> 3.5% remittance fees on sending money out of the US:
The version of the bill that passed a 1% excise is applicable "only to any remittance transfer for which the sender provides cash, a money order, a cashier’s check, or any other similar physical instrument".
This is not true. There's a TCS of 20%, which is an advance tax payment that you can claim back in your income tax returns at the end of the year, and it not an additional tax. This is just a (bad) mechanism to stop black money from leaving the country.
Thanks I didn't realize that it was refundable, I guess "India makes people loan 20% of their foreign remittances to the government interest-free" would be more accurate.
