Tax on Remittance in US Marathi News: In India, concern over the proposal to impose a tax on the money sent by the US to foreign nationals. The Financial Research Institute Global Trade Research Initiative (GTRI) said on Sunday that it could cause loss of Indian families and rupee.
According to one estimation, Indians living in the United States can cost more than $ 1.8 billion every year. This provision is part of a comprehensive legal legal package called ‘The One Big Beautiful Bill’ presented in the US Representative House on May 7.
This will affect more than 2 million people, including green cards and HB visa holders. The proposed fee will not be applicable to American citizens. GTRI said, “In India, the proposal to tax money sent abroad by people in the United States is raising concerns in India because if this plan becomes a law, India will suffer the loss of foreign exchange of billions of dollars annually.”
“Five percent tax can significantly increase the cost of remains,” said GTRI founder Ajay Srivastava. If the remotence decreases by 2-3 per cent per year, India will suffer $ 2-5 billion.
He said that the loss will reduce the supply of dollars to the market in India’s foreign exchange market, which will put pressure on the rupee. “The Reserve Bank may have to intervene more often to stabilize the currency,” Srivastava said. Because of this, the rupee can weaken by Rs.
According to an article published in the March Bulletin of the Reserve Bank of India (RBI), India received a total of $ 1.8 billion from the United States. Five percent of this will be $ 1.8 billion. The RBI article states that since sending money is mainly used for family nourishment, the increase in their costs can have socio-economic consequences. Reducing this cost has been an important strategic agenda globally.
