<ul><li>The Trump administration plans to impose a 5% tax on outward remittances from Indians in the US, totaling an estimated annual outgo of over $1.6 billion.</li><li>The proposed tax would apply to more than 40 million people, excluding US citizens, including those with green cards and H1B visas.</li><li>India's remittances have significantly increased from $55.6 billion in 2010-11 to $18.7 billion in 2023-24, with a shift towards advanced economies like the US, UK, and others.</li><li>The cost of remittance transactions involves fees and exchange rate conversions, impacting socio-economics. India has been the top recipient of remittances, with $129 billion inflow in 2024.</li></ul>

US Tax On Outward Remittances To Pinch Indians Sending Money Home

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