US tells India it is mulling caps on H1Bs to deter data rules

Source: http://salaryconverter.nigelb.me which uses world bank numbers.

>The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$1.06 - $1.4 trillions is held illegally in Switzerland. Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion. In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹90 lakh crores or US$1500 billion.

https://en.wikipedia.org/wiki/Indian_black_money

Getting Switzerland to release that information isn't that easy. I have been hearing about it for at least 5 years, may be more. Even 4 days ago, there were reports like this: https://www.businesstoday.in/current/economy-politics/noose-...

1. Ensure you are rich/have lot of money.

2. Ensure you are healthy.

Even if one doesn't apply to you, life can be hell outside India. This is to an extent you won't even get a shoulder to cry upon. A lot of people think they have a social structure in the US, until they have call upon on in the times of emergencies, and realize they have none. A lot of this depends on a major disease never touching you, and having life long 20% YoY career growth. You have to be lucky beyond belief to fit into this definition, this is regardless of how hard you can or are working.

The problem with this luck game is, no one is lucky enough to be lucky forever. Most people who settle in the US are really having tons of luck going for them in early life. That's the good news. The bad news, is if you plan to toss a coin a billion times, and a straight 10K heads have shown up. Guess what a straight 10K tails are coming sooner or later.

Go figure.

> Transferring money from one personal account to any new account (adding a beneficiary account) would take more than 4 hours.

NEFT, which has been around for a long time before IMPS and UPI came, would transfer money in about an hour's time. For larger transactions, RTGS would transfer within a few minutes. I agree that UPI is a lot faster, but it comes with lower transfer limits. Four hours for a transfer through NEFT or RTGS could be extreme cases, since RBI has some tightly stipulated deadlines for credit to the receiver's account for both (you can check RBI's website for more information).

> - Transferring money doesn't have any extra charges

Well, UPI transactions do have fees, depending on the bank. IIRC Kotak introduced or was set to introduce charges for it. The rest of them would've followed, since NPCI is not a government organization (like RBI), but a private consortium of banks. But RBI's recent notification removing transaction charges for NEFT and RTGS (which are owned and run on RBI) may have given pause to banks wanting to charge for UPI.

> - Safe, transaction can be done only from mobile which is linked with bank.

The "only" needs to be removed here. UPI transactions can be done from mobile, but can also be done from any computer or device with a browser if one has online banking and the particular bank supports UPI over that.

> There is no need to give personal information, one can provide UPI address or Virtual UPI address.

Your (recipient's) real name would still be visible to the payer on the payment confirmation screen. I consider name also as personal information, if you really want to remove all real identifiers from transactions and make it seem like it's anonymous.