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NRI — Non-Resident Indian
NRI Full-Form refers to Non-Resident Indian. An NRI is an Indian citizen who has temporarily left India and has gone to another nation for a period of six or more months for purposes like education, residence or employment. The NRIs still holds their Indian Passport. There are three main categories of the non-resident Indians. The first category belongs to those citizens of India who staying abroad either for employment or to carry on a vacation or a business under conditions that indicate an indefinite staying duration.
The second categories include those Indian citizens that are working in foreign nations due to their assignment with the government agencies of that nation like UNO or United Nations Organization, World Bank, IMF or International Monetary Fund, etc. The third category consists of the officials of the Public Sector, State or the Central Government that have undertaken a temporary assignment in a foreign nation or are posted in foreign offices like the diplomat missions.
There are two separate acts that help in deciding a person’s residential status. The first act is the II Act or the income Tax Act passed in the year 1961. The second one is the FERA. or the Foreign Exchange Regulation Act passed in the year 1973. The concept pertaining to non-residence is different when compared to that of the II Act. The person’s residential status, under the II Act, is based on the number of days that a person stays in this country. The person’s intention of being in India or outside it forms an important factor under FERA. for determining the person’s residential status.
According to the latest survey of the United Nations on the global migration trends in the year 2015, the population of India living abroad is the biggest throughout the world. India is followed by Russia and Mexico. As of the year 2015, sixteen million Indian citizens were living outside the nation. The same was six million in the year 1990.