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| NRIs
- Definition |
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| NRIs Definition under
FERA |
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NRI refers to Indian citizens who
stay abroad for employment, business, and vacation or
under circumstances indicating his/ her intention for
an uncertain period. This includes
Indian citizens if deputed abroad
by public sector undertaking, UN etc.
Officials of center and state government
on deputation abroad.
For the purpose of opening and maintaining of bank account
and disinvestment in shares/ securities in India, a foreign
citizen (other than a citizen of Pakistan or Bangladesh)
is deemed to be of Indian origin if, |
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He/ she at any time in India held a passport.
He or either of his parents/ grandparents was citizen
of India.
The spouse (not being a citizen of Pakistan or Bangladesh)
of a person of Indian origin, for the purpose.
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| NRI under IT Act |
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The total stay of a person in India
determines the status of a NRI under IT act. Accordingly
his total stay has to be planned and the stay should
not exceed the limits specified below.
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| Condition |
Max
permitted period in India during Apr1-Mar31 |
| i) General
Rule (days in the previous year) |
60 Days |
| ii) If
a person has not stayed beyond 365 days in the preceding
four years |
182 days |
| iii) During
a year for employment purpose abroad, only for Indian
citizens. |
182 days |
| iv) If
on an Indian ship as per the merchant shipping act, only
for Indian citizen. |
182 days |
| v) Visits
to India for Indian citizens and persons of Indian origin. |
182 days |
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| Other
persons - Residential status |
| A person is treated resident
in India if the control and management of the affairs
are not done wholly outside India. |
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