India, May 16 -- US President Donald Trump's "One Big Beautiful Bill Act," aimed at offering tax breaks, reducing government spending, and strengthening border security, also includes a proposal to tax remittances, with limited exceptions.

This move could significantly impact Indians working in the US, as the country has recently surpassed West Asian nations to become the top source of remittances to India.

According to the RBI's 6th Round of India's Remittances Survey, the US was the largest share of remittances at 27.7%, followed by the United Arab Emirates at 19.2%. The country's total remittances touched $118.7 billion in 2023-24, a crucial component aiding New Delhi's foreign exchange reserves.

A key provision in the "One Big Beau...