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On April 26, 2022: Submitted to Hon. The Finance Minister of Government of India, New Delhi
Based on the survey of Indo-Americans, the Foundation for India and Indian Diaspora Studies (FIIDS http://fiids-usa.org), a US-based institute for US-India policy studies and awareness, requests you to consider following requests from the Indian diaspora community.
1) Direct Investments in stock market: Similar to FDI, allow NRIs and OCI Holder individuals to directly invest in India’s stock market in trading stocks on listed companies. This input received 4.4 out of 5 ratings (88%) in the survey.
2) Double Tax Avoidance Agreement (DTAA): Expand DTAA treaties to avoid filing of the taxes in the United States on the income (with some restrictions) taxed (filled) in India. This will avoid a need to file taxes in two places on investment and get credit on the taxes filled in the other country. This input received a 4.2 out of 5 rating (84%).
3) Social Security Agreement: In the last few years, many IT immigrants have returned to India. Those Indian H1/b expatriates potentially lose the SSN withheld on their income by the IRS. Hence, we request to establish an SSA agreement with the United States. This question received 4 out of 5 ratings in the survey (80%).
Respectfully,
