US softens on Indian firms' social cover dues

 Officials told Business Standard the US had given an indication that it would recognise the social security system India was putting in place for its employees under the pension scheme.  They said in their discussions with US administration officials, the latter had softened their stand on signing a totalisation agreement with India.  This means that under the provisions of the India-America Tax Avoidance Convention, Indian companies will now have the option of not paying for their employees