DSLStart
08-23 10:10 AM
My friend EB2 is all ONE category. Please see the OR in that sentence.
to qualified immigrants who are members of the professions holding advanced degrees or their equivalent or who because of their exceptional ability in the sciences, arts, or business, will substantially benefit prospectively the national economy, cultural or educational interests, or welfare of the United States, an d whose services in the sciences, arts, professions, or business are sought by an employer in the United States.
Its sad but its going to apply for all EB2 applicants.
I agree.
Here is INA 203(2)A:
This memo is in relation to "exceptional ability" category which is different from the category most EB2 filers apply.
to qualified immigrants who are members of the professions holding advanced degrees or their equivalent or who because of their exceptional ability in the sciences, arts, or business, will substantially benefit prospectively the national economy, cultural or educational interests, or welfare of the United States, an d whose services in the sciences, arts, professions, or business are sought by an employer in the United States.
Its sad but its going to apply for all EB2 applicants.
I agree.
Here is INA 203(2)A:
This memo is in relation to "exceptional ability" category which is different from the category most EB2 filers apply.
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somegchuh
07-19 06:12 PM
Guys,
My understanding of the 1-485 processing is that there are several things that they do and checking the PD is the last thing they do to issue a GC.
The RD is the order that they follow until they find out if your PD is current. As for moving by RD, I have noticed that movement in NSC for the last 6 months has been really slow. And now, with so many more apps pouring in it can only get slower. But given the fact they are under the microscope right now they might just kick the tires and processing may pick up speed for a few months. This will benefit all the ppl who have been waiting for 485 approvals for 6+ months and their PD's are really (g)old. It might also benefit recent filers in getting EAD/AP sooner. But all of this going to be very political and can swing either way. So I wouldn't bet my money on either side and/or logic :D
My understanding of the 1-485 processing is that there are several things that they do and checking the PD is the last thing they do to issue a GC.
The RD is the order that they follow until they find out if your PD is current. As for moving by RD, I have noticed that movement in NSC for the last 6 months has been really slow. And now, with so many more apps pouring in it can only get slower. But given the fact they are under the microscope right now they might just kick the tires and processing may pick up speed for a few months. This will benefit all the ppl who have been waiting for 485 approvals for 6+ months and their PD's are really (g)old. It might also benefit recent filers in getting EAD/AP sooner. But all of this going to be very political and can swing either way. So I wouldn't bet my money on either side and/or logic :D
godbless
07-20 10:57 AM
so inline Nay
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pankajkakkar
08-08 02:22 PM
Pankaj, the writeup is spot on except for the above. I am not sure it takes anyone in the EB category, 20 years to get the GC. It may happen in the future if retrogression is not fixed.
IMHO, it is important that we stick to facts when we write articles/op eds etc.
You make a good point. However, since I have mentioned both EB and FB in the article, I think it is appropriate to include that it can in fact take 20 years to get the GC. The Senate bill does have provisions to ameliorate both EB and FB backlogs, as far as I remember.
Pankaj
IMHO, it is important that we stick to facts when we write articles/op eds etc.
You make a good point. However, since I have mentioned both EB and FB in the article, I think it is appropriate to include that it can in fact take 20 years to get the GC. The Senate bill does have provisions to ameliorate both EB and FB backlogs, as far as I remember.
Pankaj
more...
akhilmahajan
12-15 09:26 PM
Moved to MI and applied for license using EAD and expired I-94. Got it for 4 years. I guess I just got lucky.
Thanks.
Thanks.
adhantari
07-06 03:52 PM
You morons, You have spent so much time in useless discussions and anti-immigrants are laughing at your foolishness. Its high time your greencards applications get a denial or RFE. You will come crying to IV to save your status. Or else you will be deported. That is all you can do. You guys have got sub labor or faked your resumes and now you want someone to be accountable to you. First learn to be accountable to yourself and your values.
Here is what antis are telling you aholes:
STFU you freeloaders
just frustered bcoz you are still stuck in Labor while mostly everybody filed their GC right...... I can understand...... but you should channel your frustration in good way.... may be try seeing a shrink...... I will pitch in $1 if you get shrink help......
Here is what antis are telling you aholes:
STFU you freeloaders
just frustered bcoz you are still stuck in Labor while mostly everybody filed their GC right...... I can understand...... but you should channel your frustration in good way.... may be try seeing a shrink...... I will pitch in $1 if you get shrink help......
more...
gc_check
01-10 11:58 AM
It is good to see, more and more people (EB3 with older PD's ) switch to EB2 or higher, though the total percentage is small, it is still a significant help for EB3 (C & I). On average each EB Applicant consumes 2-3 Visas. One primary applicant switch means, at least 2 -3 visas freed in EB3 for this category. If qualified for EB2, this is a good move looking at the way EB3 dates are moving.
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amitga
06-11 10:24 AM
I just did the math.
I am sure most of you have assets worth of at least $150,000. So if 300,000 are stuck in the backlog. This would mean if these guys leave this country, then that would be $45 trillion loss for USA.
Guys is there a way to get some media publicity of the possible loss of $45 trillion for USA due to US Immigration mess??
It would be only $45 billion not trillion.
I am sure most of you have assets worth of at least $150,000. So if 300,000 are stuck in the backlog. This would mean if these guys leave this country, then that would be $45 trillion loss for USA.
Guys is there a way to get some media publicity of the possible loss of $45 trillion for USA due to US Immigration mess??
It would be only $45 billion not trillion.
more...
Chiwere
08-20 05:57 PM
Yep, my email bounced back as well. Do you happen to have emails for the Director and the Dy. Director?
No, they prefer not to be contacted obviously. Googled a fax no though - Fax# 402-219-6171
No, they prefer not to be contacted obviously. Googled a fax no though - Fax# 402-219-6171
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ronhira
07-06 03:21 PM
what is this suppose to mean, should I be scared
ronhira,
Your post was reported a vulgar by another member. We do not encourage vulgar indecent language on the forum. You have left us with no other choice but to verify you, or else we will be left with no other choice to ban you from IV website. Please send us a phone number to reach you, or call us at 202/386-6250. If we do not hear from you in next hour, we will be forced to ban you.
We value our message and do not allow others to use IV website to harm our goal.
Please contact us immediately.
IV team
ronhira,
Your post was reported a vulgar by another member. We do not encourage vulgar indecent language on the forum. You have left us with no other choice but to verify you, or else we will be left with no other choice to ban you from IV website. Please send us a phone number to reach you, or call us at 202/386-6250. If we do not hear from you in next hour, we will be forced to ban you.
We value our message and do not allow others to use IV website to harm our goal.
Please contact us immediately.
IV team
more...
mbawa2574
07-06 01:49 AM
Why does the line on top of this page say
****
Goal amount for this month: 10000 USD, Received: 0 USD (0%)
****
I guess, last month is about $2500, and previous month is less than $2K.
Any plans in your mind how to get every member pay $1 every month?
Funds will follow if people see viability. Anywaz nothing is coming out of lobbying efforts so currently how does it even matter ?
****
Goal amount for this month: 10000 USD, Received: 0 USD (0%)
****
I guess, last month is about $2500, and previous month is less than $2K.
Any plans in your mind how to get every member pay $1 every month?
Funds will follow if people see viability. Anywaz nothing is coming out of lobbying efforts so currently how does it even matter ?
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kinvin
02-12 11:48 AM
Fellow Sufferers,;)
For NON-RIR applicants, is the backlog center requiring the old advertisement process after the 45 day letter.
We had received the 45 day letter six months ago and there has been no communication from them since that time. (Seperate application PD May-03)
(Fellow travellers am I seeing an Oasis or is it a mirage.)
Thanks.
For NON-RIR applicants, is the backlog center requiring the old advertisement process after the 45 day letter.
We had received the 45 day letter six months ago and there has been no communication from them since that time. (Seperate application PD May-03)
(Fellow travellers am I seeing an Oasis or is it a mirage.)
Thanks.
more...
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AllVNeedGcPc
05-20 09:08 PM
...Thanks God
Enjoy these moments.
Here's my journey so far.
0. Arrival - 1999
1. Initial labor
a. Filed - July 19th 2003 (4 years BE Software Engineering and 2 years Masters Computer Science in US) Filed as Software Engineer
b. Approved - June 2006, but BEC put NOC as Mechanical Engineer. Took a year to get it fixed back to Software Engineer
2. EB3 I140 (NSC)
a. Filed - July 2nd 2007
b. Approved - 2008
3. I485 (NSC)
a. Filed - July 2nd 2007
b. RFE - April 2009 (EVL for me and visa history for my wife)
4. Perm
a. Same Fortune 500 company for 10 years (By 2010, was promoted multiple times and moved to a different role)
b. Filed - Oct 2010 (No experience used only MS)
c. Approved - Dec 2011
5. EB2 I140 (TSC)
a. Filed - Jan 2011, Premium Processing
b. Approved - Jan 2011 (original A# and Priority Date retained)
6. Interfiling
a. Feb 2011 - Created a SR requesting the status of I485. Got a reply saying the category my 485 was applied is not current yet
b. Feb 2011 - Lawyer said that as my old A# and PD was already used on new 140, so that means that it has automatically been interfiled, now we do not need to do anything. But said will still send a reminder
c. March 2011 - Went for an Infopass Appointment (Useless in my opinion too) They said as your 140 is in TSC and 485 is in NSC that is why its taking time and they don't know how much more time will it take
d. April 2011 - Contacted Senator and got a reply that they have contacted NSC and will let us know their response as soon as they get one
e. Late April 2011 - Sent emails to NSC update, TSC update and TSC auto-current-date address
f. Early May 2011 - Contacted Congressman
6. Approval - Occurred the evening Congressman called NSC
a. Mid May 2011 - CPO email and cards within a week
Enjoy these moments.
Here's my journey so far.
0. Arrival - 1999
1. Initial labor
a. Filed - July 19th 2003 (4 years BE Software Engineering and 2 years Masters Computer Science in US) Filed as Software Engineer
b. Approved - June 2006, but BEC put NOC as Mechanical Engineer. Took a year to get it fixed back to Software Engineer
2. EB3 I140 (NSC)
a. Filed - July 2nd 2007
b. Approved - 2008
3. I485 (NSC)
a. Filed - July 2nd 2007
b. RFE - April 2009 (EVL for me and visa history for my wife)
4. Perm
a. Same Fortune 500 company for 10 years (By 2010, was promoted multiple times and moved to a different role)
b. Filed - Oct 2010 (No experience used only MS)
c. Approved - Dec 2011
5. EB2 I140 (TSC)
a. Filed - Jan 2011, Premium Processing
b. Approved - Jan 2011 (original A# and Priority Date retained)
6. Interfiling
a. Feb 2011 - Created a SR requesting the status of I485. Got a reply saying the category my 485 was applied is not current yet
b. Feb 2011 - Lawyer said that as my old A# and PD was already used on new 140, so that means that it has automatically been interfiled, now we do not need to do anything. But said will still send a reminder
c. March 2011 - Went for an Infopass Appointment (Useless in my opinion too) They said as your 140 is in TSC and 485 is in NSC that is why its taking time and they don't know how much more time will it take
d. April 2011 - Contacted Senator and got a reply that they have contacted NSC and will let us know their response as soon as they get one
e. Late April 2011 - Sent emails to NSC update, TSC update and TSC auto-current-date address
f. Early May 2011 - Contacted Congressman
6. Approval - Occurred the evening Congressman called NSC
a. Mid May 2011 - CPO email and cards within a week
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eb3_nepa
07-14 03:37 PM
Hello everyone who contributed and will contribute. As an added favour, if you could update your signatures with a Link back to this thread, that would REALLY help matters.
more...
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mirage
08-04 03:51 PM
What is wrong with bonded to 1 job type ? You file AC21 but job type should be similar. You cannot become a company's Vice president if your labor was for Programmer, why are you picking on things ? The guy sitting next to my cubicle is here more than 7 years, he's waiting for his 140, he's stuck with my employer while he wants to move since he has a 3 years degree than a masters, He was considered a EB-3 I. Don't you think he wants to know how many decades it will take for his dates to get current ?
If it doesn't apply on you doesn't mean these are not facts...
My best wishes are with you.
Go ahead and send your letter, that includes line like Being stuck in a green card process keeps us bonded with 1 employer, job type etc.
Please keep us posted on updates. Thanks! ;)
If it doesn't apply on you doesn't mean these are not facts...
My best wishes are with you.
Go ahead and send your letter, that includes line like Being stuck in a green card process keeps us bonded with 1 employer, job type etc.
Please keep us posted on updates. Thanks! ;)
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CADude
07-04 03:18 PM
Contact your Senator regarding unprecedented move by the Department of State.
If you all can then please contact your senator.
Below is the letter I sent to my local senator.
You can find your local senator by using this link (Enter zip code and state) - http://capwiz.com/aila2/officials/congress/?lvl=C&azip=75063&state=TX.
You can also send email from this link.
It does not matter whether this brings any value or not but there is no harm in doing this, in case you are really frustrated, troubled and sad!.
Dear Senator :
This is to bring to your attention regarding an unprecedented move by Department of State with regards to filing of adjustment of status applications.
On June 13, Department of State announced in its Visa Bulletin for July 2007 that all employment-based categories (except for the Other Workers category) for immigrant visas will be "current," (http://travel.state.gov/visa/frvi/bulletin/bulletin_3263.html) meaning that individuals/businesses going through the lengthy and backlogged immigrant visa or "green card" process can, throughout July, file adjustment of status applications.
The Department Of State regulations at 22 CFR 42.51 (http://www.access.gpo.gov/nara/cfr/waisidx_05/22cfr42_05.html) and 8 CFR 245.1(g), allows individuals/businesses to rely on and use such information. Historically, they have relied on such information knowing that when they prepare and file such applications, they will be accepted and adjudicated.
However on July 2, 2007, The Department of State issued a new bulletin (http://travel.state.gov/visa/frvi/bulletin/bulletin_3263.html) with an update on July Visa Availability and USCIS (U.S. Citizenship and Immigration Services) started rejecting adjustment of status applications for several employment-based immigration preference categories (http://www.uscis.gov/files/pressrelease/VisaBulletin2Jul07.pdf), despite the fact that the published July Visa Bulletin shows that visas for these categories are available thereby violating its long-standing policy and the expectations of thousands of people, without any advance notification to the general public or issuing any notification under the Administrative Procedures Act (APA). Such a revision, coming in the same month in which the bulletin is issued, would be contrary to years of practice in which revisions or adjustments to the availability of immigrant visa numbers are made in the following month of before the beginning of the month, not in the same month individuals and businesses have begun preparing and submitting applications for adjustment of status.
By taking this unprecedented mid-month update, the Departments of State and Homeland Security have seriously undermined the stability and predictability of U.S. immigration law. Thousands of individuals and businesses rely on the monthly bulletins to prepare and plan for the submission of applications. In addition, individuals have taken the necessary steps to prepare and file applications for adjustment of status, including thousands of dollars of expenses to engage counsel, flights for employees to quickly obtain necessary documents and medical exams for the applications, cancellation of business and holiday travel, changes in family plans to ensure families are in the proper location, etc. This unprecedented action of the government is shocking and disturbing. It has left many in a state of disbelief, frustration, confusion, and anger.
Pursuant to Department Of State regulations 8 CFR 245.1(g), [i]f the applicant [for adjustment of status] is a preference alien, the current Department of State Bureau of Consular Affairs Visa Bulletin will be consulted to determine whether an immigrant visa is immediately available.. Thus, when the Visa Bulletin shows that visas for most preference categories are available for applicants with priority dates on or before the listed priority date, the USCIS must accept those adjustment of status applications for adjudication. Under section 245 of the INA, an alien may apply for adjustment of status if, inter alia, (3) an immigrant visa is immediately available to him at the time his application is filed. The question is what the term immediately available means. The regulation at 8 CFR 245.1(g) defines the term and instructs how to determine when an immigrant visa is immediately available under Sec. 245 of the INA.
8 CFR 245.1(g) states, An alien is ineligible for the benefits of section 245 of the Act unless an immigrant visa is immediately available to him or her at the time the application is filed. If the applicant is a preference alien, the current Department of State Bureau of Consular Affairs Visa Bulletin will be consulted to determine whether an immigrant visa is immediately available. An immigrant visa is considered available for accepting and processing the application Form I-485 i[f] the preference category applicant has a priority date on the waiting list which is earlier than the date shown in the Bulletin (or the Bulletin shows that that numbers for visa applicants in his or her category are current). An immigrant visa is also considered immediately available if the applicant establishes eligibility for the benefits of Public Law 101-238. Information concerning the immediate availability of an immigrant visa may be obtained at any Service Office. (Emphasis added.)
Reliance on the current Visa Bulletin is well-established. In 1994, the INS (Immigration and Naturalization Service) published a revision to 8 CFR Part 245 in response to enactment of section 245(i) of the Act. In the Supplementary Information provided with that regulation, the INS took the opportunity to revise its definition of immediately available to be consistent with that of the Department of State.
The INS said: All applicants for adjustment of status under section 245 of the Act must have an immediately available immigrant visa number. "Immediately available" for the
purpose of accepting and processing the Form I-485 application filed by a preference alien is defined in 8 CFR 245.1(f) as being not later than the date shown in the current Department of State Bureau of Consular Affairs Visa Bulletin. The Department of State, however, defines "immediately available" as being earlier than the date shown in the current Visa Bulletin. This rule amends 8 CFR 245.1(f) to bring the adjustment of status provision into accordance with the Department o f State's definition.
I request your prompt attention on this matter asking the Department of State for clarification on this unprecedented change which defies years of established process of individuals/businesses relying on visa bulletin to prepare and file adjustment of status applications.
Sincerely,
If you all can then please contact your senator.
Below is the letter I sent to my local senator.
You can find your local senator by using this link (Enter zip code and state) - http://capwiz.com/aila2/officials/congress/?lvl=C&azip=75063&state=TX.
You can also send email from this link.
It does not matter whether this brings any value or not but there is no harm in doing this, in case you are really frustrated, troubled and sad!.
Dear Senator :
This is to bring to your attention regarding an unprecedented move by Department of State with regards to filing of adjustment of status applications.
On June 13, Department of State announced in its Visa Bulletin for July 2007 that all employment-based categories (except for the Other Workers category) for immigrant visas will be "current," (http://travel.state.gov/visa/frvi/bulletin/bulletin_3263.html) meaning that individuals/businesses going through the lengthy and backlogged immigrant visa or "green card" process can, throughout July, file adjustment of status applications.
The Department Of State regulations at 22 CFR 42.51 (http://www.access.gpo.gov/nara/cfr/waisidx_05/22cfr42_05.html) and 8 CFR 245.1(g), allows individuals/businesses to rely on and use such information. Historically, they have relied on such information knowing that when they prepare and file such applications, they will be accepted and adjudicated.
However on July 2, 2007, The Department of State issued a new bulletin (http://travel.state.gov/visa/frvi/bulletin/bulletin_3263.html) with an update on July Visa Availability and USCIS (U.S. Citizenship and Immigration Services) started rejecting adjustment of status applications for several employment-based immigration preference categories (http://www.uscis.gov/files/pressrelease/VisaBulletin2Jul07.pdf), despite the fact that the published July Visa Bulletin shows that visas for these categories are available thereby violating its long-standing policy and the expectations of thousands of people, without any advance notification to the general public or issuing any notification under the Administrative Procedures Act (APA). Such a revision, coming in the same month in which the bulletin is issued, would be contrary to years of practice in which revisions or adjustments to the availability of immigrant visa numbers are made in the following month of before the beginning of the month, not in the same month individuals and businesses have begun preparing and submitting applications for adjustment of status.
By taking this unprecedented mid-month update, the Departments of State and Homeland Security have seriously undermined the stability and predictability of U.S. immigration law. Thousands of individuals and businesses rely on the monthly bulletins to prepare and plan for the submission of applications. In addition, individuals have taken the necessary steps to prepare and file applications for adjustment of status, including thousands of dollars of expenses to engage counsel, flights for employees to quickly obtain necessary documents and medical exams for the applications, cancellation of business and holiday travel, changes in family plans to ensure families are in the proper location, etc. This unprecedented action of the government is shocking and disturbing. It has left many in a state of disbelief, frustration, confusion, and anger.
Pursuant to Department Of State regulations 8 CFR 245.1(g), [i]f the applicant [for adjustment of status] is a preference alien, the current Department of State Bureau of Consular Affairs Visa Bulletin will be consulted to determine whether an immigrant visa is immediately available.. Thus, when the Visa Bulletin shows that visas for most preference categories are available for applicants with priority dates on or before the listed priority date, the USCIS must accept those adjustment of status applications for adjudication. Under section 245 of the INA, an alien may apply for adjustment of status if, inter alia, (3) an immigrant visa is immediately available to him at the time his application is filed. The question is what the term immediately available means. The regulation at 8 CFR 245.1(g) defines the term and instructs how to determine when an immigrant visa is immediately available under Sec. 245 of the INA.
8 CFR 245.1(g) states, An alien is ineligible for the benefits of section 245 of the Act unless an immigrant visa is immediately available to him or her at the time the application is filed. If the applicant is a preference alien, the current Department of State Bureau of Consular Affairs Visa Bulletin will be consulted to determine whether an immigrant visa is immediately available. An immigrant visa is considered available for accepting and processing the application Form I-485 i[f] the preference category applicant has a priority date on the waiting list which is earlier than the date shown in the Bulletin (or the Bulletin shows that that numbers for visa applicants in his or her category are current). An immigrant visa is also considered immediately available if the applicant establishes eligibility for the benefits of Public Law 101-238. Information concerning the immediate availability of an immigrant visa may be obtained at any Service Office. (Emphasis added.)
Reliance on the current Visa Bulletin is well-established. In 1994, the INS (Immigration and Naturalization Service) published a revision to 8 CFR Part 245 in response to enactment of section 245(i) of the Act. In the Supplementary Information provided with that regulation, the INS took the opportunity to revise its definition of immediately available to be consistent with that of the Department of State.
The INS said: All applicants for adjustment of status under section 245 of the Act must have an immediately available immigrant visa number. "Immediately available" for the
purpose of accepting and processing the Form I-485 application filed by a preference alien is defined in 8 CFR 245.1(f) as being not later than the date shown in the current Department of State Bureau of Consular Affairs Visa Bulletin. The Department of State, however, defines "immediately available" as being earlier than the date shown in the current Visa Bulletin. This rule amends 8 CFR 245.1(f) to bring the adjustment of status provision into accordance with the Department o f State's definition.
I request your prompt attention on this matter asking the Department of State for clarification on this unprecedented change which defies years of established process of individuals/businesses relying on visa bulletin to prepare and file adjustment of status applications.
Sincerely,
more...
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nogc_noproblem
05-01 10:24 AM
Somebody tried to approve or disapprove your message but he/she already got exhausted. They might be in spraying spree earlier in giving Red and Green dots to others and currently don�t have enough �credit� to approve or disapprove other�s message.
I have some black dots in my Control Panel? What is the meaning of a black dot?
And how does one give black dot to some one? When I try to add reputation to a post, I can only see I approve or I disapprove options. I would imagine I approve=green and I disapprove=red. Where does a black dot fit into this scheme?
I have some black dots in my Control Panel? What is the meaning of a black dot?
And how does one give black dot to some one? When I try to add reputation to a post, I can only see I approve or I disapprove options. I would imagine I approve=green and I disapprove=red. Where does a black dot fit into this scheme?
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laksmi
01-07 03:56 PM
Work on H1 even after using AP
http://immigrationvoice.org/forum/showthread.php?t=14154
Thanks
http://immigrationvoice.org/forum/showthread.php?t=14154
Thanks
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panky72
06-24 10:59 PM
shouldn't we think a little about our gain too ;) ..
:DAgreed.
:DAgreed.
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.
EkAurAaya
07-11 02:20 PM
.
:(Bad News is all of us who applied for EAD renewal after June 30th wouldnt get a 2 years EAD instead would get 1 year EAD.
bang on the money... i think this is just another ingenious way for USCIS to milk us :mad:
:(Bad News is all of us who applied for EAD renewal after June 30th wouldnt get a 2 years EAD instead would get 1 year EAD.
bang on the money... i think this is just another ingenious way for USCIS to milk us :mad:
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