USA Government Shutdown, RBI - Unclaimed Deposits, and India-Canada Tensions
Crisis and Discovery: Government Shutdown, Unclaimed Deposits, and India-Canada Tensions
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Market: On Friday, stocks took a hit as the S&P 500 fell by 0.3%, the Dow Jones lost 0.5%, and the Nasdaq managed a slight 0.1% gain. This marked the end of a turbulent month, with major indexes witnessing monthly declines ranging from 3% to 5%. September was characterized by surging oil prices and concerns regarding the Fed's potential interest rate hike this year. The release of the Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation gauge, took center stage. Core PCE, which excludes food and energy, increased by 3.9% YoY in August, down from July's 4.2%. Cooling inflation might temper expectations of a November rate hike. There are also concerns about the looming US government shutdown, with lawmakers unlikely to meet the deadline, raising economic and market uncertainties.
What a Government Shutdown Means for Immigration and You?
The September 30th deadline for the budget bill to either pass or trigger a government shutdown has left many people wondering about its implications, especially in the realm of immigration. This situation has been exacerbated by a small group of hard-right Republicans in the House who oppose a short-term funding extension to keep the government operational until mid-November. Their demands for increased border security measures and reduced spending have complicated the budget discussions. However, in a nail-biting moment, Congress has successfully passed the bill to secure funding and avert a government shutdown for the next 45 days, funding the government through November 17. It now awaits President Biden's signature.
What if a government shutdown occurs? How could it potentially affect the immigration community? Let's dive into the details to separate fact from fiction.
The Basics of USA Government Shutdown
In a government shutdown, federal agencies and services deemed "non-essential" cease their operations due to a lack of funding. This occurs when Congress fails to pass a budget or a temporary funding bill known as a continuing resolution (CR). While certain critical functions like national security and public safety continue, many government activities come to a grinding halt.
How a Shutdown Could Impact Immigration
USCIS and Department of State Services Continue: Fortunately, immigration services provided by U.S. Citizenship and Immigration Services (USCIS) and the Department of State, which handles visa processing, are funded primarily through filing fees. As a result, these agencies are expected to operate without major disruptions. If you're in the middle of an immigration application or awaiting a visa interview, you should not encounter significant issues.
Department of Labor and PERM Applications: The Department of Labor's operations, particularly labor certifications and prevailing wage determinations, could be severely impacted during a shutdown. This directly affects Labor Condition Applications (LCAs) for H-1Bs, H1B1s, and E-3 visas, as well as the PERM labor certification process. Without certified LCAs or approved PERMs, employers may face challenges in filing extensions or initiating green card processes for their employees.
E-Verification and I-9 Compliance: The E-Verify system used for employment eligibility verification through Form I-9 will be temporarily unavailable during a government shutdown. However, employers are not penalized for hiring employees before the completion of the E-Verify process. Companies using E-Verify may opt for manual I-9 forms until the system is back online.
CBP and Visa Services Remain Unaffected: Customs and Border Protection (CBP), responsible for immigration and customs inspections at U.S. ports of entry, will continue its essential functions, ensuring that travelers can still enter the United States. Visa services, including visa interviews, should proceed as scheduled, funded primarily by application fees.
Possible USCIS Grace Periods: In past government shutdowns, USCIS has often provided a grace period for certain filings affected by delays, such as LCAs for H-1B extensions. However, these measures are usually announced after the shutdown starts, so it's best to stay informed.
Moody’s warning & Fitch downgrade
As of today, the government has managed to pass a stopgap bill, but the specter of uncertainty still looms large if Congress fails to pass a comprehensive budget bill successfully before November 17. Moody’s Investors Service issued a stark warning on Monday, emphasizing that a potential government shutdown could exert a detrimental impact on the U.S. credit rating. The warning comes after Fitch downgraded the U.S.'s credit rating from AAA to AA+ in August, pointing to the country’s repeated stand-offs over the debt ceiling that have eroded confidence in fiscal management. A shutdown at this time would be credit negative for the U.S. and would underscore the weakness of U.S. institutional and governance strength relative to other AAA-rated sovereigns.
#SettleWiseStance – In the event of a government shutdown, the overall impact on immigration processes may be limited, but it's essential to plan ahead and anticipate longer processing times due to potential delays in labor certifications and LCAs. Staying informed about USCIS announcements and potential grace periods is crucial for navigating any challenges that may arise. The uncertainty surrounding government shutdowns underscores the importance of seeking guidance from immigration experts. If you have upcoming LCA or labor submissions, we strongly recommend submitting them before November 17 to ensure you're on the safer side.
Content creators are divided in their opinions about the government shutdown. On one side, there are those who loudly proclaim that it's a significant event, even likening it to the end of the world. On the opposite end of the spectrum, some take a more laid-back approach, dismissing it as a mere political stunt. They firmly believe that, one way or another, the issue will be resolved, and the government will continue to function. Additionally, it's important to note that for government employees, it's not necessarily a period of going without pay, but rather deferred pay. This means that they will receive their salaries retroactively, once the shutdown is resolved.
Wiser Craving
Multiple subscribers reached out expressing their interest of learning few specific topics. If you want to read about any specific topic, Please let me know in the comments or email to author.settlewise@gmail.com
#WiserCraving Topic of this edition is Unclaimed deposits.
Reclaim Hidden Family Treasures: Don't Miss Out on Unclaimed Deposits!
What if you missed out on a fortune, much like a hidden treasure your grandpa left behind? Imagine if we told you that simply filling out a straightforward form could reunite you with this long-lost wealth? Regardless of whether it's a modest sum or a substantial fortune, it's yours and your family's rightful treasure waiting to be rediscovered. Don't let these unclaimed deposits slip through the cracks. Take a moment to explore and reclaim what's rightfully yours.
The Reserve Bank of India (RBI) has issued a critical alert that might be of great significance to you and your family. Have you ever wondered if your parents or grandparents had dormant savings or current accounts or unclaimed term deposits that have been sitting idle for years? These forgotten funds might now be categorized as "Unclaimed Deposits."
Unclaimed Deposits include funds held in savings or current accounts that have not been operated for a decade and term deposits left unclaimed for 10 years after maturity. What's important to know is that despite being classified as unclaimed, you and your family are still entitled to claim these deposits, along with any applicable interest.
Significant factor contributing to the increasing unclaimed deposits is accounts held by deceased depositors. In many cases, the nominees or legal heirs are unaware of these accounts or do not come forward to claim the funds from the respective bank(s).
To help individuals like you uncover these forgotten funds or assist the nominees and legal heirs of deceased depositors, banks have taken proactive steps. They now host lists of unclaimed deposits on their websites, typically with some identifiable details.
We urge you to take a moment to check to see if your parents or grandparents have any unclaimed deposits. It's possible that there are funds lying dormant, unbeknownst to you and your family. This could be an opportunity to recover funds that have long been forgotten.
Note: If the link isn't working for you because you're outside of India, consider trying it when you're within India or using a VPN option.
#SettleWiseStance – Please share this vital information with your friends and family so they can also look into whether their elders have any unclaimed deposits. It's a chance to ensure that your family's hard-earned money is rightfully returned to where it belongs. Your parents or grandparents might have entrusted their savings to these accounts with the hope of securing their family's future. Don't let these funds go to waste. Take a few moments to investigate; you might just uncover a financial treasure that can benefit your family's well-being.
India Vs Canada
The recent killing of a Sikh separatist leader in Canada has sparked a diplomatic crisis between India and Canada, two countries that have historically maintained cordial relations. Hardeep Singh Nijjar, an outspoken supporter of the creation of a separate Sikh homeland known as Khalistan, was fatally shot outside a Sikh temple in Surrey, a city southeast of Vancouver, on June 18. His death immediately fueled concerns and outrage within the local Sikh community, but it was Canadian Prime Minister Justin Trudeau's allegations, made in the House of Commons on September 18, that set off a diplomatic row. Trudeau claimed he had credible information linking India to the assassination of Nijjar, calling it "an unacceptable violation of our sovereignty".
India has denied Canada's claims - calling them "absurd" and politically motivated. It has also accused Canada of not doing enough to stem anti-India activism and what it dubs "Sikh extremism". The ongoing dispute has highlighted long-simmering tensions between the two countries over the Khalistan movement that has supporters in parts of Canada. It also has raised questions about the future of their relationship, as both have expelled each other's diplomats in reciprocal moves earlier this week . On Thursday, India's foreign ministry responded by temporarily suspending visa services for Canadian citizens over what it said are "security threats" against diplomats in Canada. Trudeau on Thursday called on India to "work with" Canada and "allow justice to follow its course".
Experts say the falling out raises the prospect of an unprecedented rift between two key partners of the United States, and puts other major Western countries in an uncomfortable position. The bilateral trade between India and Canada was worth $8.4 billion in 2020, and both countries have cooperated on issues such as climate change, counter-terrorism and multilateralism. However, the current crisis threatens to undermine the trust and goodwill that have been built over the years, and could have serious implications for regional stability and security.
#SettleWiseStance – The recent India-Canada diplomatic tensions have raised concerns for Indian students in Canada and those planning to migrate there. The Indian government has issued a cautionary advisory due to growing anti-India activities, politically-condoned hate crimes, and criminal violence in Canada. They emphasize the need for Indian students to remain vigilant. Canada is generally considered safe, but the situation is evolving. Indians in Canada are urged to stay updated with official advisories and news sources. Caution is advised when discussing this topic in public.
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