NRI Section
An Indian Citizen who stays abroad for employment/ carrying on business or occupation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Persons posted in UN organizations and officials deputed abroad by Central/State Governments and public Sector undertakings on temporary assignments are also treated as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs) for the purpose of certain facilities.The Reserve Bank of India has allowed NRIs to use their foreign currency assets which have been earned and accumulated by them lawfully while they were resident outside India. The RBI has granted general exemption to them from the requirement of surrendering foreign exchange and income there on, in any currency (other than the currency of Nepal or Bhutan): -
acquired by them lawfully i.e. without contravention of FERA, 1973, while they were resident outside India, and/or through employment, business or vocation outside India, taken up or commenced while they were residing outside India provided that they were resident outside India for a continuous period of not less than one year.
