Confirmed! US Has Banned H1B Visa Till 2020-End; Wipro, TCS, Infosys Shares Crash
And finally, US President Donald Trump has signed the executive order, which bans all temporary work visa and green cars for all foreigners, till 2020-end.
As the speculations of this news was going rounds, share prices of leading Indian IT firms have crashed in the stock market.
This is indeed a big blow for Indian IT sector, which is heavily dependent on the H1B visa for serving their clients.
US Bans H1B Visa Till 2020-End
US President has signed the order, which suspends and bans all temporary visas and immigration visas will 2020-end.
Immigration, green card was already suspended till June 22, which has now been extended till 2020-end.
However, suspending H1B visa, the temporary work visas for foreing workers is the biggest blow to IT companies, especially India.
Which Visas Have Been Suspended?
US has suspended all temporary work visas, which includes:
H1B Visa (for work related visa)
H4 Visa (for spouses of H1B visa holders)
L1 Visa (for inter-company transfers)
J1 Visa (for doctors and researchers)
It is expected that more than 525,000 jobs will be now freed up for the Americans.
As per the available reports, healthcare workers who are active in the treatment and research regarding the coronavirus pandemic have been exempted from the suspension.
Besides, students who are already in the US can appear for Optical Practical Training, without any issues.
And all temporary work visa holders currently in the US are unaffected.
As the news of H1B visa suspension was going the rounds since last 24 hours, share prices of leading Indian IT firms suffered a crash.
While Wipro’s shares ended 1.73% down at Rs 218.20; TCS share prices dropped by 0.62% to reach Rs 2032.
Infosys share prices too dropped by 0.30% to reach Rs 703.45.
We will keep you updated, as more details come in.