Washington/New Delhi, May 16 -- US President Donald Trump's administration has proposed a 5% tax on all international money transfers made by non-US citizens, which could affect the remittances sent home by the large Non-Resident Indian population in the US.
The draft legislation, titled "The One, Big, Beautiful Bill, proposes:
"A five percent excise tax on remittance transfers which will be paid for by the sender with respect to such transfers.
"The provision requires that the tax be collected by the remittance transfer providers and the remittance transfer providers are responsible for remitting such tax quarterly to the Secretary of the Treasury.
"The provision creates an exception for remittance transfers that are sent by verified ...