Q. WHO IS AN NRI?
A. A person residing outside India who is a citizen of India or a person outside India who is of Indian origin is an NRI. The definition of Person resident outside India is defined under section 2(w) of Foreign Exchange Management Act, 1999 as “a person who is not resident in India”
A person shall be deemed to be a person not resident in India in the following cases: When the person stays in India for less than or up to 182 days during the preceding financial year
When a person who has gone out of India or who stays outside India, in either case - For or on taking up employment outside India, or For carrying on outside India a business or vocation outside India, or For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.
WHO IS A PIO?
A. The definition of ‘Person of Indian Origin’ is defined under section 2 (b) of Foreign Exchange Management (borrowing and lending in rupees) Regulations, 2000 and under section 2 (xii) of Foreign Exchange Management (Deposit) Regulations, 2000 as given under:
- “Person of Indian Origin’ means a citizen of any country other than Bangladesh or Pakistan, if
- He at any time held an Indian passport; or
- He or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
- The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b)”