240-day rule


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We have a pending I-140 petition submitted March 2012. Per TSC, processing time is 4 months but my H1B visa is going to expire Aug 2012. I am not sure if I should submit premium processing already so I can get I-140 approved in 2-weeks time then apply for a 3-yr I-129, or gamble waiting for I-140 approval and do premium processing later for H-1B application. Do we still have the 240-day rule wherein as long as I submit I-129 or H1B application prior to expiry date then I can still work for 240 days till approval of H1B? Is the 240-day rule for all H1Bs or just for NAFTA countries like Mexico and Canada? Thanks!

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