The co-founder of Infosys N R Narayana Murthy has asked finance minister Nirmala Sitharaman to restore the previous policy of allowing foreign nationals (NRI) to stay in India for up to 182 days in Moorabbin East safety sign a year instead of 120 days.
Speaking at the 14th Development Dialogue conference of the Deshpande Foundation in Hubballi Saturday, Murthy said that increasing the number of such days (up to 250) would not affect the country but would surely bring benefits.
“I have had umpteen debates with ministers in Atal Bihar Vajpayee and Manmohan Singh governments on how we should welcome NRIs with much respect and admiration,” he said.
Murthy said that reducing the stay from 182 to 120 days did not result in additional tax revenue.
“NRIs from countries such as the Middle East, US, UK, Canada, Singapore and others visit India for less than 182 days in a financial year. The Finance Act 2020 reduced this period to 120 days in cases where the total taxable income in India is more than Rs 15 lakh. There is nothing wrong even if it is increased to 250 days,” he said.
According to Murthy, NRIs are an asset to the country and, like them, “do not demand anything in return ”.