http://us.rediff.com/money/2005/jun/09us.htm
"Engineering graduates, even if they are not IIT pass-outs, may not any more be subjected to extra screening for placements in developed countries.
This is being made possible by the national board of accreditation, which has initiated a process to make India a member of the Washington Accord."
Potentially great news.
So right now are IIT-ians excempt from the screening?
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