Who is an NRI/PIO?

NRI/PIO as per guidelines
NRI/PIO as per guidelines

Are you an NRI as per the definition given by RBI?

 

NRI  is defined as a person resident outside India who is citizen of India.

In terms of Regulation 2 of FEMA Notification No.13 dated May 3, 2000, Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India.

 

Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had

(a) at any time held Indian passport or

(b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 or

(c) the person is a spouse of an Indian citizen or a person referred to in (a) or (b).

 

Income Tax Definition

‘Non-resident Indian’ is an individual who is a citizen of India or a person of Indian origin and who is not  residing in India. Thus, in order to determine whether an Individual is a non-resident Indian or not, his residential status is required to be determined under Section 6. As per section 6 of the Income-tax Act, an individual is said to be non-resident in India if he is not a resident in India and an individual is deemed to be resident in India in any previous year if he satisfies any of the following conditions:

 1.  If he is in India for a period of 182 days or more during the previous year; or

 2.  If he is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.

However, condition No. 2 does not apply where  an individual being citizen of India or a person of Indian origin, who being outside India, comes on a visit to India during the previous year.

A person shall be deemed to be of Indian origin if he, or either of his parents or any of his grand-parents, was born in undivided India.

http://www.incometaxindia.gov.in/Pages/non-resident-indian.aspx

Recommended : http://www.oracleinvestor.com/category/nri/

Hope this post helps clear your doubts.

Cheers!

[wpsr_facebook]

Leave a Comment

Social Media Integration by Acurax Wordpress Developers
Visit Us On FacebookVisit Us On TwitterVisit Us On Google PlusVisit Us On LinkedinVisit Us On Youtube