New Delhi: A totalisation agreement between India and U.S. is on the cards, as India has increased pressure on U.S. for the same. If the pact is signed, it could exempt Indians working in U.S. for a short term, from paying the social security contributions in U.S., reports Amiti Sen of The Economic Times. An agreement on social security payment between the two countries could lead India in saving more than a billion dollar, that is lost as salary every year, as per estimates by NASSCOM, the Indian software industry body. India initiated negotiations in this regard during the recent Indian visit of U.S. President Barack Obama. An official in the commerce department informs, "It's been more than three years since we proposed a totalisation agreement. It is high time we started the negotiations." On its part, U.S. gave a word to begin the negotiation talks soon, added the official. However, the U.S. has been wavering from the agreement, citing the reason that India and U.S. have different social structures. But India has made it known that the differences could be sorted out during the talks. Manav Majumdar, Trade Expert, FICCI argues that having signed the totalisation pacts with as many as nine countries, non-compatibility cannot continue as an issue. India has already signed totalisation agreements with countries like Belgium, France, Germany, Switzerland, the Netherlands, Hungary, the Czech Republic, Denmark and Luxembourg. Through these pacts, people of both countries are exempted from paying social security tax, provided they work for a short stint in the foreign country. The saved money can be contributed to the home country. In the U.S., a foreigner working for less than five years can be free from paying the social security tax if his native country has a totalisation agreement with U.S. and if he gives in to the social security fund of his home nation. Contributions made toward social security in U.S. reap the benefits after ten years of work. This means Indians working on H1B visa there will not be able to enjoy these benefits, as they can stay there for a maximum period of six years under the visa rules. The Ministry of Overseas Affairs and Department of IT are present in discussion with the U.S. In its bid pressurise countries like U.S. and UK to enter into social security agreements, India has stiffened ways through which foreign workers in India can withdraw their PF accumulations. At present foreigners working in India can collect their PF amount only at the retirement age of 58 instead of the earlier rule that allowed them to have their PF at the end of their employment here.