|
NRIs are basically defined under two different statutes viz. (i) FEMA 2000 & (ii) Income Tax Act 1961
Under
FEMA, 2000 Who is a Non Resident
Indian (NRI) ?
A
personal Resident Outside India who is a Citizen of India or a Person of
Indian Origin is called a Non Resident Indian.
Person Resident Outside India:
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 or
- for any other purpose, in such circumstances as would indicate his
intention to stay outside India for an uncertain period or
- Indian Students studying abroad.
Who
is a person of Indian Origin?
A. For the
purpose of availing the facility of opening and maintenance of Bank Accounts
and investments in shares/securities in India
A citizen of any country other than Bangladesh or Pakistan, if
- he at any time held 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)
- the person is a spouse of an Indian Citizen or a person referred to in
subclause (a) or (b) above
B. For investment in immovable property
An individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or
Afghanistan or China or Iran or Nepal or Bhutan) who
- at any time, held Indian Passport; or
- who or either of whose father or whose grandfather was a citizen of India
by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)
|
