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Investments abroad oversubscribed 300%

Tue, May 17, 2016, 04:54 PM
Whatever be the fare of the amnesty schemes for the black money holders in the country, the scheme hiking investments abroad was fully utilized by the rich.

Statistics make this very clear. In 2014-15, the foreign remittances were of the order of Rs 10,560 crore . After the limit of an individual to send up to $250,000 was okayed, the investments jumped up 300% times to touch Rs 30,360 crore.

The increased remittances were made under the heads of gifts, relatives welfare abroad, buying of property and so on.

Devaluation of the rupee and tightening of the tax laws also resulted in the increased remittances for the overseas sector.

What fiscal benefit the government derived from the move one does not know, but the move to meddle with Provident Fund withdrawals of the hardworking people is fresh in people's memory. It will surely be held against the government at the hustings.
Agency: Ap7am Desk

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