N(on)R(esident)I(nterest).....

My View on  "Why bank depositors deserve tax-free interest": 

A sound well analysed commentary on the wrong policy of GOI. While an ordinary Resident Indian is taxed on his hard earned savings post tax on his gross income minus rebates allowed, a Non Resident Indian is enjoying tax free interest of 9% and plus! The NRE deposits have more than trebled since the NRE deposits started earning tax free interest at or more than domestic rate of interest. What an irony of fate of not being an NRI! All investments in bank deposits, stock market etc. should get the same equal treatment in regard to taxation. The article deserves due consideration by the new Government by the new FM, the MOF while presenting this year's budget proposals.The middle class and the lower middle class Resident Indians would always like to put their money in banks as majority lost money invested in the market or MFs during last 4-5 years. 

- R.G.Nakhate