Who is an NRI (for the purpose of FEMA)?
Section 2(V) & 2(W) of FEMA 1999 defines person resident in India & person resident outside India. According to Section 2(V) of FEMA, 1999 person resident in India means: (i) A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include: (A) A person who has gone out of India or who stays outside India, in either case: (a) for or on taking up employment outside India, or (b) for carrying on outside India a business or vocation outside India, or (c) for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period; (B) A person who has come to or stays in India, in either case, otherwise then: (a) for or on talking up employment in India, or (b) for carrying on outside in India a business or vocation outside India, or (c) for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period; (ii) Any pe
Related Questions
- Can NRIs obtain loans for the acquisition of a flat for residential purpose from authorized dealers / financial institutions providing Housing Finance?
- Can a NRI purchase securities in the secondary market? What are the approvals required in the new FEMA rules?
- What is the purpose of a FEMA Elevation Certificate?
