U.S. legislators have significantly diluted the provision in the proposed legislation to tax remittances to other countries, including to India. The latest version of the Bill, released on Friday (June 27, 2025), reduces the tax on remittances to 1% from the earlier proposal of 3.5%, and excludes remittances made from bank accounts and other financial institutions and those made via debit or credit cards from the tax. The 1% tax will now apply only on remittances made in cash, a money order, or a cashier’s check. According to international tax experts, this will come as a significant relief to the...