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Non-Resident Indian (NRI)
A Non-Resident Indian is termed as a "person resident outside India". Clause 2(W) of FEMA 1999 indicates that "A person resident outside India" means a person who is not resident in India. Clause 2(V) of FEMA 1999 defines a "Resident" as follows:
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- A person residing in India for more than 182 days during the preceding FY but does not include:
- 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.
- A person who has come to or stays in India in either case, otherwise than
- for or taking up employment in India, or
- for carrying on in India a business or vocation in India, or
- for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
- Any person or body corporate registered or incorporated in India,
- An office, branch or agency in India owned or controlled by a person resident outside India,
- An office, branch or agency outside India owned or controlled by a person resident in India.
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