Extend the life of taxfree status of NRI fds till completion of current tenure
To, The honorable finance minister & the budget committee,
Thank you for inviting the voice of India to contribute to the budget 2019 - 20 https://www.mygov.in/group-issue/inviting-ideas-and-suggestions-union-budget-2019-2020/
I have a suggestion : To make NRI fds taxfree for the life of the investment, basically fds of NRI account are interest free only till the time you are an NRI, once you return to India for good - it's taxable!!!
I find this in bad faith, had I known this i would have invested my savings in different instruments, which I did not, and now am facing the brunt of it.
Like me there are a lot of NRIs who have been dutifully sending home the dollars to help our economy, but are in for a surprise when they return to India. I am requesting you to make them tax free only till the present tenure of the investment, because of the fact that they were made when I was an NRI, after they mature then it is fair for it to be taxable, because then it is reinvested as money owned by an Indian.