Give equal tax treatment to overseas, resident Indians-Hinduja

Seeking equal treatment in investment and taxation between overseas and resident Indians, diversified conglomerate Hinduja Group today said amnesty must be given to bring back black money from foreign soil to India.

In a pre-budget memorandum to Finance Minister Pranab Mukherjee, Hinduja Group Chairman S P Hinduja said, “Overseas Indian investment and taxation (must) be at par with resident Indians in all respects.”

Hinduja, who is also Chairman of IndusInd International Federation, said NRIs having their wealth in Overseas Corporate Bodies (OCB) should be allowed to invest in India.

“By lifting the ban on OCBs and simplifying the procedures for individual NRI investment, the market will be widened with more players,” he said.