Allow NRIs and OCI cardholders to invest in Indian stock market, Nirmala Sitharaman urges Diaspora body

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Such a move would further boost the Indian 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 the Indian 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 urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and Foreign Citizens of India (OCI) cardholders to invest in the Indian stock market.

FIIDS is an American Indian-American policy studies and outreach institute.

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 up to 88% of the Indian diaspora community in a recent poll supported the move.

FIIDS also urged the Minister of Finance to extend the Double Taxation Avoidance Agreement (DTAA) to avoid the filing of US taxes on income (with certain restrictions) taxed (completed) in India.

“This will avoid having to file taxes in two places on the investment and get credit for taxes filed in the other country,” he said, adding that this contribution was given a rating of 4. .2 out of 5 in the survey (84%).

Urging the finance minister to reach an agreement with the US government on social security, FIIDS said that in recent years many IT immigrants have returned to India.

“These H1/b Indian expatriates potentially lose the Social Security Number (SSN) withheld from their earnings by the Internal Revenue Service (IRS). Therefore, we are requesting to establish a Social Security Agreement (SSA) with the States This question received 4 out of 5 ratings in the survey (80%),” FIIDA said.

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