4 ms·

Thanks I didn't realize that it was refundable, I guess "India makes people loan 20% of their foreign remittances to the government interest-free" would be more

by ndiddy 1y ago

Thanks I didn't realize that it was refundable, I guess "India makes people loan 20% of their foreign remittances to the government interest-free" would be more accurate.

unmole 1y ago
> "India makes people loan 20% of their foreign remittances to the government interest-free" would be more accurate. It wouldn't. The TCS can be offset against other tax liabilities. The government pays out 6% interest on excess tax payments. For reference, 364 day T-bills are currently yielding ~5.5%. The idea is to force reporting and add friction. Not raise revenue.