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Who Are NRIs (Non Resident Indians)?

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Who Are NRIs (Non Resident Indians)?

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Non-sresident Indian is an Indian citizen who resides permanently outside India. In other words NRI means an Indian citizen who has migrated to another country for different purposes such as for employment or carrying Business. Categories of NRI’s generally there are three main categories of NRI:- (1) Indian citizens carrying business outside the India or who stay abroad for employment (2) Indian citizens living abroad on assigning with foreign government agencies like UNO (United nation organization ) The NRI or PIO (Person of Indian origin) across the world are estimated over 20 million Provision regarding resident and nonresident under two Acts:- There are two different acts which decide the status of person regarding resident or nonresident. 1 income tax act (I T Act 1961) 2 Foreign exchange regulation act (FERA 1973) Under income tax act it is determined on the basis of number of day one stays in India. While under the FERA 1973, it is decided on the basis of intention of the pers

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