What is the time limit to stay outside India for NRI under FEMA?
As per the FEMA act, you can be considered as a non resident Indian if you have stayed outside India for a minimum period of 182 days in one financial year or for a minimum period of 365 days in 4 immediately preceding financial years.
A non-resident Indian (NRI) is basically an Indian living abroad. However it might refer to people who are non-residents but are Indian Citizens residing outside India as well as foreign citizens of Indian origin who reside outside the country.
According to FEMA and the Income Tax Act, any person living outside India is an NRI. However, a person in India, is a resident when he or she is in the country for more than 182 days of a fiscal year. An NRI on the other hand is someone who:
has been out of India or who stays outside India for:
o Employment outside India
o Conducting a business or vocation outside India
o Circumstances under which an individual has to stay outside India for an uncertain period
is a person who has come to or stays in India, for:
o Employment in India
o Conducting a business or vocation in India
o Circumstances under which an individual has to stay in India for an uncertain period
Corporate or body incorporated or company registered in India
Office, agency or branch in India with ownership or control lying with a person who is residing outside India
Office, agency or branch outside India with ownership or control lying with a person who is residing in India
Persons who have come to or stay in India for reasons other than the one mentioned above.
According to the ITA a period of absence is 182 days or more for considering one as a NRI but according to FEMA the period is defined any number of days over 182.
Looking for a NRI Personal Loan? Click here.