NRI or a non resident Indian is an Indian citizen who stays abroad for employment or business for an uncertain duration. NRI also includes those who are temporarily posted abroad in central/state government /public sector undertakings or U.N. organizations.
Provisions of NRI under Acts –
The residential status of a person is decided under two different acts. Under Income Tax Act, 1961, the residential status of a person is decided on the number of days he stays in India. Under foreign exchange regulation act or FERA it is the intention of a person to be in India or outside India would be the determining factor of his residential status.
Indians overseas –
Overseas citizenship for Indians living abroad was first declared by prime minister in January 2005. The formal launching of the scheme was done on 4th pravasi Bharatya Divas, 2006 held in Hyderabad. Persons of Indian origin who migrated from India and acquired citizenship of a foreign country other than Pakistan and Bangladesh are eligible for grant of OCI as long as their home countries allow dual citizenship in some form or other under their local laws.
Persons registered under OCI do not have any voting rights, nor they can contest in any general elections and they cannot hold any constitutional posts. Registered OCIs are entitled to following benefits:
Multiple entry, multi purpose lifelong visa to India
Exemption from reporting to the police for any length of stay in India
Parity with NRIs in financial, economic, and educational fields except in the acquisition of agricultural and plantation properties
A person registered as OCI is eligible to apply for grant of Indian citizen ship under section 5 ( 1 ) ( g ) of the Citizenship Act, 1955, if he or she is registered as OCI for five years and has been residing in India for one year out of the five years before making the application.
Persons of Indian origin –
“Persons of Indian Origin” means a foreign ( not being a citizen of Pakistan, Bangladesh and any other country as being specified by the Central Government from time to time if ;
(a) He/she at any time held Indian passport, or
(b) He/she or either of his /her parents or grandparents or great grand parents was born in and permanently resident in India as defined in the Government of India act, 1935 and other territories that became part of India, thereafter provided neither was at any time a citizen of paklstan or Bangladesh or
(c) He/she is a spouse of a citizen of India or a person of Indian origin.
PIO stands for persons of Indian origin. The Government of India is issuing a PIO card . It will allow visa free entry to Indian origin people living abroad and give them all the rights enjoyed by the NRIs including purchase of non agricultural land. 15 million people of Indian origin living abroad will benefit from this card. Fee for PIO card is $ 310.00 for adult and for children below the age of 18 years is $ 155.00 (effective from September 15, 2002). Validity of new PIO card will be 15 years from the date of issue.
All over the world Indians have made their marks in the field of academia, information technology and medical professions. Even in the field of business they have outshone their counter parts. Indian scientists and technologists are famous for their knowledge and they have made invaluable contributions in their respective fields. Every year on an average four and half lakhs of Indians leave India for better job opportunity and better earning. This is resulting stricter immigration rules, India is also eager to stop the brain drain and day by day better opportunities are being created to hold the talents.