Latest news with #Motwani
Time of India
27-05-2025
- Business
- Time of India
JD Vance's meeting with Indian-American investor draws criticism amid H-1B visa debate
A photograph shared by Silicon Valley venture capitalist Asha Jadeja Motwani with US Vice President JD Vance has sparked discussion on social media, coming at a time when debate around the H-1B visa program has intensified. According to a report by The Times of India, Motwani, an Indian-origin investor known for backing over 100 tech startups , posted the image following a private family gathering with JD Vance and his wife, Usha Vance. In her post, she noted that immigration was among the key topics of discussion at the dinner. 'Many of us on the table had been Democrats, just like him, for over 30 years. Our departure from the Democratic Party to the center right had many resonances,' she wrote. Motwani mentioned that she gifted a small statue of Lord Ganesha to the couple. 'They loved it, and Usha told me that her older son actually wanted one... three of us hit it off beautifully for some reason,' the post read. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover how to go from draft to done in a few clicks—not a few hours. Grammarly Install Now Undo According to Motwani, both JD and Usha Vance were 'humble to a fault' and open to discussion. 'JD took endless questions from about a dozen of us around the dining table and answered them patiently. I had concerns about immigration policies and wanted to be reassured that America will not lose highly gifted and talented immigrants from foreign countries — top brains of the world. He gets an A+,' she added. (Join our ETNRI WhatsApp channel for all the latest updates) The meeting has led to criticism from some social media users, especially as it came shortly after the US Citizenship and Immigration Services ( USCIS ) announced that over 120,000 H-1B visa applications had been cleared for the fiscal year 2026. The update has reignited concerns among US tech workers, with many expressing frustration over job losses and low-wage hiring associated with the visa program. Live Events MORE STORIES FOR YOU ✕ Social media roasts JD Vance after painfully awkward meeting with Pope Leo goes viral and raises eyebrows worldwide Who is Suresh Kumar, the Indian-origin Walmart CTO in news amid latest job cuts US H-1B visa registrations hit lowest level since FY22 amid Trump policies, fee hike « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT — MrsDoubtFireSF (@MrsDoubtFireSF) The debate was further fuelled by Walmart's recent announcement of 1,500 job cuts in tech roles. Some users expressed disapproval of the meeting. One wrote, 'Let me get this straight, JD Vance just wined and dined with a BJP RSS agent of India to facilitate India's national interests, we can kiss our economy goodbye.' Others called for an end to the H-1B visa program, stating that it affects employment opportunities for American workers. The US government has not issued an official statement on the meeting or on any policy changes related to the H-1B program following this event.
Time of India
29-04-2025
- Business
- Time of India
BookMyForex launches forex card without cross-currency or ATM charges
Mumbai:BookMyForex, a part of the MakeMyTrip group, has launched a new US dollar-denominated Global Forex Card aimed at eliminating hidden costs associated with spending abroad. Accepted in over 200 countries, the card carries no cross-currency fees or international ATM withdrawal charges. Users can also earn up to 2% cashback on forex transactions with no markup rates, capped at Rs 7,500 during the introductory offer. The card is available through the BookMyForex website and mobile app, targeting travelers, students, and overseas workers looking for more transparent spending options. It is offered free of issuance, reload, unload, or annual fees, making it a lifetime-free card. Sudarshan Motwani, founder and CEO of BookMyForex, highlighted that while international travel among Indians is growing, existing forex products often fail to address cross-currency fees and hidden charges. 'Whether it's credit cards, multi-currency cards, or even so-called zero-markup cards, travellers often end up paying 3% to 5% extra on every transaction,' he explained. The new card aims to offer a smarter, more transparent solution for managing money abroad. The launch coincides with the peak summer travel season, and BookMyForex expects a twofold increase in card issuance over the next year, driven by rising demand from frequent travelers and students. The card is issued on the Visa network, works globally, and provides true zero markup on forex rates. Students can also use it to pay foreign university tuition fees without any disbursal charges. Motwani noted that, while initially denominated in US dollars, the company plans to add more currencies like the Euro to reduce cross-currency costs further. BookMyForex also plans to limit free ATM withdrawals to a certain number per month, as part of efforts to reduce cash usage. The Global Forex Card will also be available for destinations and currencies not supported by the company's multi-currency card. Free ATM withdrawals and forex cashback offers are part of launch promotions. Nitin Motwani, founder and CTO, emphasized that the card is designed for the "new kind of traveller" who is more informed about forex rates and hidden charges. BookMyForex, which operates India's largest online retail forex marketplace, has exchanged over $1.5 billion on its platform and continues to expand its services. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
28-04-2025
- Business
- Time of India
Check it if going abroad: A new forex card with no charges for ATM withdrawal, forex currency conversion and its lifetime free
How does this single currency forex card work? Live Events How come this forex card is offering zero cross currency charges and no ATM withdrawal fee? Other features of this forex card Spend Globally: Enables users to shop, dine, and make payments in any currency across 200+ countries without incurring cross-currency charges. Enables users to shop, dine, and make payments in any currency across 200+ countries without incurring cross-currency charges. True Zero Markup: Offers complete transparency with forex rates and comes with no hidden markups or extra conversion costs. Offers complete transparency with forex rates and comes with no hidden markups or extra conversion costs. Free ATM withdrawals: Users can enjoy free international ATM withdrawals for convenient access to cash while abroad. Users can enjoy free international ATM withdrawals for convenient access to cash while abroad. No-Fee University Payments – Ideal for students, the card allows foreign university tuition payments without any cash disbursal fees. – Ideal for students, the card allows foreign university tuition payments without any cash disbursal fees. Lifetime Free Card: There are no issuance, reload, unload, or annual charges—ensuring full cost transparency and zero surprises. How does this forex card help? In countries where India does not have a direct currency conversion relationship Limited time cashback offers Card top-up can be done by close relatives also FAQs on BookMyForex single currency forex card Are there any charges for ATM withdrawals? This forex card comes with unlimited free withdrawals, meaning you won't be charged any ATM withdrawal fees. However, some foreign banks & ATMs may charge additional fees for cash withdrawals. These charges vary by country and bank, so it's always a good idea to check the ATM screen for any applicable fees before confirming a withdrawal. Are there any cross-currency charges on the single currency forex card? No, there are no cross-currency charges. While the card is a US Dollar card, you can convert it to other currencies and make transactions without incurring any cross-currency fees. You can get a single currency forex card without any cross-currency charges or ATM withdrawal fee by taking the recently launched BookMyForex Global Forex Card. This single currency lifetime free forex card, which is hosted on the Visa network, is denominated in USD (United States dollar). On top of it this card has no currency conversion charges and no ATM withdrawal or cash disbursement below to know more about how the card works and how much money you can save using it and up to to Sudarshan Motwani, founder and CEO of at present this forex card is available in a single currency which is the United States of America (USA) dollar (USD).Motwani says you need to place the order via their app or website and then reload the card. When the card gets delivered at that time, the person conducts KYC using your documents. The person also takes a photo of the documents.'It is also offered to international students, irrespective of the destination currency. Same-day delivery is available for orders placed before 1 PM on a working day. To explore the full range of card benefits, fee waivers, and details of the introductory offer, travellers and students can visit according to the press release dated April 28, said that this feature of no cross-currency charges is an offer which they launched in collaboration with a global company. While he did not disclose the name of the company, but he revealed their arrangement with this company, namely distribution of income through MDR (merchant discount rate) which subsidises this and other features of the card. In a nutshell, MDR is known as card processing fees and merchants pay it to the banks as a percentage of the transaction amount. Generally, it's 1 to 3% of the transaction also revealed that these offers (no cross-currency charges and ATM withdrawals fee) are being offered as an introductory offer. 'For the time being the ATM withdrawal charges will be absorbed using the MDR income. BookMyForex is essentially a distribution platform where the partners are the ones who offer the card. We work with different partners from time to time which enables such offers.'According to the press release dated April 28, 2025, here are the featuresWhen asked about how this forex card can be used without any mark-up of forex rates, Motwani said that this is one of their core offerings since 2016 and they have made a deal with their partner payment processing company which is how this feature could be offered. This means any change in terms of this deal could impact on customers accessing this feature unless another partner is found offering similar or better are some possible use cases where this forex card can help:USD can be said to be a universally accepted currency, but the same thing cannot be said for other currencies with a few exceptions like Euro, etc. Motwani says this is one of the advantages of this card as it can be used in Europe or even in Africa or Latin America, as long as they accept VISA.'We have decided to launch this single currency forex card (USD) without any ATM withdrawal and cross currency charges to enable students, businessmen, tourists, employees, and others to use this card in any country in the world which accepts VISA cards. In developed countries, the need for ATM withdrawals are quite less as almost everything can be done by swiping the card, so the no cross currency charge feature comes handy. In other countries or places where cash is required, the no ATM withdrawal fee feature is helpful,' said you are making any international trip in a few days or months, then taking this forex card can help you save money. BookMyForex is offering up to 2% cashback on every new forex order. The maximum cashback is capped at Rs 7,500. This offer is not going to be a feature as they are only being offered for a limited those uninitiated, in other forex cards, banks levy a foreign currency markup charges. For example: If you are transacting in Dubai you need to pay using AED (United Arab Emirates Dirham). So, the forex card which has USD currency needs to be first converted to AED and then only the payment can happen. Now suppose if 1 AED equals 0.27 USD, then the bank may charge 0.28 USD for 1 AED. This extra charge is called the markup over the interbank rate which was 0.27 USD for 1 AED. This can quickly add up in real time, if you are making big Motwani, Founder & CTO, BookMyForex says: "Today's global traveller is more informed and value conscious. They don't just compare airfares or hotel rates before planning their travel—they also compare forex rates and very well understand the hidden charges associated with foreign exchange. The Global Forex Card is built for this new kind of traveller'.Motwani said that close relatives in India are allowed to do a top-up in a customer's forex card, if they satisfy the definition as per RBI rules. The customers if they have internet access, then they can recharge their forex card online using the app too.
