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DEFINITION OF NON RESIDENT INDIAN (NRI) |
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The Foreign Exchange Management Act (Deposits) Regulations 2000, state that a Non Resident Indian (NRI) as a person should be: |
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- Resident outside India.
- A citizen of India, or a Person of Indian Origin.
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As per the Foreign Exchange Management Act 1999, a Non Resident Indian or a NRI has been defined as an Indian Citizen who stays abroad for the purpose of employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad. |
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The definition also includes: |
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- Indian citizens who are deputed abroad on assignments of the foreign government agencies or world organizations such as the United Nations Organization, the International Monitory Fund, and the World Bank, etc.
- Officials of the central and state government(s), and public sector units on deputation abroad on temporary assignments or posted to their offices, including the Indian diplomat missions abroad.
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A Person Of Indian Origin (PIO) can be defined as a foreign citizen (other than a citizen of Pakistan or Bangladesh), who is deemed to be of Indian origin, if, |
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- He, at any time, held an Indian passport, or
- He or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955.
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A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also treated as a person of Indian origin for the above purposes provided the bank accounts are opened or investments in shares/securities in India are made by such persons only jointly with their NRI / PIO spouses. |
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Non Resident Indians become residents of India when they return to India for employment or for carrying on any business or vocation or for any other purpose indicating a definite intention to stay in India for an indefinite period. |
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However, during their short visits to India for holidays or business, non-residents are not to be regarded as persons ordinarily resident in India. |
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