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The revised "One Big Beautiful Bill Act" significantly reduces the remittance transfer tax for Non-Resident Indians (NRIs) from 3.5% to 1%, impacting only transfers made after December 31, 2025. The tax excludes transfers from US bank accounts and cards, lessening the impact on daily remittances. The bill targets non-citizens, potentially affecting NRI investments and financial transfers to India. The initial proposal of a 5% tax caused concern amongst the large Indian diaspora in the US, which sends significant funds back to India annually.

Prepared by Christopher Adams and reviewed by editorial team.