Who is a Non-resident Indian ?
A non-resident Indian means a person resident outside India who is an Indian citizen on a person of India origin. A person is considered to be of Indian origin, if heat any time held an Indian Passport or hereafter of his parents or any of grandparents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 or the person is spouse of an Indian Citizen or person referred above. As per section 2(v) of FEMA, Person resident in India means a person residing in India for more than 182 days during the course of preceding financial year. It does not include a person who has gone out of India or who stays outside India for employment outside India or carrying on 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 will be considered as Resident of India only if – He has come for taking employment in India or – For
Under the Foreign Exchange Management Act of 1999, Non Resident Indians are defined as follows: a) Non Resident Indian means an individual being a citizen of India or a person of Indian origin (not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who is not a resident. Explanation: A person is deemed to be of Indian origin if he/she or either of his/her parents or any of his/her grand parents was born in undivided India. Do non-resident Indian citizens require permission of Reserve Bank to acquire residential property in India? No. In what manner the purchase consideration for the residential immovable property should be paid by Non-resident Indians holding Indian passport under the general permission? Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO Account or out of NRE Account or out of FCNR Account.
An Indian Citizen who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisation and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non- residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).
Related Questions
- In case a resident Indian become a non-resident, will he/she be required to change the status of his/holding from Resident to Non-Resident ?
- In case a resident Indian become a non-resident, will he/she be required to change the status of his holding from Resident to Non-Resident?
- When a resident becomes non-resident Indian, what happens to his existing bank account in India?
