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Who is NRI/PIO ?  >>

NRI

 
Who is a 'Non-Resident Indian'?
Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin.
   
Who is a resident outside India?
The term resident outside India as defined by Section 2(w) of Foreign Exchange Management Act 1999 means a person who is not resident in India.
   
Who is a person resident in India (For individuals only)?
Section 2(v) of Foreign Exchange Mangement Act 1999 defines 'person resident in India' as a person residing in India more than one hundred and eighty two days during the course of the preceding financing year but does not include:
   
 1. A person who has gone out of India or who stays outside India, in either case,
(a) for or on taking up employment outside India, or
(b) for carrying on outside India a business or vocation outside India, or
(c) for any purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.
   
 2. A person who has come to or stays in India, in either case, otherwise than:
(a) for or on taking up emplyments in India, or
(b) for carrying on in India a business or vocation in India, or
(c) for any other purpose in such circumstances as would indicate his intention to stay in India for an uncertain period.
   
From the above definition inference can be drawn that a non-resident means a person who has gone out of India or stays outside India in either case.
   
1.  for or taking up employment or for carrying on business or vocation outside India or
   
2.  for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.
   
Temporary visits to India for tourism, travel etc. by non-resident will not effect his non-resident status. Similarly, residents going abroad on business trips, medical treatment, tourism, education etc. shall continue to be treated as person resident in India during their termporary stay abroad. Check your eligibility for opening an NRE / NRO /FCNR/ RFC account as a Non-Resident Indian. In case you fulfil the conditions, please read instructions regarding 'How to open the account' and 'Modes of remittance' of funds before downloading Account Opening Form.
 

PIO

   
A. For the purposes of borrowing and lending in rupees, deposits, remittance of assets and transfer or issue of security by a person resident outside India: Person of Indian Origin means a citizen of any country other than Pakistan or Bangladesh, if,
   
1. He, at any time, held an Indian passport,
2. He or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955),
3. The person is a spouse of an Indian Citizen or a person referred to in sub clause (1) or (2)
   
B. For the purpose of investments in firm or proprietary concern in India:
   
C. Person of Indian Origin means a Citizen of any country other than Pakistan or Bangladesh or Sri Lanka, if,
   
1. He, at any time, held an Indian passport,
2. He or either of his parents or any of his grand parent was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955),
3. The person is a spouse of an Indian citizen or a person referred to in sub clause (1) or .
   
D. For acquisition and transfer of immovable property in India:
  Person of Indian Origin means an Individual (not being a citizen of Pakistan or Bangladesh or SriLanka or Afganistan or China or Iran or Nepal of Bhutan) who
   
1. He, at any time, held an Indian passport,
2. 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).
   
  Check your eligibility for opening an NRE / NRO / FCNR / RFC account as a Non-Resident Indian (Person of Indian Origin). In case you fulfil the conditions, please read instructions regarding 'How to open the account' and 'Modes of remittance'  of funds before downloading Account Opening Form.