1. Who is NRI?

As per FEMA-(i)  “A person who has gone out of India or who stays outside India for the purpose of employment or carrying on business or vocation outside India or any other circumstances which indicate his intention to stay outside India for an uncertain period.”
           (ii)  “A person resident outside India who is either a citizen of India or a person of Indian Origin".  
          A "Person Resident outside India" is simply put as "A person who is not Resident in India."

           Person of Indian Origin [PIO]: includes a person, being a citizen of any country other than     Pakistan and Bangladesh who:
       i). held an Indian Passport at any time, or;
       ii).himself or either of his parents or any of his grandparents were citizens of India, or; 
      iii).is a spouse of an Indian citizen, or;
      iv).is a spouse of a person covered under (i) or (ii) above.
Recently RBI has clarified that students studying abroad also be treated as NRIs under FEMA and accordingly be eligible for foreign investments and NRE/FCNR accounts.

As per Income Tax Act-(1) RESIDENT
An individual is resident if any of the following conditions are satisfied:
(i) He stayed in India for 182 days or more during the previous year, or
(ii) he stayed in India for 365 days or more during the four preceding years and stays in India for at least 60 days 9 182 days in case of an Indian citizen or a person of Indian Origin coming on a visit to India or 182 days in case of an Indian citizen going abroad for an employment) during the previous year.

a. Stay in India for the above criteria may be continuous or intermittent.

b. Hindu Undivided Family (HUF) or firm or other Association of persons is resident of India except in cases where the control and management of its affairs is wholly situated outside India in the previous year

c. A company is resident in India if-

i) It is an Indian company, or

ii) During the previous year, the control and management is situated wholly in India.

iii) A person resident in India, in a previous year in respect of any source of income shall be deemed to be resident in India in respect of his other sources of income.

(2) Non-Resident
A person is non-resident if he is not resident in India.

(3) Resident but not ordinarily resident
An individual or an HUF is treated to be not ordinarily resident in India in any previous year if he or the manager of HUF-

  1. has not been resident in India in 9 out of 10 previous years preceding the previous year; or
  2. has not during the seven previous years preceding that year, been in India for a period of or periods amounting in all to 730 days or more.
  3. Thus according to condition in clause (a) a newcomer to India would remain not ordinarily resident in India for the first 9 years of his stay in India. Similarly, in case where a person who is resident in India goes abroad and ceases to be resident in India for at least 2 years, he would upon his return, be treated as, not ordinarily resident for the next 9 years.

2. What are activities requiring FEMA/RBI/IT Compliances for NRI’s?

  • NRI-Bank Accounts
  • Investment In Shares/Convertible Debentures On Repatriation Basis
  • Investment In Shares/Convertible Debentures On Non-Repatriation Basis
  • Investment Under Portfolio Investment Scheme
  • Purchase Of Immovable Property In India
  • Remittance Of Funds/Assets Outside India
  • Import Of Foreign Currency
  • Compounding Of Offences
  • Tax Free Income Under FEMA/IT
  • Capital Gains By NRI’S
  • Tax/Tds For NRI’S
  • Double Tax Avoidance Schemes For NRI’S

3. Documents Required?

  1. Copy of address proof of NRI.
  2. Copy of PAN card of NRI
  3. Copy of memorandum of company (In case of Company)
  4. Other Documents requirements varies case to case basis.

4.Time Required for Compliances?

Requirement of Time will vary depending upon the work needs to be accomplished.

5. Pricing ?

For Pricing and other details Click  


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