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Non-Resident Indian Under FEMA, 1999
The Foreign Exchange Management (Deposit) Regulations, 2000 and FEM (Investment in Firm or Proprietary concern in India) Regulations, 2000 defines a Non Resident Indian as a person resident outside India who is a citizen of India or is a person of Indian Origin.
Thus, to qualify as a non- resident Indian, a person should be :
(1) Resident outside India; and
(2) A citizen of India or a person of Indian Origin
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Non-Resident Under FEMA, 1999
Section 2(w) of FEMA,1999 defines a person resident outside India as a person who is not resident in India. A person resident in India is defined in Section 2(v) as under:
- 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
(1) for or on taking up employment outside India, or
(2) for carrying on outside India a business or vocation outside India, or
(3) 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
(1) for or taking up employment in India, or
(2) for carrying on in India a business or vocation in India, or
(3) 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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