[Gulf Goans] No tax on NRI deposits - A case of Denvcharan vellem ani Devan dillem!

Tue, 07 Dec 2004 12:41:20 -0800

No tax on NRI deposits

IANS[ TUESDAY, DECEMBER 07, 2004 06:18:38 PM ]

NEW DELHI: The government has withdrawn the income tax proposed on interest accrued or payable on deposits held by NRIs, Minister of State for Finance S S Palanimanickam told the Rajya Sabha on Tuesday.

 
Such accounts include NRI external deposits and foreign currency deposits of NRIs, he said.

Income tax will, however, be payable from April 1, 2006, he said in reply to a question.

Several NRI organisations had raised the issue after the exemption was withdrawn in the budget for fiscal 2004-05 unveiled by Finance Minister P Chidambaram in July.

Minister of State of Overseas Indian Affairs Jagdish Tytler had taken up the issue with the Finance Ministry.
 

_____

Our observations:

Does the finance ministry know that large chunks of NRI funds have already taken flight to far off destinations from the Indian sub-continent after Chimbambaran disclosed the 2004-05 budget?

The above announcement is surely a relief for the Gulf-NRIs?

It's like saying Devchanchar vellem ani Devan dillem!

www.goa-world.com

 



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