NRI account a non Resident india (NRI) as per india foreign exchange management act 1999 FEMA is an indian citizen or foreign national of india origin resident outside india for purpose of empolyment carriying on business or vocation in corcumstance as would indicate an intention to stay outside india for an identifinite period an individual will also be cosiderd NRI if his stay in india is less than 182 days during the preceding financial year
FEMA considerd financial year to be 1st April to 31st March though there is no explicit definition of the same FEMA definition of NRI is primarily for foreign exchange control purpose
as per income tax act a person is resident who has stayed equal to or more than 182 days of current financial year in india or if he stayed in india for 60 days or more in pervious financial year and 365 days or more in four years before that financial year under consideration as per section 6 of the income tax act if a person dosent satisfy above condition for a resident than such a person such a person is an NRI non resident indian
ordinary speaking a NRI is a person who goes abroad
- for employement
- to conduct business
- to practoce a vocation
- on deputation from govenment
- for studies
- as a sailor on a foreign shipping company for any other purpose for identify period of stay*
following will not be considerd a NRI even if they fulfill the condition pertaining to stay in india
- sportsperson who have gone for training
- patients gone for medical treatment
- person gone abroad on tourist visa
- individuals working for Airliners shipping companies registered in india
WHO IS A PIO PERSON OF INDIA ORIGIN
A PERSON who is not a citizen of india is deemand to be of indian origin if he is not a citizen of pakishtan or bangladesh and if
he at any time held and indian passport or
he or either of his parents or any of his grandparents was a citizen of india by virtue of the constitution of indiaa oe citizenship act 1955
28.368 SRY