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 Industry & Economy - Taxation


Tax withdrawal on NRE, FCNR accounts welcomed

Vimala Vasan

Abu Dhabi , Aug. 27

THE passing of the Finance Bill by Parliament on Thursday with an amendment withdrawing the proposed tax on NRE, FCNR and RFC accounts till April 2005 has been welcomed by the UAE-based welfare organisation, Pravasi Bandhu Welfare Trust.

The trust has been at the forefront of the Gulf-based campaign urging the Indian Government to withdraw the tax on the grounds that it would harm NRI investor confidence and lead to withdrawal of huge NRI deposits from Indian banks.

Mr K.V. Shamsudheen, Chairman of the Trust, said that the trust would continue its campaign for complete withdrawal of the tax proposal. He also appealed to all NRI organisations across the world to urge the Government of India to withdraw the proposal fully.

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