Allow NRIs, OCI card holders to invest in Indian stock market, Diaspora body urges Nirmala Sitharaman

Such a transfer would increase the Indian economic system additional by attracting funding from the worldwide Indian neighborhood, mentioned the Foundation for India and Indian Diaspora Studies (FIIDS) USA

Such a transfer would increase the Indian economic system additional by attracting funding from the worldwide Indian neighborhood, mentioned the Foundation for India and Indian Diaspora Studies (FIIDS) USA

A distinguished Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to permit non-resident Indians and abroad residents of India (OCI) card holders to invest in the Indian stock market.

FIIDS is a US-based institute for US-India coverage research and consciousness.

Ms. Sitharaman, is at present in the West Coast after attending the annual Spring assembly of International Monetary Fund and World Bank.

In a submission to Ms. Sitharaman, FIIDS mentioned as many as 88 per cent of the Indian Diaspora neighborhood in a latest survey had supported the transfer.

FIIDS additionally urged the Finance Minister to increase the Double Tax Avoidance Agreement (DTAA) to keep away from submitting of the taxes in the United States on the revenue (with some restrictions) taxed (stuffed) in India.

“This will avoid a need to file taxes in two places on investment and get credit on the taxes filled in the other country,” it mentioned, including that this enter acquired a 4.2 out of 5 ranking in the survey (84 per cent).

Urging the Finance Minister to have an settlement with the US authorities on social safety, FIIDS mentioned in the previous few years, many IT immigrants have returned to India.

“Those Indian H1/b expatriates doubtlessly lose the Social Security quantity (SSN) withheld on their revenue by the Internal Revenue Service (IRS). Hence, we request to set up a social safety settlement (SSA) with the United States. This query acquired 4 out of 5 scores in the survey (80 per cent),” FIIDA mentioned.

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