Law
This query is : Resolved
13 July 2012
Defintion of Person Resident in India(PRI) and a Person Resident Outside India (PROI) under FEMA
Residents & non-residents are defined under the Act as Person Resident in India (PRII) and Person Resident Outside India (PROI). The definition of “Person resident in India” is different under FEMA from that under the Income Tax Act. Section (2)(v) of the FEMA define the “Person Resident in India” (PRII) as
a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include
a person who has gone out of India or who stays outside India, in either case
for or on taking up employment outside India, or
for carrying on outside India a business or vocation out-side India, or
for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
a person who has come to or stays in India, in either case, otherwise than
for or on taking up employment in India, or
for carrying on in India a business or vocation in India, or
for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;
any person or body corporate registered or incorporated in India,
an office, branch or agency in India owned or controlled by a person resident outside India,
an office, branch or agency outside India owned or controlled by a person resident in India;
Section (2)(w) of the FEMA defines “Person resident outside India” (PROI) as a person who is not a resident in India
A PROI may invest in India in any of the following ways
Investment in the securities of a company incorporated in India (Notification 20)
Establishment of branch or liaison office in India (Notification 22)
Investment in the partnership business in India (Notification 24)
Investment in immovable properties in India (Notification 21)
Granting of loans and overdrafts to person resident in India (Notifications 3 & 4)
Investment in fixed deposits or bank account in India (Notification 5)
Residents & non-residents are defined under the Act as Person Resident in India (PRII) and Person Resident Outside India (PROI). The definition of “Person resident in India” is different under FEMA from that under the Income Tax Act. Section (2)(v) of the FEMA define the “Person Resident in India” (PRII) as
a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include
a person who has gone out of India or who stays outside India, in either case
for or on taking up employment outside India, or
for carrying on outside India a business or vocation out-side India, or
for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
a person who has come to or stays in India, in either case, otherwise than
for or on taking up employment in India, or
for carrying on in India a business or vocation in India, or
for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;
any person or body corporate registered or incorporated in India,
an office, branch or agency in India owned or controlled by a person resident outside India,
an office, branch or agency outside India owned or controlled by a person resident in India;
Section (2)(w) of the FEMA defines “Person resident outside India” (PROI) as a person who is not a resident in India
A PROI may invest in India in any of the following ways
Investment in the securities of a company incorporated in India (Notification 20)
Establishment of branch or liaison office in India (Notification 22)
Investment in the partnership business in India (Notification 24)
Investment in immovable properties in India (Notification 21)
Granting of loans and overdrafts to person resident in India (Notifications 3 & 4)
Investment in fixed deposits or bank account in India (Notification 5)
13 July 2012
Thank you Divya...
Can u please tell me when we will see above four condition...In preceding f.y. or current f.y???
Can u please tell me when we will see above four condition...In preceding f.y. or current f.y???
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
