Sitharaman urged to allow NRIs to invest in Indian stock markets

TIL Desk/Business/New Delhi/ A prominent Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and overseas citizens of India (OCI) card holders to invest in the Indian stock market.

Such a move would boost the Indian economy further by attracting investment from the global Indian community, said the Foundation for India and Indian Diaspora Studies (FIIDS) USA.FIIDS is a US-based institute for US-India policy studies and awareness.

Sitharaman, is currently in the West Coast after attending the annual Spring meeting of International Monetary Fund and World Bank. In a submission to Sitharaman, FIIDS said as many as 88 per cent of the Indian Diaspora community in a recent survey had supported the move.

FIIDS also urged the Finance Minister to expand the Double Tax Avoidance Agreement (DTAA) to avoid filing of the taxes in the United States on the income (with some restrictions) taxed (filled) in India.