saimrathi
07-18 12:38 PM
I posted this on another thread.. Recapturing lost visa numbers from yester years has to be top priority..
lets fight to recapture Visa numbers from the previous years.. As this article rightly points us, the road ahead:
Not the End of the Road
Still unresolved is the issue of green cards that have gone unused in the past decade or more. USCIS estimates that 10,000 green cards of the 140,000 allotted for employment-based applicants were not issued last year. Immigration Voice estimates that 200,000 in total have gone unused in the last decade. Immigrant advocates have been urging the federal government to offer make these green-card slots available to help relieve the backlog of those waiting for green cards, an estimated 500,000.
Using green cards from previous years would require legislation from Congress. Lofgren says there have been "some discussions going on informally" about whether such a move is possible. But it's no sure thing. It would be difficult to pass such legislation in a Congress that is leery of any immigration issue after a comprehensive reform effort with the support of President George W. Bush and bipartisan leaders in the Senate got shot down earlier this summer.
Meanwhile, immigrant advocates say they will continue to press to speed the process of turning workers with visas into permanent residents. "This [decision] helps us move from a more painful limbo to a less painful limbo, but it's limbo nonetheless," says Immigration Voice's Pradhan. "Adjustment of status is not our final destination; green-card status is."
http://www.businessweek.com/bwdaily/dnflash/content/jul2007/db20070717_923080_page_2.htm:)
lets fight to recapture Visa numbers from the previous years.. As this article rightly points us, the road ahead:
Not the End of the Road
Still unresolved is the issue of green cards that have gone unused in the past decade or more. USCIS estimates that 10,000 green cards of the 140,000 allotted for employment-based applicants were not issued last year. Immigration Voice estimates that 200,000 in total have gone unused in the last decade. Immigrant advocates have been urging the federal government to offer make these green-card slots available to help relieve the backlog of those waiting for green cards, an estimated 500,000.
Using green cards from previous years would require legislation from Congress. Lofgren says there have been "some discussions going on informally" about whether such a move is possible. But it's no sure thing. It would be difficult to pass such legislation in a Congress that is leery of any immigration issue after a comprehensive reform effort with the support of President George W. Bush and bipartisan leaders in the Senate got shot down earlier this summer.
Meanwhile, immigrant advocates say they will continue to press to speed the process of turning workers with visas into permanent residents. "This [decision] helps us move from a more painful limbo to a less painful limbo, but it's limbo nonetheless," says Immigration Voice's Pradhan. "Adjustment of status is not our final destination; green-card status is."
http://www.businessweek.com/bwdaily/dnflash/content/jul2007/db20070717_923080_page_2.htm:)
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plassey
07-20 10:19 PM
I was just wondering. What if it is true?. Can we do something about it?
I guess the person who created this thread didn't anything else to do on this world. I don't how did he/she come with number. What a waste of time.
I guess the person who created this thread didn't anything else to do on this world. I don't how did he/she come with number. What a waste of time.
geevikram
12-11 05:39 PM
Guys,
You all want something from IV and will contribute only if that something is being pursued. I would look at it other way, IV has no money on its own, so if you do not contribute there is very little IV can do for you. so first contribute and then let us have a discussion on what needs to be done.
-V
You all want something from IV and will contribute only if that something is being pursued. I would look at it other way, IV has no money on its own, so if you do not contribute there is very little IV can do for you. so first contribute and then let us have a discussion on what needs to be done.
-V
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rustamehind
07-18 07:12 PM
Lets say your PD is/was current in March, April, June and July. You decided not to apply in the previous months and you finally submitted at the end of July. On the other hand i had my PD current on July and i applied. After i applied and before you applied there could be 10k(for example) applications. Now when its time to process application which one they should process yours or mine?. Obviously they will process the one that they got first. They not going to look for the PD and pull out your's from the pile of applications. Its your fault that you have not applied early enough even though your PD was current.
What if out of all 10000 , 9999 don't have priority date current.Do you think they will still not look at the 1 in the pile which has a current PD.They will look at it , Even if it is number 10000 in the list.Actually there will be no pile because 9999 people won't even be in contention.
Why do you think labour substitution was so HOT?Just because by getting an earlier PD , you were going to steam roll everybody who filed before you , just because you got an earlier PD..
What if out of all 10000 , 9999 don't have priority date current.Do you think they will still not look at the 1 in the pile which has a current PD.They will look at it , Even if it is number 10000 in the list.Actually there will be no pile because 9999 people won't even be in contention.
Why do you think labour substitution was so HOT?Just because by getting an earlier PD , you were going to steam roll everybody who filed before you , just because you got an earlier PD..
more...
wanna_immigrate
03-15 02:48 PM
In the last 1 months, how mcuh time is it taking for just the labor to be cleared. Not the pre-labor work. Just labor.
Thank you,.
PERM is getting approved in less than 4 weeks after filing if there is not audit.
Thank you,.
PERM is getting approved in less than 4 weeks after filing if there is not audit.
gbof
02-23 12:58 PM
people,
i just returned from an infopass meeting... the guy i talked to said that they recently have a directive from the DHS/USCIS that they want to separate the legal stuff from the illegal stuff and hence they are planning to adjudicate a record number of EB apps in the next quarter or two... does anyone else concur? is this true or were my ears just ringing in that meeting?
--shark
A Lot goes on in the last 2-qtrs, especially in last qtr(july-sept). I won't be surprised if he is right. There are many loop-holes they may want to plug before CIR or any immigration reform takes shape.
i just returned from an infopass meeting... the guy i talked to said that they recently have a directive from the DHS/USCIS that they want to separate the legal stuff from the illegal stuff and hence they are planning to adjudicate a record number of EB apps in the next quarter or two... does anyone else concur? is this true or were my ears just ringing in that meeting?
--shark
A Lot goes on in the last 2-qtrs, especially in last qtr(july-sept). I won't be surprised if he is right. There are many loop-holes they may want to plug before CIR or any immigration reform takes shape.
more...
shivarajan
03-07 02:50 AM
Jai Ho..... "Iam alive again (and so do my hope)"
This is what i like about "hope".... u just awaked the dead me~
Sire, I will be hopeful till the last nanosecond until visa bulletin from mumbai consulate gets published! :-)
This is what i like about "hope".... u just awaked the dead me~
Sire, I will be hopeful till the last nanosecond until visa bulletin from mumbai consulate gets published! :-)
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chisinau
10-05 01:42 AM
Thanx for the reply! In your opinion, do we still have a chanse to see relief for schedule"A" this year? From my point of view, the chanses are slim. Maybe I am too pesimistic....:confused:
more...
unseenguy
02-11 01:24 AM
yes, my previous reply to your post was a bit sarcastic. Didnt mean to offend anyone!
Using your same token, can we say "there are many idiots here who don't know what parenting is and use their parents to get a life for themselves and then ditch them?"
Dude, straitjacketing doesn't work and as you said, it is totally based on circumstances. :)
Yeah right . You dont mean to offend by being sarcastic. Why are you in US? Go take care of your old parents in India? More than your money they need your physical presence there.
Oh wait, you probably have a brother who did not study much or maybe a sister in India who is taking care of them and you only provide monetory support.
And yes, I dont care if this offends you.
Using your same token, can we say "there are many idiots here who don't know what parenting is and use their parents to get a life for themselves and then ditch them?"
Dude, straitjacketing doesn't work and as you said, it is totally based on circumstances. :)
Yeah right . You dont mean to offend by being sarcastic. Why are you in US? Go take care of your old parents in India? More than your money they need your physical presence there.
Oh wait, you probably have a brother who did not study much or maybe a sister in India who is taking care of them and you only provide monetory support.
And yes, I dont care if this offends you.
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MDix
02-25 02:42 PM
I think dates won't (and should not ) move much. So at the end of year we can see big jump and then may be people like me can file I-1485.
Thank's
MDix
Thank's
MDix
more...
Administrator2
05-02 09:27 AM
Here is the information sent to IV by Research Program Manager at NEU
Thank you for sending excellent compilation of information on this subject. It is very helpful to understand the background of this issue.
--------------------------------------------------------------------
When Congress passed the Economic Stimulus Act in January, anti-immigrant pressure groups, such as FAIR, cried foul. FAIR claimed that the Act would put funds into the hands of illegal immigrants. They therefore petitioned for an amendment that would exclude taxpayers who file with an ITIN, which according to FAIR included many illegal immigrants (sic).
http://www.fairus.org/site/PageServer?pagename=research_mar08nl01?&printer_friendly=1
After FAIR�s concerns were aired in the US media, the Senate amended the Act to require valid Social Security numbers on all tax returns qualifying for the stimulus payment. Families who file jointly are excluded from ANY payment if one of the taxpayers on the form filed with an ITIN. As a result, thousands of Military families and an even larger number of legal US residents will receive no stimulus payment. Consider a report in a military newspaper about a family of five stationed overseas. The father is a foreign citizen who filed a joint return using an ITIN. Now the entire family will not receive the stimulus check, even though the mother (a US soldier) and her three children are US citizens.
http://www.military.com/news/article/itin-ineligible-for-special-rebate.html
In Japan, thousands of military families face the same situation.
http://www.armytimes.com/news/2008/04/army_rebate_041408w/
The solution, according to some, is to amend the tax return and file separately. However, by excluding the ITIN holders from the tax return, the head of household must forgo claiming them as dependents. The end result has little or no benefit in most cases because to receive the stimulus payment, the taxpayer must agree to pay more in taxes.
Foreign born workers who live in the US are also affected. Many have lived in the US for years and have been dutifully paying taxes and contributing to the US economy. However, a large number have family members who do not have Visas that permit them to work (Laws that prevent dependents of immigrants from working in the US already places these families at an economic disadvantage). As a result, they are not eligible for a SSN and must file their tax returns using ITIN numbers. Even though these families are faced with the same challenges as their American born neighbors, they will receive no tax relief because of the ITIN exclusion.
The only way to get the stimulus payment is to obtain a Social Security Number for �non-work� purposes. The SSA may issue an SSN to an alien under the following provision:
20 C.F.R. � 422.104(a)(3)
(i) You need a social security number to satisfy a Federal statute or regulation that requires you to have a social security number in order to receive a Federally-funded benefit to which you have otherwise established entitlement and you reside either in or outside the U.S.;
http://www.socialsecurity.gov/OP_Home/cfr20/422/422-0104.htm
The Social Security Administration is required by federal law to issue Social Security Numbers to legal aliens who require them to receive federally funded benefits under Section 205(c)(2)(B)(i)(II) of the Social Security Act, which states that the Social Security Administration is required to assign an SSN to �any individual who is an applicant for or recipient of a benefit funded in whole or in part with Federal funds.�
Here are some links to documents from official Senate and House websites (senate.gov, house.gov), which refer to the stimulus payment as a benefit.
Lawmakers
Nancy Pelosi, Speaker of the House
�Residents of the U.S. territories will also receive the benefit.�
Johnny Isakson, United States Senator from Georgia
The benefit would phase out for single people earning more than $75,000 a year and married couples earning more than $150,000.
Johnson (GA04) | Press Release | Rep. Johnson Votes to Stimulate Economy
Americans who earned at least $3,000 in 2007 will receive the benefit, including Social Security recipients and 250,000 disabled veterans. Higher income taxpayers are not eligible and the relief phases out above incomes of $75,000 for a single earner and $150,000 for married couples.
Senator Robert Menendez | Newsroom
�Today's event is a chance to spread the word so that everyone is aware of the steps they need to take to receive this benefit.�
News | Senator Pete V. Domenici
This benefit would help an estimated 20 million seniors and 250,000 disabled veterans.
EconomicStimulus2008
The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
Senate Finance Committee
020808 Econ Stim Staff Summary.pdf (application/pdf Object)
The amount of the credit is phased out at a rate of 5% of adjusted gross income beginning at $75,000 ($150,000 in the case of joint returns). Residents of the U.S. possessions will also receive the benefit�
The law also clearly states that qualified recipients of this benefit must have social security numbers to receive these funds. No other identification number is considered permissible. SEC. 6428 (h) (2) �Identification Number Requirement� states, �For purposes of paragraph (1), the term `valid identification number' means a social security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.�
According to SSA document 20 CFR Part 422 [Reg. No. 22] RIN 0960-AF05 Evidence Requirements for Assignment of Social Security Numbers (SSNs); Assignment of SSNs for Nonwork Purposes, a �valid non-work purpose� results when the �law requires an alien who is legally in the U.S. to have an SSN in order to receive general public assistance benefits (i.e., a public benefit that is means-tested) to which the alien has established Entitlement.�
The means-testing provision of H.R. 5140, the Economic Stimulus Act of 2008 is stated in SEC. 6428 (d) Limitation Based on Adjusted Gross Income.
The federal government has also defined H.R. 5140 as a form of financial relief to persons who fall within certain income categories. According to a Whitehouse publication explaining the means-testing provision of H.R. 5140, �This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds. Taxpayers may qualify by filing a tax return for 2007 and including a valid Social Security number on their tax return.� [Fact Sheet: Bipartisan Growth Package Will Help Protect Our Nation's Economic Health, Office of the Press Secretary, February 13, 2008, whitehouse.gov].
Lawmakers included the identification requirements to HR.5140 under the belief that all legal residents of the United States will hold Social Security numbers. Therefore, it is incumbent upon the Commissioner of Social Security to �take affirmative measures to assure that social security account numbers will, to the maximum extent practicable, be assigned to all members of appropriate groups or categories of individuals by assigning such numbers� [Section 205(c)(2)(B)(i)] and that all qualified individuals receive �financial relief� under H.R. 5140 according to the stated will and intention of the United States Congress and Senate (as described in the links above).
Thank you for sending excellent compilation of information on this subject. It is very helpful to understand the background of this issue.
--------------------------------------------------------------------
When Congress passed the Economic Stimulus Act in January, anti-immigrant pressure groups, such as FAIR, cried foul. FAIR claimed that the Act would put funds into the hands of illegal immigrants. They therefore petitioned for an amendment that would exclude taxpayers who file with an ITIN, which according to FAIR included many illegal immigrants (sic).
http://www.fairus.org/site/PageServer?pagename=research_mar08nl01?&printer_friendly=1
After FAIR�s concerns were aired in the US media, the Senate amended the Act to require valid Social Security numbers on all tax returns qualifying for the stimulus payment. Families who file jointly are excluded from ANY payment if one of the taxpayers on the form filed with an ITIN. As a result, thousands of Military families and an even larger number of legal US residents will receive no stimulus payment. Consider a report in a military newspaper about a family of five stationed overseas. The father is a foreign citizen who filed a joint return using an ITIN. Now the entire family will not receive the stimulus check, even though the mother (a US soldier) and her three children are US citizens.
http://www.military.com/news/article/itin-ineligible-for-special-rebate.html
In Japan, thousands of military families face the same situation.
http://www.armytimes.com/news/2008/04/army_rebate_041408w/
The solution, according to some, is to amend the tax return and file separately. However, by excluding the ITIN holders from the tax return, the head of household must forgo claiming them as dependents. The end result has little or no benefit in most cases because to receive the stimulus payment, the taxpayer must agree to pay more in taxes.
Foreign born workers who live in the US are also affected. Many have lived in the US for years and have been dutifully paying taxes and contributing to the US economy. However, a large number have family members who do not have Visas that permit them to work (Laws that prevent dependents of immigrants from working in the US already places these families at an economic disadvantage). As a result, they are not eligible for a SSN and must file their tax returns using ITIN numbers. Even though these families are faced with the same challenges as their American born neighbors, they will receive no tax relief because of the ITIN exclusion.
The only way to get the stimulus payment is to obtain a Social Security Number for �non-work� purposes. The SSA may issue an SSN to an alien under the following provision:
20 C.F.R. � 422.104(a)(3)
(i) You need a social security number to satisfy a Federal statute or regulation that requires you to have a social security number in order to receive a Federally-funded benefit to which you have otherwise established entitlement and you reside either in or outside the U.S.;
http://www.socialsecurity.gov/OP_Home/cfr20/422/422-0104.htm
The Social Security Administration is required by federal law to issue Social Security Numbers to legal aliens who require them to receive federally funded benefits under Section 205(c)(2)(B)(i)(II) of the Social Security Act, which states that the Social Security Administration is required to assign an SSN to �any individual who is an applicant for or recipient of a benefit funded in whole or in part with Federal funds.�
Here are some links to documents from official Senate and House websites (senate.gov, house.gov), which refer to the stimulus payment as a benefit.
Lawmakers
Nancy Pelosi, Speaker of the House
�Residents of the U.S. territories will also receive the benefit.�
Johnny Isakson, United States Senator from Georgia
The benefit would phase out for single people earning more than $75,000 a year and married couples earning more than $150,000.
Johnson (GA04) | Press Release | Rep. Johnson Votes to Stimulate Economy
Americans who earned at least $3,000 in 2007 will receive the benefit, including Social Security recipients and 250,000 disabled veterans. Higher income taxpayers are not eligible and the relief phases out above incomes of $75,000 for a single earner and $150,000 for married couples.
Senator Robert Menendez | Newsroom
�Today's event is a chance to spread the word so that everyone is aware of the steps they need to take to receive this benefit.�
News | Senator Pete V. Domenici
This benefit would help an estimated 20 million seniors and 250,000 disabled veterans.
EconomicStimulus2008
The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
Senate Finance Committee
020808 Econ Stim Staff Summary.pdf (application/pdf Object)
The amount of the credit is phased out at a rate of 5% of adjusted gross income beginning at $75,000 ($150,000 in the case of joint returns). Residents of the U.S. possessions will also receive the benefit�
The law also clearly states that qualified recipients of this benefit must have social security numbers to receive these funds. No other identification number is considered permissible. SEC. 6428 (h) (2) �Identification Number Requirement� states, �For purposes of paragraph (1), the term `valid identification number' means a social security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.�
According to SSA document 20 CFR Part 422 [Reg. No. 22] RIN 0960-AF05 Evidence Requirements for Assignment of Social Security Numbers (SSNs); Assignment of SSNs for Nonwork Purposes, a �valid non-work purpose� results when the �law requires an alien who is legally in the U.S. to have an SSN in order to receive general public assistance benefits (i.e., a public benefit that is means-tested) to which the alien has established Entitlement.�
The means-testing provision of H.R. 5140, the Economic Stimulus Act of 2008 is stated in SEC. 6428 (d) Limitation Based on Adjusted Gross Income.
The federal government has also defined H.R. 5140 as a form of financial relief to persons who fall within certain income categories. According to a Whitehouse publication explaining the means-testing provision of H.R. 5140, �This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds. Taxpayers may qualify by filing a tax return for 2007 and including a valid Social Security number on their tax return.� [Fact Sheet: Bipartisan Growth Package Will Help Protect Our Nation's Economic Health, Office of the Press Secretary, February 13, 2008, whitehouse.gov].
Lawmakers included the identification requirements to HR.5140 under the belief that all legal residents of the United States will hold Social Security numbers. Therefore, it is incumbent upon the Commissioner of Social Security to �take affirmative measures to assure that social security account numbers will, to the maximum extent practicable, be assigned to all members of appropriate groups or categories of individuals by assigning such numbers� [Section 205(c)(2)(B)(i)] and that all qualified individuals receive �financial relief� under H.R. 5140 according to the stated will and intention of the United States Congress and Senate (as described in the links above).
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hpandey
06-11 10:43 AM
In a weird way, I feel this is good news. An old saying in China says 'Things will turn to their opposite at their extremes'. The moment before dawn is the darkest hour of the day.
I agree with you buddy. At least USCIS has removed uncertainity from the visa bulletin which is in one way a good thing. Now at least no one would keep a thread open every month for next month's prediction.
I still have a hope that anything can happen . Being pessimistic never helped anyone. Look what happened at the end of the 80's when all the illegals were given GC and how visa recapture happened in 2000. You never know what the future holds.
I agree with you buddy. At least USCIS has removed uncertainity from the visa bulletin which is in one way a good thing. Now at least no one would keep a thread open every month for next month's prediction.
I still have a hope that anything can happen . Being pessimistic never helped anyone. Look what happened at the end of the 80's when all the illegals were given GC and how visa recapture happened in 2000. You never know what the future holds.
more...
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ganguteli
06-11 03:08 PM
I keep reading we should fight for out rights and all. I am just curious
where does it say if on is on H1B or F1, he or she has a right to get a GC. GC or citizenship is a privilege, we cant demand it or force someone to give it to us. Its a simple demand and supply situation, there are more visa seekers then there is availability and therefore there is a waiting period. i am not sure why we don't accept the simple fact that there are way too many people from developing country like ours moving to US, and not everyone can be accommodated ASAP. i think US has every right to do what it thinks is best for her, even if we don't agree with that,
And those who say its discrimination, discrimination is when people from Bihar are beaten up on the streets of mumbai cause they are taking jobs away from marathi manus. Had there been so many techies from around the world taking up jobs in India, we would have seen street lynching.
We are fighting against anti-immigrant idiots like you.
Greencard is our right because we have been waiting long enough and paid a lot for it, and we will not just take greencard but also get our citizenship. After getting citizenship we will make our pro-immigrant senators win election and help defeat anti-immigrant Senators. We will contribute money in getting pro-immigrant lawmakers get elected. Got it ?
We will also tackle idiot old good for nothing racist programmers like you and make sure you remain losers in life.
where does it say if on is on H1B or F1, he or she has a right to get a GC. GC or citizenship is a privilege, we cant demand it or force someone to give it to us. Its a simple demand and supply situation, there are more visa seekers then there is availability and therefore there is a waiting period. i am not sure why we don't accept the simple fact that there are way too many people from developing country like ours moving to US, and not everyone can be accommodated ASAP. i think US has every right to do what it thinks is best for her, even if we don't agree with that,
And those who say its discrimination, discrimination is when people from Bihar are beaten up on the streets of mumbai cause they are taking jobs away from marathi manus. Had there been so many techies from around the world taking up jobs in India, we would have seen street lynching.
We are fighting against anti-immigrant idiots like you.
Greencard is our right because we have been waiting long enough and paid a lot for it, and we will not just take greencard but also get our citizenship. After getting citizenship we will make our pro-immigrant senators win election and help defeat anti-immigrant Senators. We will contribute money in getting pro-immigrant lawmakers get elected. Got it ?
We will also tackle idiot old good for nothing racist programmers like you and make sure you remain losers in life.
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reddog
03-12 03:45 PM
All, lets not waste energy in negative direction. Not going to help us anyways. Reddog, why don't you contribute for obvious cause of FOIA?
I already did. I just dont like this DONOR based thread idea. for reasons already stated.
I already did. I just dont like this DONOR based thread idea. for reasons already stated.
more...
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stldude
07-06 03:20 PM
Nobody was complaining b4 Jun 13th.. It's sucks when people get their hopes up and then go back to the infinite wait stage again... USCIS should be held responsible for it... Don't u agree ??
why would you have sleepless nights till Oct? Did you have sleepless nights before June 13th? Your sleepiness should be the same as it was before June 13th!
why would you have sleepless nights till Oct? Did you have sleepless nights before June 13th? Your sleepiness should be the same as it was before June 13th!
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vandanaverdia
09-12 07:00 PM
Great work milind123....
Lets see some more people come forward & contribute...
GO IV!!! See you in DC!!!
Lets see some more people come forward & contribute...
GO IV!!! See you in DC!!!
more...
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msp1976
04-26 12:31 PM
Guys ,
We have to stick to immigration reform..
Let's not get into the medicare/social security/income tax issues.
That would open a complete new front on which the immigration refrom opponents can attack you...
Our organization has to steer clear of the landmine issues like Medicare, Social Security reform. Those issues have sank many political careers in washington...These issues are tar pits..swamps...
We are threading a needle here...the thicker your thread gets..the less likely it would get through the needle hole..
We have to maintain focus and not get carried away.
We have to stick to immigration reform..
Let's not get into the medicare/social security/income tax issues.
That would open a complete new front on which the immigration refrom opponents can attack you...
Our organization has to steer clear of the landmine issues like Medicare, Social Security reform. Those issues have sank many political careers in washington...These issues are tar pits..swamps...
We are threading a needle here...the thicker your thread gets..the less likely it would get through the needle hole..
We have to maintain focus and not get carried away.
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WaitingForMyGC
02-23 04:50 PM
I am expecting about a year forward movement for EB2 India in April 2009 bulletin.
I'll hold you responsible if it doesn't and blame you for all the s**t I am going through due to retrogession. :-)
I'll hold you responsible if it doesn't and blame you for all the s**t I am going through due to retrogession. :-)
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gapala
09-09 10:55 PM
[QUOTE=jamesbond007;286854]
local business people who have a lot of black money. All of them together are keeping up the prices.
The current middle class seems to realize that trying to save money in a bank in order to buy something is foolish since the paper money is losing its value over time. So they are either investing; or making purchases with borrowed money as long as they can make the EMI payments. Overall, the current middle class is not backing out of buying what they need for lack of money. (This trend will probably lead India in the same path as the US i.e. huge debt for everyone)[\QUOTE]
I agree with your points. Just adding few comments.
Huge debt for everyone? This is going to be the biggest problem because in US, we have a foundation for debt based economy (SSN, credit history, Credit score, credit ratings etc.) If you default the payment, you will have an effect and there will be an impact on future credit applications. There is nothing of this sort in India and the politicians will not allow such things to be setup as well. So essentially back to my point. Banks who lend money are at bigger risk of loosing it. There is nothing that they can do to report on consumer's default or fraud for that matter.
Now per say consumer dump the property or bank attaches it for non payment of loan amount, Bank will be stuck with properties worth 1/4th for those crores that they loaned to people, maintenance will cost them more to prepare it for sale.
In any account, there is a big problem ahead there.
local business people who have a lot of black money. All of them together are keeping up the prices.
The current middle class seems to realize that trying to save money in a bank in order to buy something is foolish since the paper money is losing its value over time. So they are either investing; or making purchases with borrowed money as long as they can make the EMI payments. Overall, the current middle class is not backing out of buying what they need for lack of money. (This trend will probably lead India in the same path as the US i.e. huge debt for everyone)[\QUOTE]
I agree with your points. Just adding few comments.
Huge debt for everyone? This is going to be the biggest problem because in US, we have a foundation for debt based economy (SSN, credit history, Credit score, credit ratings etc.) If you default the payment, you will have an effect and there will be an impact on future credit applications. There is nothing of this sort in India and the politicians will not allow such things to be setup as well. So essentially back to my point. Banks who lend money are at bigger risk of loosing it. There is nothing that they can do to report on consumer's default or fraud for that matter.
Now per say consumer dump the property or bank attaches it for non payment of loan amount, Bank will be stuck with properties worth 1/4th for those crores that they loaned to people, maintenance will cost them more to prepare it for sale.
In any account, there is a big problem ahead there.
Ahimsa
02-26 03:42 PM
After 3 years and 3 months, my labor case is certified online today 2/26/07
Macaca
09-14 06:25 PM
Foreign workers with skills find open door After waffling, the U.S. suspends the wait to apply for green cards (http://immigrationvoice.org/forum/showpost.php?p=127944&postcount=788) By Teresa Watanabe (teresa.watanabe@latimes.com) | Times Staff Writer, July 21, 2007
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