Such a move would further boost India’s economy by attracting investment from the global Indian community, the Foundation for India and Indian Diaspora Studies (FIIDS) USA said
Such a move would further boost India’s economy by attracting investment from the global Indian community, the Foundation for India and Indian Diaspora Studies (FIIDS) USA said
A prominent Indian diaspora body, FIIDS, on Monday called on Finance Minister Nirmala Sitharaman to allow non-resident Indians and Overseas Citizens of India (OCI) card holders to invest in the Indian stock market.
FIIDS is a US-based institute for US-India policy studies and awareness-raising.
Ms. Sitharaman is currently on the west coast after attending the annual spring meeting of the International Monetary Fund and the World Bank.
In a submission to Ms. Sitharaman, FIIDS said that in a recent survey, up to 88 percent of India’s diaspora community supported the move.
FIIDS also called on the Treasury Secretary to expand the Double Taxation Agreement (DTAA) to avoid filing taxes in the United States on income taxed (with some limitations) in India (with some limitations).
“This will avoid the need to file taxes in two places for investments and receive a credit for taxes levied in the other country,” it said, adding that this post was rated 4.2 out of 5 in the survey ( 84 percent).
FIIDS called on the Treasury Secretary to strike a social security deal with the US government, saying many IT immigrants have returned to India in recent years.
“These Indian H1/b expatriates may lose the Social Security Number (SSN) that is withheld from their income by the Internal Revenue Service (IRS). Therefore, we call for the conclusion of a Social Security Agreement (SSA) with the United States. This question gets 4 out of 5 ratings in the survey (80 percent),” said FIIDA.
