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India To Delay Imposition Of Tax On NRI Deposits

by Lorys Charalambous, Tax-News.com, Cyprus

10 December 2004


The Indian government has withdrawn a proposed income tax on the interest income from deposits held by Non Resident Indians (NRIs), Minister of State for Finance, S S Palanimanickam has revealed.

Responding to questions raised in the Indian parliament or Rajya Sabha, Palanimanickam explained that the tax exemption will, however, be lifted in April 2006.

Such accounts include NRI external deposits and foreign currency deposits of NRIs, the minister added.

Many NRI groups had raised the issue after the exemption was withdrawn in the budget for fiscal 2004-05 unveiled by Finance Minister P Chidambaram in July.


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