by Punjabnewswire4u (Balbir)
AMRITSAR, JULY 3
Punjab
Revenue, Information and Public Relations and NRI Affairs Minister Bikram Singh Majithia today described the latest decision of Congress
led UPA Government to include foreign remittance to India by NRIs in the
ambit of 12.36 % service tax as a retrograde step as it would
discourage them to remit money through legal channels, giving a fillip
to the Hawala trade.
In
a statement issued here today, the Punjab NRIs Affairs Minister said
that Congress led UPA government in frustration to free itself from
policy paralysis has moved the clock of Economic Reforms in reverse by
taking those decisions, which would put a stop on inflow of Foreign
Direct Investment in the economic growth of the country.
He said that
this unique decision was designed by the Congress led UPA Government to
target Punjab and Gujarat Governments as these two states were getting
maximum remittances from its citizens working in various countries. He
said that over 80 lakh Punjabi NRIs were remitting on average Rs. 50
crore daily to Punjab that was being spent by their relatives in the
development of the state and this dubious move of the Union Government
would adversely affect the economic growth of Punjab.
He
said that on the one hand we had been luring NRIs to invest in country
and become part of India’s economic growth, the service tax on
remittances by them to their parent country would discourage them to
help country with their remittances.
Mr.
Majithia said that the government must understand that the NRIs are
always bearing the heavy loss of having been uprooted from homes and
they were in the foreign countries to earn livelihood. He said that he
along with Chief Minister would call on Prime Minister and Union Finance
Minister to immediately withdraw this retrograde law that would
adversely affect the economic growth of not only states but have a
serious impact on foreign currency reserves of the country.
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