FM is paying 9-10% returns on FDs to NRIs. FM is paying 9-10% on FD to us too. BUT THERE IS A DIFFERENCE.
For NRIs this interest is TAX-FREE! Yes, they don't have to pay any tax.
But we, poor residents, have to pay anything between 10 to 30% as tax on this interest income. Why this discrimination Hon'able Finance Minister? Why?
[By the way, FM is doing this because he needs more and more dollars. Why does he need so many dollars? Well, we CONSUME TOO MUCH OIL and BUY TOO MUCH GOLD. To import these, the FM needs lots of dollars. Hence this love for NRI's dollars! So what do we do? Simple - use less petrol/diesel and buy less gold. Less oil also means less pollution. Less gold means less of non-productive asset. Problem solved.]
Those interested in reading Warren Buffett's interesting comments on Gold may kindly refer to his annual letter to the shareholder for FY 2011 (pages 18-19) published in Feb 2012.
For NRIs this interest is TAX-FREE! Yes, they don't have to pay any tax.
But we, poor residents, have to pay anything between 10 to 30% as tax on this interest income. Why this discrimination Hon'able Finance Minister? Why?
[By the way, FM is doing this because he needs more and more dollars. Why does he need so many dollars? Well, we CONSUME TOO MUCH OIL and BUY TOO MUCH GOLD. To import these, the FM needs lots of dollars. Hence this love for NRI's dollars! So what do we do? Simple - use less petrol/diesel and buy less gold. Less oil also means less pollution. Less gold means less of non-productive asset. Problem solved.]
Those interested in reading Warren Buffett's interesting comments on Gold may kindly refer to his annual letter to the shareholder for FY 2011 (pages 18-19) published in Feb 2012.