who is an nri?
Who is a Non Resident Indian (NRI)?
Non Resident Indian (NRI) means a person who has gone out of India or who stays outside India, in either case for or on taking up employment outside India, or for carrying on outside India a business or vocation outside India, or for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period. Simply, it means a person resident outside India who is a citizen of India or is a Person of Indian Origin.
Who is a Person of Indian Origin (PIO)?
- For the purposes of availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India,
Person of Indian Origin means any person:- who at any time, held an Indian passport; or
- he/she or either of his/her parents or any of his /her grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955(57 of 1955) or
- the person is a spouse of an Indian citizen or a person referred to in clause (a) or (b) above.
- For investments in immovable properties;
Person of Indian Origin means an individual (not being a citizen of Pakistan or Bangladesh or Afghanistan or Bhutan or Sri Lanka or Nepal or China or Iran):- who at any time, held an Indian passport or
- who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
What are the various facilities available to NRIs?
NRIs are granted the following facilities:
- Maintenance of bank accounts in India.
- Investment in securities/shares of, and deposits with Indian firms/companies.
- Investments in immovable properties in India.
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