Global Invest

RESIDENT DEFINITION UNDER FEMA 1999

“Person resident in India” means-

i) 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) 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 outside or

for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;

B) 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 India, or
for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;

ii) any person or body corporate registered or incorporated in India,

iii) an office, branch or agency in India owned or controlled by a person resident outside India;

iv) an office, branch or agency outside India owned or controlled by a person resident in India.