of ₹12 per share — a total payout of ₹4,503 crore. In fact, the announcement of dividends did nothing to slow the stock's downward trajectory this week. 
 
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 It's not just stocks in India but markets all over the world that continue to remain volatile amid the coronavirus outbreak. The New York Stock Exchange (<a href="https://www.businessinsider.in/stock-market/news/the-new-york-stock-exchange-is-preparing-to-close-its-trading-floor-as-coronavirus-sweeps-through-new-york/articleshow/74599617.cms">NYSE</a>) may close its trading floor in the coming week to keep the Covid-19 virus from spreading. The chaos in overseas markets has an undeniable effect on IT stocks. Any further upheaval in US markets, like closing down the trading floor, could have a negative impact on IT stocks like TCS in India. The prolonged pandemic will have an effect on new client acquisitions and Kotak Securities corrected the revenue of IT companies by 2-4%. “In addition to and partly as a consequence of Covid-19, client health has started deteriorating across many verticals. Specifically, sharp rate cuts impact the banking vertical. We expected moderate improvement in spends among US banking clients at the beginning of the year. However, subsequent turn of events has all but eliminated this possibility,” the report said. TCS is only one of 783 stocks on the National Stock Exchange (NSE) to have hit its 52-week low this week. Yesterday, NSE and BSE saw the largest single-day fall of over 2,919 points since the 2008 financial crisis. See also: <a href="https://www.businessinsider.in/science/health/news/coronavirus-recovery-rate-at-54-as-doctors-race-to-find-a-cure/articleshow/74589618.cms">Coronavirus recovery rate at 54% as doctors race to find a cure</a> <a href="https://www.businessinsider.in/india/news/coronavirus-travel-restrictions-affect-everything-from-the-ipl-to-nris-on-vacation/articleshow/74591642.cms">Coronavirus travel restrictions affect everything from the IPL to NRIs on vacation</a> <a href="https://www.businessinsider.in/india/news/coronavirus-rattles-the-supply-chain-in-indias-largest-electronics-market-hitting-mobile-accessories-more-than-new-phones/articleshow/74484914.cms">Coronavirus rattles the supply chain in India’s largest electronics market, hitting mobile accessories more than new phones</a>

'Corona crash' wipes over ₹2 lakh crore from TCS share value in just 3 months

<keyword id="1333" type="LOCATION" weightage="20" keywordseo="Beijing">Beijing</keyword>, A total of 73,537 people have received a <keyword id="24209" type="PERSON" weightage="20" keywordseo="vaccine">vaccine</keyword> against the novel coronavirus in Beijing in just two days after the Chinese capital started administering the jab among specific groups of people with higher infection risks. No serious side effects have been observed among the vaccine receivers, Gao Xiaojun, a spokesperson for the municipal health commission, as saying at a press briefing on Sunday. The inoculation, which began on January 1 across 220 venues in Beijing, currently mainly covers nine groups of people aged 18 to 59 in Beijing. These include frontline customs inspectors of imported cold-chain goods and personnel working in the overseas and domestic transportation sector. People receiving the jab will have the information updated on Beijing's health code app, Gao said, adding that those who have urgent plans to travel overseas can apply for Covid-19 inoculation at the community service centre. After the vaccines receive market approval, authorities in Beijing will start vaccination for other groups on a reservation basis, said Gao at an earlier press conference. On December 31, 2020, <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> announced that it had granted conditional marketing authorisation to its first self-developed Covid-19 vaccine. The inactivated vaccine got approval from the <keyword id="7484487" type="COMPANY" weightage="20" keywordseo="National-Medical-Products-Administration">National Medical Products Administration</keyword>. It was developed by the Beijing Biological Products Institute Co. Ltd. under the <keyword id="8779112" type="COMPANY" weightage="20" keywordseo="china-national-biotec-group">China National Biotec Group</keyword>, affiliated with Sinopharm. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-beml-hcl-tech-infosys-tech-mahindra-tcs-ril-tata-motors-hero-moto-tvs-and-others/articleshow/80089765.cms">Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others</a> <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-year-2021/slidelist/80025993.cms">Upcoming new cars in India in 2021 of Maruti, Tata, MG, Audi</a> <a href="https://www.businessinsider.in/international/news/questions-arise-about-jack-ma-whereabouts-as-alibaba-faces-scrutiny-from-the-chinese-government/articleshow/80090457.cms">Where is Jack Ma? Questions arise about the billionaire’s whereabouts as Alibaba faces scrutiny from the Chinese government</a>

73,537 receive COVID-19 vaccine in Beijing in two days since inoculation

<ul><li>The Indian rupee hit ₹70.84 against the US dollar. </li><li>This may be bad news for some but good news of Indian IT companies that bill in dollars. </li><li>It could increase revenue for them of what was otherwise shaping up to be a 'glum quarter'. </li></ul>The Indian government is trying to rein in the fall of the rupee’s value against the US dollar, that hit ₹70.84 when the markets closed yesterday. While this may be bad news for importers, people looking to travel overseas and India’s foreign exchange reserves — it could spell good news for <a href="https://www.businessinsider.in/wipro-profit-growth-beats-tcs-and-infosys/articleshow/70262851.cms">Indian IT companies</a> on account of larger exposure to US markets and dollar billing. <keyword id="149348" type="PERSON" weightage="20" keywordseo="weaker-rupee">Weaker rupee</keyword> means stronger revenue Tech giants like Tata Consultancy Services (<a href="https://www.businessinsider.in/after-becoming-the-third-largest-it-service-brand-in-the-world-tcs-surpasses-ibm-in-market-cap/articleshow/69741769.cms">TCS</a>), HCL Technologies, <a href="https://www.businessinsider.in/yes-bank-wipro-and-other-big-earnings-keep-indian-markets-on-the-edge/articleshow/70255005.cms">Wipro</a> and <a href="https://www.businessinsider.in/tata-lic-infosys-sbi-and-mahindra-are-among-the-top-10-indian-corporate-brands/articleshow/70257037.cms">Tech Mahindra</a> were looking at a ‘glum quarter’ after missing their revenue goals in June, according to Kotak Institutional Equities Research. Even Infosys, barely met its target. “Cost increase, higher visa applications and large deal transition costs contributed to the pressure," stated the report. Yet, there is a light at the end of the tunnel, thanks to rupee fall. More than 80% of the total business done by top IT services companies in India comes from overseas markets, which is billed in currencies other than the rupee — usually the US dollar. This year, Infosys increased its revenue growth guidance for FY20 from 7.5 to 9.5% to 8.5 to 10%. However, Wipro expects its revenue to either decline by a percent to grow by a percent. TCS doesn’t issue an annual guidance but analysts expect double digit growth revenue from the company in FY20. But the real question for the company is whether or not it will meet its ambitious target of a 26-28% margin guidance, which it hasn’t been able to meet over the past three years due to currency pressures. Now, these pressures seem to be easing. Profit or risk Tech companies, like all others with exposure abroad, tend to hedge their exposure in case of a fall or a gain — usually at around 30%. In spite of that, some benefits might seep into tech companies’ balance sheets. Even if profit isn’t seen in the short run, a weakening rupee offsets some of the key risks faced by IT firms. "This includes sharp cross country movement that could appreciate the value of the rupee, pricing pressure and lower margins," according to Edelweiss Securities Limited. IT companies in India have already been hit by the Union Budget’s decision to impose a 20% tax on <a href="https://www.businessinsider.in/tcs-wipro-infosys-and-it-companies-hit-by-budgets-buyback-shares-tax-and-increase-in-minimum-public-shareholding/articleshow/70136810.cms">buyback shares</a> making their financial performance all the more important. Amidst a host of bad tidings, <keyword id="841408" type="PERSON" weightage="20" keywordseo="falling-rupee">falling Rupee</keyword> could be a morale booster. See also: <a href="https://www.businessinsider.in/the-global-trade-war-has-morphed-into-a-currency-war-heres-why-thats-a-scary-proposition-for-markets-/articleshow/70572130.cms">The global trade war has morphed into a currency war. Here's why that's a scary proposition for markets.</a> <a href="https://www.businessinsider.in/china-takes-measures-to-keep-the-yuan-from-plummeting-further-stabilizing-markets-after-2019s-worst-rout/articleshow/70556237.cms">China takes measures to keep the yuan from plummeting further, stabilizing markets after 2019's worst rout</a> <a href="https://www.businessinsider.in/stocks-plunge-as-global-recession-fears-rattle-investors/articleshow/70575112.cms">Stocks plunge as global recession fears rattle investors</a>

Weaker rupee might turn things around for TCS, Wipro and Infosys

<ul><li>The <keyword id="100742" type="ORGANIZATION" weightage="20" keywordseo="US-State-Department">US state department</keyword> issued the Level 4: Do Not Travel advisory -- the highest level of travel advisory -- on March 19, urging American citizens not to travel overseas due to the coronavirus pandemic. </li><li>India remains on the Level 4 of the travel advisory along with more than 50 countries, including China. This means that the US urges its citizens not to travel to India due to the increasing coronavirus cases. </li><li>The state department, in its latest travel advisory on India issued on Thursday, said: "Do not travel to India due to COVID-19. Exercise increased caution in India due to crime and terrorism". </li></ul> The US has lifted the highest level of its <keyword id="9714137" type="UNKNOWN" weightage="20" keywordseo="global-health-travel-advisory">global health travel advisory</keyword> for Americans due to the coronavirus pandemic and restored the previous country-specific system without changing the status of over 50 countries, including that of India and China. The US state department issued the Level 4: Do Not Travel advisory -- the highest level of travel advisory -- on March 19, urging American citizens not to travel overseas due to the coronavirus pandemic. India remains on the Level 4 of the travel advisory along with more than 50 countries, including China. This means that the US urges its citizens not to travel to India due to the increasing coronavirus cases. The state department, in its latest travel advisory on India issued on Thursday, said: "Do not travel to India due to COVID-19. Exercise increased caution in India due to crime and terrorism". The  <keyword id="621740" type="COMPANY" weightage="20" keywordseo="Centres-for-Disease-Control-and-Prevention">Centres for Disease Control and Prevention</keyword> (CDC) has issued a Level 3 (avoid non-essential travel) Travel Health Notice for India due to COVID-19, it said. Travellers to India may experience border closures, airport closures, travel prohibitions, stay at home orders, business closures and other emergency conditions within India due to the COVID-19 pandemic, it said. Assistant Secretary of State for Consular Affairs Carl Risch told reporters during a conference call that the State Department, in close coordination with the CDC, has lifted the <keyword id="9714136" type="COMPANY" weightage="20" keywordseo="global-level-4-health-advisory">Global Level 4 Health Advisory</keyword> and has returned to the previous system of country-specific levels of travel advice, with levels from 1 to 4 depending on country-specific conditions. The CDC has similarly removed its Level 3 Global COVID-19 Pandemic Notice. This important change reflects the reality that health and safety conditions are improving in some countries while potentially deteriorating in others, he said. By returning to the country-specific travel advisory system, the US is able to give Americans detailed and actionable information to make informed travel decisions, he said. "The COVID-19 pandemic poses significant risks for travellers and our destination-specific advisories take into account the latest data and public health and safety analysis on COVID-related risks," Risch said. Among other countries which have been put on the Level 4 of travel advisory include Afghanistan, Bangladesh, Bhutan, Syria, Saudi Arabia, Russia, Mexico, Egypt, and Brazil. Although the guidance from the state department has been lifted, American travellers continue to face travel restrictions in countries worldwide due to the rising cases of the deadly disease in the United States. According to Johns Hopkins Coronavirus Resource Center, the contagion has infected over 19 million people and killed more than 713,000 across the world. The US is the worst affected country with over 4.8 million cases and more than 1,60,000 deaths. The European Union has blocked the entry of the US tourists, and the UK requires travellers from the US to quarantine for 14 days. 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Here's why.</a> <a href="https://www.businessinsider.in/business/startups/news/microsoft-for-startups-lathika-pai-says-entrepreneurs-pitching-for-investments-need-to-have-this-one-question-answered-in-their-pitch-decks/articleshow/77352935.cms">Microsoft for Startups’ Lathika Pai says entrepreneurs pitching for investments need to have this one question answered in their pitch decks</a> <a href="https://www.businessinsider.in/careers/news/linkedin-tcs-disney-hotstar-zee-and-other-companies-hiring-right-now-in-india/slidelist/77352775.cms">LinkedIn, TCS, Disney+ Hotstar, Zee and other companies hiring right now in India</a>

US lifts global health travel advisory and urges citizens not to visit India, China

New Delhi, Mar 19 () The coronavirus impact could render 3.8 crore people jobless, which is around 70 per cent of the total workforce in the tourism and hospitality sector, according to a grouping. The Federation of Associations in Indian Tourism &amp; Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to Prime Minister Narendra Modi. It is believed that around 70 per cent out of a total 5.5 crore workforce could get unemployed, which is around 3.8 crore people. This effect of job losses and layoffs has already begun throughout the country, it added. The figure is for direct as well as indirect jobs. "A large percentage of total tourism business activity of India, which is estimated at USD 28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year. Thus, in excess of Rs 5 lakh crore of direct tourism industry and almost double that of total economic activity is at risk," the letter said. With declining revenues, almost all tourism businesses are running out of working capital. However, with the responsibility of staff and payment of their salaries, EMIs to service, advance tax, PF, ESIC, GST, excise and other state levies, bank guarantees, security deposits, this industry needs your support now more than ever, it added. "We request you for a twelve-month moratorium on our EMIs of principal and interest payments on loans and working capital from Financial Institutions (both banking &amp; non-banking)," the letter said. Additionally, FAITH requested the PM for doubling working capital limits on interest free and collateral free terms. This will prevent all tourism businesses from going bankrupt, it added. "Sir, additionally to prevent insolvency, we request you for a deferment for 12 months of all statutory dues whether GST, Advance Tax payments, PF, ESIC, customs duties at the central government level or at any state government level the excise fees, levies, taxes, power &amp; water charges, bank guarantees &amp; security deposits and deferment of all renewals, across the tourism, travel, hospitality &amp; aviation industry," the letter said. FAITH also requested the PM to set up a support fund for twelve months on the lines of MNREGA to support basic salaries with 'direct transfer' to affected tourism employees, it added. "TCS (tax collected at source) on travel has been proposed in Finance Bill 2020 to be levied from April 1, 2020 and we request that it should not be introduced as it will displace business from India to overseas, which will lead to shutting down businesses of most Indian tourism companies," the letter said. It also requested a complete GST Tax Holiday for the tourism, travel and hospitality industry for a period of 12 months. The letter requested the PM to, "set up...a national tourism task force of all relevant ministries of the central government along with ministry of tourism and chief secretaries of State governments and industry stakeholders to meet regularly to fast-track all tourism investment approvals." AKT AKT ANUANU

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