HUBBALLI: Infosys co-founder NR Narayana Murthy has urged Union finance minister Nirmala Sitharaman to renew the old regime that permitted non-resident Indians (NRIs) to remain in the nation for a maximum of 182 days as opposed to the present among 120 day.
There is nothing incorrect even if the variety of days is increased to 250.
The nation would not lose anything and would only benefit.
We would get more time with these remarkable individuals here, and it would likewise have an effect on startups in India, Murthy said at the 14th Development Dialogue conference of the Deshpande Foundation in Karnatakas Hubballi, about 450km from Bengaluru.He claimed that by minimizing the stay from 182 to 120 days, the country got no extra tax profits.
Till 2019-20, NRIs visited India for less than 182 days in a financial year.
The Finance Act 2020 lowered this period to 120 days in cases where the overall gross income in India of such visitors is more than Rs 15 lakh (throughout the fiscal year).
There are over 30 million NRIs across the Middle East, the United States, the UK, Canada, Singapore and other countries.
My demand to the finance minister, political management and administration is to welcome NRIs with open arms as they include more worth to the nation.
They are not asking us for anything, he said.