India-UK FTA Starts July 15! Goyal announces zero duty, big PF benefit for Indian Workers in UK

On the India-UK FTA agreement, Union Minister Piyush Goyal said, “...Only two days remain; today is the 12th. From the 15th, any goods exported from India to the United Kingdom will be welcomed there at zero import duty. This UK-India free trade deal brings new opportunities and immense possibilities for us all. Regarding our young men and women who go there to work—often for two, three, or five years, sometimes through inter-corporate transfers—previously, about 25% of their salary was effectively wasted; the local government would take it, and the worker received no benefit from it. Now, we have finalised a 'double contribution convention agreement' that will also come into effect on the 15th. Under this, for Indians going there to work in the services sector or other jobs for up to five years, the 25% of their salary that was previously taken by the local government will now be deposited into their Provident Fund accounts in India. That money will belong to them; it earns 8.25% tax-free interest and serves as a support for their old age, ensuring social security for their families. I believe it is a testament to Prime Minister Narendra Modi's able leadership that the UK-India Free Trade Agreement not only addresses merchandise and goods and boosts the services sector, but also brings a significant gift for the thousands of people working and providing services there.”

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