Trump's Remittance Tax to Hit India: Report

As per the rules, the tax would be collected by banks and remittance service providers, who would remit the funds quarterly to the US Treasury.

- TDG NETWORK

US President Donald Trump's decision to impose a 5 percent tax on international remittances sent by non-citizens will significantly impact Indian households, said Global Trade Research Initiative (GTRI), a trade-focused research group, in its latest report.

The proposed US legislative move has triggered alarm across the globe, particularly in India, which has been one of the biggest beneficiaries of the US remittances.

These provisions are part of a major legislative package titled 'The One Big Beautiful Bill', introduced in the US House of Representatives on May 12.