New Delhi, 20 September (IANS). American tech firms like Microsoft have advised their H-1B visas to return to the US immediately. This advice by the company has been given by US President Donald Trump ahead of September 21 deadline for the implementation of a fee of $ 1 million on H-1B visas.
The US administration has imposed a fee of $ 1 million annually on all visas.
The US President said that this new rule would be applicable from September 21 and will remain for 12 months.
According to reports, companies like Microsoft and JP Morgan have directed their H-1B visa employees present in the US to continue work in the country in the coming time and not to travel international till further instructions.
Microsoft has allegedly advised H-4 visa holders to stay in the US.
The company said, “We recommend H-1B visas and H-4 visa holders to return to America before deadline tomorrow.”
No official statement has come from Microsoft or JP Morgan.
US President Trump hopes that this new visa program will give the US treasury more than $ 100 billion, which will be used to reduce national debt and cut tax. However, critics say that new fees will obstruct the movement of talent and reduce innovation.
According to reports, around 71 percent H-1B visa holders are from India, mainly in technology companies such as Infosys, Wipro, Cognizant and Tata Consultancy Services.
Shares of major IT service firms, including Indian companies listed in the US, fell by 2 to 5 percent after this announcement.
The H-1B visa is usually valid for three years and can be renewed for the next three additional years. In such a situation, maintaining Indian professionals with an annual fee of 1 million dollars can be expensive for companies, especially when the green card has to wait for decades.
The H-1B program allows American companies to hire efficient foreign employees in areas such as technology and engineering.
-IANS
SKT/
