New Delhi30 minutes ago
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The Trump administration is going to bring a bill to impose tax on sending money abroad soon.
Sending money for Indians living in America can be more expensive now. The Trump administration is planning to impose 5% tax on sending money to other countries outside the US.
Due to this, every year the money coming to India may have to pay 1.6 billion dollars i.e. about 13.3 thousand crore rupees.
US President Donald Trump is going to bring a bill for this. This will affect more than 4 crore people.
These include Green Card holder and Indians living in the US on H1B visa.
This law of Trump will not apply to Indians who have citizenship of America.
Money coming from abroad in India has doubled
The money coming from abroad in India has doubled in the last decade. According to an RBI report in March 2025, in 2010-11, overseas Indians sent $ 55.6 billion to India. The figure has increased to $ 118.7 billion in 2023-24.
India has sent the most money to India by overseas Indians living in countries like America, Britain, Singapore, Canada and Australia. These countries stake in the total money coming to India. The stake of these countries has also increased rapidly than the Gulf countries.
In India, migrants living in America sent the most money from abroad. In 2020-21, the US stake in India’s coming money was 23.4%, which has increased to 27.7% in 2023-24. Overseas Indians from the US have sent around $ 32.9 billion.
India is the world’s largest remedy country
India is the highest remedies in the world. According to the World Bank, India 2008 remains at the first position in this list. India’s stake in global remedies was 11% in 2001, which has increased to 14% in 2024.
India ranks first with $ 129 billion in the top 5 countries receiving Remittens in 2024. It is followed by Mexico ($ 68 billion), China ($ 48 billion), Philippines ($ 40 billion) and Pakistan ($ 33 billion). These figures were released by the World Bank in December 2024.