Who is NRI
As per Definition of NRI of Regulation 2(vi) of FEMA “A Person who is Indian resident (in other words who is a citizen of India) but presently residing outside India, or is a person of Indian origin is NRI”
Indian citizens working abroad on assignment with Foreign Governments, Govt. agencies or in UNO and its affiliates IMF,IBRD etc. and Govt. officials (both central and state) and other officials of PSU's deputed abroad on assignments or posted abroad including Diplomatic Missions are also NRI
Indian Students studying abroad are also treated as NRIs provided their stay abroad is for more than 182 days in the preceding financial year and their intention to stay outside India for an uncertain period when they go abroad for studies
Non-resident foreign citizens of Indian origin are treated on par with NRI citizens for the purpose of certain facilities
Indian citizens working abroad on assignment with Foreign Governments, Govt. agencies or in UNO and its affiliates IMF,IBRD etc. and Govt. officials (both central and state) and other officials of PSU's deputed abroad on assignments or posted abroad including Diplomatic Missions are also NRI
Indian Students studying abroad are also treated as NRIs provided their stay abroad is for more than 182 days in the preceding financial year and their intention to stay outside India for an uncertain period when they go abroad for studies
Non-resident foreign citizens of Indian origin are treated on par with NRI citizens for the purpose of certain facilities
Apart from above, the following category of persons is also classified NRIs:
Person of India Origin For the purpose of investment in India in immovable property, a person of Indian origin means an individual (other than a citizen of Bangladesh, Pakistan and Sri Lanka) Indian Citizen As per Indian Citizenship Act, 1955, a person acquires citizenship of India by the following:
1. By Birth: A person who is born in India
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2. By Descent (Heritage): A person born outside India
3. By Registration: If the father is a citizen by descent, the birth of child must be registered
with Indian Consulate within one year for treating him citizen by descent.
4. By Naturalization: A foreign citizen may apply for citizenship of India
5. By Annexation: When country annexes a territory which hitherto was not considered territory of India, citizen staying in such territory automatically become citizen of India.
Who is not an NRI?
Indians who go abroad for either of the following purposes
Tourism, Undertaking business promotion
To receive/ impart training
Obtaining medical treatment
Participating in sports or cultural activities
Indians or persons of Indian Origin residing in Nepal/Bhutan/Pakistan/Bangladesh
Crew members working for Shipping/Airlines Companies posted inIndia and those companies whose registered offices are in India
Indians who go abroad for either of the following purposes
Tourism, Undertaking business promotion
To receive/ impart training
Obtaining medical treatment
Participating in sports or cultural activities
Indians or persons of Indian Origin residing in Nepal/Bhutan/Pakistan/Bangladesh
Crew members working for Shipping/Airlines Companies posted in
Who is a Person of Indian Origin: FEMA 5 Regulation 2(XII)?
For the purposes of availing of the facilities of opening and maintaining bank accounts and investments in shares/securities in India,
a citizen (other than a citizen of Pakistan or Bangladesh) is a PIO if He at any time held an Indian passport
Or
He or either his/ her parents/any of his/ her grandparents was a citizen of India by virtue of the Constitution of India or 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). Definition of an Overseas Corporate Bodies (OCBs)
Regulation 2(xi) of FEMA 5
OCBs are companies, partnership firms, societies and other corporate bodies which are owned directly or indirectly to the extent of at least 60 per cent by non-resident Indians and include overseas trusts in which not less than 60 per cent of the beneficial interest is held by non-resident Indians directly or indirectly but irrevocably.
OCBs are not permitted to open NRE /FCNR
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