Desi Diaspora set to hit $ 1.6 billion, as the US plan bill for tax dispatch as a bill. Bharat News

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A proposed US bill, called the ‘The One Big Beautiful Bill’, threatened to transmit 5% of non -US citizens, including sending money abroad, including H -1B and green card holders. It can greatly affect Indian migrant people, who send about $ 32 billion to India annually. If enacted, Indians in the US can withstand $ 1.

Its official title is – A big beautiful bill -But this includes a sting for millions of Indians in the US, whether they are non -migrant visa holders (eg H -1B) or green card holder. Once this bill comes into force, any person who is not an American citizen and who indicates money outside the country, will have to pay 5%by removing 5%.Recently, the United States has emerged as the country’s largest source for remittance in India, which is responsible for the size of both Indian migrants and their income level in America. According to the Indian Ministry of External Affairs, there are about 45 million foreign Indians in the US, including about 32 lakh pioses.According to a remittance survey published by the RBI in March, the total dispatch of $ 118.7 billion in 2023–24, about 28% or $ 32 billion from the US. If this bill is implemented, even if we consider the remittance figure to be constant from the US, Indian migrants will pay $ 1.6 billion as remittance tax.‘The One Big Beautiful Bill’ asks for tax equal to 5% of the remittance amountThe bill is a proposed tax scheme recently released by the American House methods and the Means Committee. The 389 -page document is tucking in page 327, a section on remittance, which asks for ‘equal to 5% of the amount of such transfer’. Since no exemption limit has been set, it will also affect the transfer of small sects. This adds that this will not apply to any dispatch-conversion where the remittance transfer transplant is a ‘qualified remittance provider’ and the sender is a ‘verified American sender’. The latter then means a citizen of America or national.In other words, if the H -1B holder or L -1 (which is in the US on an intra company transfer) or even a green card holder pays money to his family (parents) in India, or follows money for the purpose of investment -will be subject to 5% ban by transferred securities or immovable property.The goal of the House of Representatives is to pass this bill in May itself and then it will run in the Senate. According to cross-border investment experts, there is a possibility of sails through the bill and can be law by June-July. They are advising Indian migrants to try big funds to avoid remittances in the coming weeks.