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RAJYA SABHA
Government has withdrawn tax interest on Non-Resident External (NRE) Deposits and Foreign Currency Non-Resident (FCNR) Deposits. The withdrawal of tax exemption on deposits in NRE account and FCNR account will be effective from the 1st April, 2006 i.e. exemption stands withdrawn from the assessment year 2006-07 onwards. The revenue implications would be perceived once the income from this source comes to tax.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question by Shri Janadhana Poojary.
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