NRI's - FAQ's
Who is a Non Resident Indian?
Section 2 of the Foreign Exchange Management Act, 1999 (FEMA) deals with various definitions. It defines a person resident in India and a person resident outside India. However,
it does not define the term non-resident nor it does define the term Non Resident Indian (NRI).
However, Notification No. 5/2000-RB (dealing with various kinds of Bank Accounts) defines
the term Non Resident Indian (NRI) to mean a person resident outside India who is either a
citizen of India or is a person of Indian origin. In short, the definition of the term NRI is
contextual and can have slightly different connotations for FEMA/Income Tax/Acquisition
of Immovable Property etc.
Who is a Person of Indian Origin (PIO)?
1. For the purposes of availing of the facilities of opening and maintenance of
bank accounts and investments in shares/securities in India;
Person of Indian Origin means any person:
a) who at any time, held an Indian passport; or
b) he/she or either of his/her parents or his/her grandparents was a citizen of India by virtue
of the Constitution of India or the Citizenship Act, 1955(57 of 1955) or
c) the person is a spouse of an Indian citizen or a person referred to in clause (a) or (b) above. ...More...