Full Form of NRI | NRI Full Form | What is NRI | About NRI
Full Form of NRI is Non-Resident Indian: A Non-Resident Indian (NRI) one who is an Indian citizen but has migrated to a different country. Reasons behind his migration could also be work, education, residence or the other purpose. NRI is additionally termed as overseas Indian or expatriate Indian. NRI holds Indian passport and temporary migrated. The Indian workers of U.N.O. and officers deputed abroad by Central or state government are treated as Non-Resident Indian. NRI additionally represents the persons who are an Indian origin but born outside India. According to the ministry of Overseas Indian Affairs, India has the second largest NRIs in all over the globe after China. Full Form of NRI.
These are the 3 main classes of NRIs:
Indian citizens who stay abroad for education, employment, to carry a business, or for vacation.
Indian citizens who work abroad in foreign Government agencies like IMF Fund ( International Monetary Fund), UNO (United Nations Organizations), world bank etc.
Officials of Central or state government and Public Sector undertaking operating abroad.
Strictly speaking, the term says
non-resident refers only to the tax status of a person who, as per section 6 of the Income-tax Act of 1961, has not resided in India for a specified period for the purposes of the Income Tax Act. The rates of income tax are different for persons who are “resident in India” and for NRIs. For the purposes of the Income Tax Act, “residence in India” requires stay in India of at least 182 days in a financial year or 365 days spread out over four consecutive years. According to the act, any Indian citizen who does not meet the criteria as a “resident of India” is a non-resident of India and is treated as NRI for paying income tax.