Untitled Document
NON RESIDENT ACCOUNTS |
The ECM - RBI directives are covered in three
different chapters of ECM in force, viz.,
Chapter … 13 " Rupee Accounts of Non Residents
(other than Banks)", and
Chapter … 14 "Foreign Currency Accounts in
India".
Chapter… 21 "Deposits".
Chapter… 22 "Foreign Currency Accounts by
a Person Resident in India
The definition of "Non-Resident" has been
redefined under FEMA-1999. There has been drastic changes appearing in
the section under FEMA, important being : |
| Person
Resident in India : |
-
Section 2 v of FEMA-1999, defines the
term person resident in India, which covers following categories of
persons :
- A person residing in India for more
than 182 days during the course of the preceding financial year
but does not include :
- 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 vacation outside India, or
- For any other purpose in
such circumstances as would indicate his intention to stay
outside India for an uncertain period;
- A person who has come to or stays
in India, in either case, otherwise than :
- For or on taking up employment
in India, or
- For carrying on in India
a business or vocation in India, or
- For any other purpose, in
such circumstances as would indicate his intention to stay
in India for an uncertain period;
- Any person or body corporate registered
or incorporated in India;
- An office, branch or agency in India
owned or controlled by a person resident outside India,
- An office, branch or agency outside
India owned or controlled by a person resident in India.
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| Person Resident outside India
: |
Section 2 w of FEMA 1999 defines a Person
resident outside India as a person who is not resident in India;
Non-resident Indians generally fall under
one of the following broad categories :
- Indian citizens who stay abroad for employment
or
- for carrying on a business or
- vocation or
- for any other purpose in circumstances
indicating an indefinite period of stay outside India.
(Note : Indian citizens working abroad on
assignment with Foreign Governments, Government Agencies or International
/ Regional Agencies like United Nations Organisations (UNO) and its affiliates,
IMF; IBRD, etc., and Government officials (both State and Central) and
other officials of public sector undertakings deputed abroad on assignment
or posted abroad (including Diplomatic Missions) are non-resident Indians. |
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