An Indian staying abroad for a quite time is
popularly known as NRI and family having such member feel proud in our society but I am not here to discuss social prospective of the NRI, I will try to throw a light on the legal prospective.No doubt, Person having NRI status has some privileges over
other but there are some restrictions also. Here I am going start a series just
to sum up the related provisions in the different law & regulation which may be useful, however it
should be kept in mind that this series is an insight of the provisions which have
been compiled on the basis my various readings in the time and no decision should not be taken just on the basis of this material.
1. Who is NRI ?
NRI is legally defined in Foreign Exchange Management Act,1999 (in short FEMA), and in Income Tax Act, 1961 but both Acts have their own approach and purpose and definition of one Act cannot be applied for the other Act.
1. Who is NRI ?
NRI is legally defined in Foreign Exchange Management Act,1999 (in short FEMA), and in Income Tax Act, 1961 but both Acts have their own approach and purpose and definition of one Act cannot be applied for the other Act.
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