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Being a Non-Resident Indian (NRI) is tough. Time and again, you come across different definitions that tend to confuse you. Also, there are amendments and interpretations that can make it all a bit more complex. So, in this category find the definitions of the basic terms that you will come across in the overall understanding of being an NRI.
Starting with the definition of NRI. It has been defined under Foreign Exchange Management Act (FEMA, 1999) & Income Tax Act (1961)
Non-Resident Indian (NRI) as per FEMA or Foreign Exchange Management Act is a person who has gone out of India or stays outside the country for the purpose of employment, business, vocation (occupation for which an individual is trained) or any other circumstances indicating his/her intention to stay outside India for an uncertain period of time (job or assignments where you don’t know when you will return to India).
“Non-Resident Indian” is also covered under the regulations of FEMA as “A person residing outside India who is either a citizen of India or a Person of Indian Origin (PIO)
RBI has also mentioned that students studying abroad will also be treated as NRI under FEMA and will be eligible for foreign investments and NRE/FCNR accounts.
According to Income Tax regulations, a citizen will be a resident of India in the previous year, if:
Case 1: Consider you were in India for 207 days in 2019, then you are a resident of India for 2019.
Case 2: Say, you were in India for 70 days in 2019, then you fail the first criteria! But you were in India during the entire time span of 2014-2018. Then you are a resident of India in spite of not being in the country for at least 182 days in 2019.
The individuals not satisfying the two cases mentioned above will be treated as Non-Resident Indians (NRIs) according to the Income Tax Regulations.
1. PIO: PIO or Person of Indian Origin; is a person with foreign citizenship who has an Indian origin. The factors that define the term “Indian Origin” are:
Foreign Citizenship in case of a Person of Indian Origin will not include citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan.
PIO is associated with the citizenship of an individual and not his/her residence.
2. OCI: OCI refers to Overseas Citizen of India which can be simply understood as the status given to people with a foreign citizenship who are granted with certain rights and freedoms that the citizens of India and NRIs enjoy except the following rights: voting rights, candidature in various houses of government, constitutional posts such as President, Supreme Court Judge etc. government employment, acquisition of agricultural or plantation properties.
OCIs or Overseas Citizens of India are entitled to multiple benefits under the OCI Card Scheme (Mandatory scheme for OCIs to enroll for an OCI card to enable entry in the country with or without their foreign passports); the eligibility criteria are as follows:
OCIs have the permission to work indefinitely in India. The increased demand for dual citizenship (holding passports of two different countries) in India resulted in the introduction of the OCI Card. Citizens of countries allowing dual citizenship can apply for an OCI card in India.
Application for OCI Card is available on https://ociservices.gov.in/
On 9th January 2015, PIO Card Scheme (issuing of Cards to Persons of Indian Origin to allow visa-free travel to India) was withdrawn by the Government of India and has been merged with the OCI Card Scheme.
The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunications. Established in 1973 by 239 banks from 15 countries, SWIFT is a global network connecting banks and financial institutions around the world to communicate messages about money transfers among member institutions in a safe and secure way.
here is debate and confusion around the terms NRI, PIO and OCI. With increasing globalization the frequency of the usage of these terms is only increasing. What exactly do they mean ? How exactly are they different from each other ? These terms also lead to specific guidelines and rules regarding services in India. We are here to clarify the NRI meaning and Indian insurance services for NRIs.
Citizen and permanent resident are terms that come up in conversation frequently. People discuss the benefits and advantages of a permanent residency or citizenship. They also deliberate about what exactly differentiates the two. In a globalized world, it is only natural that these technicalities become of utmost importance. We are going to answer the above questions and provide comprehensive information on the difference between citizens and permanent residents in the United States.
NRE or NRE account full form is Non-Resident External account. It is a kind of NRI bank account opened by Non-Resident Indians (NRIs) to park their foreign earnings or send money to their loved ones in India. An NRE account offers several benefits for NRIs and OCI cardholders.
Immigrant, expat and migrant are all words used to describe people who leave their homes or country for another place to live or work, either temporarily or permanently. Undoubtedly certain groups and demographics are referred to and perceived as much more privileged than others. Country of birth seems to play a big part in how the group or demographic is perceived. There is some confusion between the various terms used. In this piece - Immigrant vs Expat - we will proceed to clarify subtle nuances of the meaning of each word.
An individual who has or had roots in India but lives overseas is categorized as an NRI or PIO or OCI. While an NRI is a residential status given to a citizen of India with an Indian passport who is living abroad for the purpose of work, business or education, PIOs and OCIs are foreign nationals of Indian origin. There are several points of similarity between PIO and OCI cardholders and are misunderstood by a large number of people. However, there are marked differences between them. In this article, we will do a clinical analysis of PIO vs OCI cardholders.
Foreign Exchange Management Act, popularly known as FEMA, was introduced in 1999 to replace the Foreign Exchange Regulation Act (FERA), 1973. FEMA, 1999 was formulated to consolidate and amend the law concerning foreign exchange with the objective of facilitating foreign trade and payments and hence several economic reforms were introduced under the Act. What is FEMA (Foreign Exchange Management Act) is asked by many people. Let’s go through the objectives of FEMA, as well as features and provisions of FEMA Act 199.
A seafarer or merchant navy worker is someone who works for a shipowner to do ship service on the sea. Work performed by seafarers includes assisting as a crew member in the operation and maintenance of ships as part of his/her contractual employment.
GWF (Global Web Form) number is a unique serial number or reference number that is issued when you first apply for a UK visa. You can get it from your online appointment record like on emails, or letters from the Home Office about your UK visa application. You get the number as soon as you make the payment and submit the application online. If you don’t apply for a visa online, your details are pending in the immigration system and you will need the GWF number to book an appointment.