{"id":1295118,"date":"2025-05-16T10:51:59","date_gmt":"2025-05-16T05:21:59","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1295118"},"modified":"2025-05-16T10:52:35","modified_gmt":"2025-05-16T05:22:35","slug":"rs-13800-crore-loss-for-nris-trump-can-charge-5-on-remittance-sent-from-us","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/rs-13800-crore-loss-for-nris-trump-can-charge-5-on-remittance-sent-from-us\/","title":{"rendered":"Rs 13,800 Crore Loss For NRIs: Trump Can Charge 5% On Remittance Sent From US"},"content":{"rendered":"\n<p>The U.S. House Ways and Means Committee has proposed a controversial tax plan \u2014 <em>The One Big Beautiful Bill<\/em> \u2014 that could significantly impact millions of Indians in America. Buried on page 327 of the 389-page bill is a clause introducing a <strong>5% remittance tax<\/strong> on all money sent abroad by <strong>non-U.S. citizens<\/strong>. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>H-1B and L-1 visa holders<\/strong><\/li>\n\n\n\n<li><strong>Green card holders<\/strong><\/li>\n\n\n\n<li>Other <strong>non-citizen residents<\/strong><\/li>\n<\/ul>\n\n\n\n<p>If passed, the law would <strong>withhold 5% of the remitted amount<\/strong> at the point of transfer, without any exemption threshold \u2014 even small transactions would be taxed.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/05\/Screenshot-2024-11-08-at-11.56.08\u202fAM-1024x571.png\" alt=\"Rs 13,800 Crore Loss For NRIs: Trump Can Charge 5% On Remittance Sent From US\" class=\"wp-image-1295139\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/05\/Screenshot-2024-11-08-at-11.56.08\u202fAM-1024x571.png 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/05\/Screenshot-2024-11-08-at-11.56.08\u202fAM-300x167.png 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/05\/Screenshot-2024-11-08-at-11.56.08\u202fAM-768x428.png 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/05\/Screenshot-2024-11-08-at-11.56.08\u202fAM-1536x857.png 1536w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/05\/Screenshot-2024-11-08-at-11.56.08\u202fAM.png 1886w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Why This Matters to Indians in the US<\/strong><br>With nearly <strong>45 lakh Indians<\/strong> living in the U.S. \u2014 32 lakh of them <a href=\"https:\/\/timesofindia.indiatimes.com\/nri\/us-canada-news\/desi-diaspora-set-to-take-1-6-billion-hit-as-us-plans-bill-to-tax-remittances\/articleshow\/121198369.cms\">Persons of Indian Origin<\/a> (PIOs) \u2014 this bill could have massive financial implications.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In 2023\u201324, <strong>$32 billion<\/strong> was remitted to India from the U.S.<\/li>\n\n\n\n<li>A 5% tax means a <strong>$1.6 billion burden<\/strong> on the Indian community annually.<\/li>\n<\/ul>\n\n\n\n<p>The tax applies even to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Money sent to family members in India<\/li>\n\n\n\n<li>Transfers for property purchases or investments in Indian markets<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Who\u2019s Exempt and Who\u2019s Not?<\/strong><br>The bill states the tax <strong>won\u2019t apply<\/strong> if the transfer provider is a \u201cqualified remittance transfer provider\u201d and the sender is a <strong>\u201cverified U.S. sender\u201d<\/strong> \u2014 defined as a <strong>citizen or national of the U.S.<\/strong><br>This means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-citizens, even green card holders, aren\u2019t exempt<\/strong><\/li>\n\n\n\n<li><strong>U.S. banks or platforms<\/strong> handling remittances will <strong>withhold the tax<\/strong> before processing transfers<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>What Happens Next?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The House of Representatives <strong>plans to pass the bill in May 2025<\/strong><\/li>\n\n\n\n<li>It will then proceed to the <strong>Senate<\/strong><\/li>\n\n\n\n<li>Experts expect it could <strong>become law by June or July<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Advisors are already urging Indian residents in the U.S. to <strong>send larger remittances now<\/strong> to avoid the upcoming tax hit.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Broader Impact &amp; Reactions<\/strong><br>The move has triggered concern across the Indian community and financial experts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It could <strong>discourage foreign remittances<\/strong> and affect families relying on monthly transfers<\/li>\n\n\n\n<li>May <strong>increase cost of cross-border investments<\/strong> in India<\/li>\n\n\n\n<li>Critics argue it undermines the contributions of skilled workers on H-1B and similar visas<\/li>\n<\/ul>\n\n\n\n<p>While the bill frames the tax as part of a larger economic reform, its disproportionate impact on immigrant communities is likely to fuel <strong>legal and diplomatic discussions<\/strong> in the coming months.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. House Ways and Means Committee has proposed a controversial tax plan \u2014 The One Big Beautiful Bill \u2014 that could significantly impact millions of Indians in America. Buried on page 327 of the 389-page bill is a clause introducing a 5% remittance tax on all money sent abroad by non-U.S. citizens. This includes: [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1295139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5518,7836],"class_list":["post-1295118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-donald-trump","tag-remittances"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rs 13,800 Crore Loss For NRIs: Trump Can Charge 5% On Remittance Sent From US - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/rs-13800-crore-loss-for-nris-trump-can-charge-5-on-remittance-sent-from-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rs 13,800 Crore Loss For NRIs: Trump Can Charge 5% On Remittance Sent From US - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"The U.S. House Ways and Means Committee has proposed a controversial tax plan \u2014 The One Big Beautiful Bill \u2014 that could significantly impact millions of Indians in America. 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