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NRI Corner
Who is an NRI (Non-Resident Indian)?
A Non Resident Indian (NRI) as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.
A Person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh or Sri Lanka
Who
- At any time held an Indian Passport,
- He or any of his parents or grand parents was a citizen of India,
- Is a spouse of an Indian Citizen or a person referred to above.
For more information on Buying a Selling a property by an NRI, please logon to http://www.rbi.org.in/Scripts/FAQView.aspx?Id=33
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