How Much Do Indian IT Companies Depend On PERM

In this episode of Markets Today — the US suspends a key green card route for major Indian IT companies, and what it means for them; Apple Pay launches in India but big credit card issuers are holding back; and Reliance becomes the largest buyer of Venezuelan crude outside the US.

US Suspends PERM Route For Indian IT Companies The US Labour Department has paused new PERM applications and the processing of pending ones for certain companies, citing an alleged $22 billion visa fraud. Indian IT firms got under 2% of PERM filings, so the immediate impact looks limited, but retaining senior talent is the medium-term risk.

Why Banks Are Holding Back On Apple Pay In India Apple Pay currently supports only Axis Bank’s credit cards. Apple reportedly wants about 0.20% per transaction while banks are willing to pay about 0.15%, and banks want proof of extra card spending.

Reliance Becomes The Biggest Non-US Buyer Of Venezuelan Crude Reliance took 76% of India’s 2.57 lakh barrels a day of Venezuelan crude in September, thanks to Jamnagar’s heavy-crude capability. Russia still supplies far more, at 18.2 lakh barrels a day.