Question
How much remittance was sent to India in 2023 by Indians
working in the U.S., as per the proposed U.S. excise tax impact?Solution
Over 2.3 million Indians in the U.S. sent approximately $23 billion in remittances to India in 2023 . This number is crucial when discussing the impact of proposed U.S. legislation imposing a 5% remittance tax on non-citizens. Such figures are highly testable under the international economics and remittance theme in exams.
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