Jul 24, 2013, 12.33 PM | Source: CNBC-TV18
The House of Representatives’ version of US Immigration Bill will allay concerns of India IT sector and is most likely to not support outplacement clause.
Kritika Saxena (more)
Reporter, CNBC-TV18 |
Indian IT sector has been fretting about certain clauses of US Immigration Bill such as increased visa fees, caps on the placement of H1-B workers in client sites and reduction in the number of H1-B workers in the workforce of these companies from about 75 percent to 50 percent in the next three years.
On June 28, US Senate passed the Immigration Bill , however Indian IT companies have been hopeful that house or Republican version of the Bill will be a more balanced and in favour of corporate.
Several bodies including National Association of Software and Services Companies (NASSCOM) have been talking with US authorities and giving set of recommendations for a bipartisan Immigration Bill.
Sources informed that the House version that is being currently drafted is likely to not support the outplacement clause. The outplacement clause is one cause for concern for Indian IT companies. If that would have gone through it would bring up costs in Indian IT firms, even global IT firms for that matter.
House version is likely to remove that outplacement clause. The bill which is being currently drafted is taking into consideration demands from all interested parties. We also understand that the new bill will be brought to the US House of Representatives by August.
Although it is not sure that the outplacement clause will be removed altogether, but this is something that the House of Representatives are currently aiming at. Lobbying bodies have been assured on a bipartisan bill for all players and the House is looking at focusing on only the positives of immigration reforms and are willing to compromise the Democrats, but bring some kind of a mid-ground.
Major contributor for today’s rally was Infosys
With predictions of a steady monsoon and healthy m
CNBC-TV18's Ekta Batra lists out stocks that you s
Ashwani Gujral of ashwanigujral.com is of the view
The explosion took place while a diving bailout bo
Tata Steel, Hindalco, Axis Bank, GAIL and Coal Ind