The US Senate has raised a Bill which proposes to double the H1, L1 Visa Fees. It is been estimated by Nasscom that the move to hike visa fees will raise costs for Indian IT firms. The cost estimate is based on the assumption that the increase in fees is $4,500 (on top of the existing fee of $2,500 for H1 visas) and the fact that India uses approximately 50,000 H1 and L1 visas a year.
This move would significantly impact the India IT industry when there’s actually a need for the markets to open and make companies more competitive from a global perspective. One of the key impacts on this could also be on the stock market prices of the leading IT companies.
Source: Times of India
Photo : topnews.in
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