The aforesaid definitions are vitally important as far as the application of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000 (“Regulations 2000”) is concerned. We may divide them into following categories:
As such for the purpose of applicability of the Regulations 2000 a person resident outside India may be categorized as follows:
Non-Resident Indians (“NRIs”) [As per Regulation 2 (vi) of the FEM (Deposit) Regulations 2000 ‘Non-resident Indian (NRI) means ‘A person resident outside India who is either a citizen of India or is a person of Indian origin (PIO).
Person of Indian Origin (“PIOs”) [ As per Regulation 2 (c) of the FEM (Acquisition and Transfer of Immovable Property in India) Regulations 2000 ‘a person of Indian origin’ means an individual (not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan who at any time held Indian passport or who or either of whose father or mother or whose grandfather or grandmother was a citizen by virtue of Constitution of India or Citizenship Act, 1955.
Foreign National of Non Indian Origin (“Foreign Nationals”) [a person resident outside India who is neither a citizen of India nor a PIO.