FAQ @ NRI
Who is an NRI ?
Under the Foreign Exchange Management Act, 1999, Non-resident Indians are:
- Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an uncertain period of stay abroad; OR,
- Government servants who are posted abroad on duty with the Indian Mission and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; OR,
- Government servants deputed abroad on assignments with foreign government or regional/international agencies like the World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP); OR, 4. Official of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
A bank of answers regarding Reserve Bank of India regulations governing acquisition of immovable property in India by NRIs.Read More