WHAT IS THE MEANING OF NON RESIDENT INDIAN (NRI) UNDER FEMA

Query : WHAT IS THE MEANING OF NON RESIDENT INDIAN (NRI) UNDER FEMA

Ans      : As per recent changes in the month of March ,2018 ,the definition of NRI changed . NRI means a person resident outside India ,who is citizen of India . Earlier who is foreign citizen but Indian origin was also considered as NRI . In view of changing in the definition ,now Indian origin but holding foreign citizenship has to secured Overseas Citizen of India Card to qualify as NRI . By securing OCI card under section 7(A) of Citizen Act 1955 , Foreign Citizen of Indian origin becomes Non Resident Indian . Earlier without holding OCI card merely showing documents of roots of Indian origin were considered as sufficient proof to establish as NRI . This compels foreign citizen of Indian Origin to secured OCI card and claim eligibility for permissible investment under NRI category . Merely holding Indian Visa is not sufficient to qualify as NRI.