Question
Under Section 2(v) of FEMA, 1999, which of the following
persons qualifies as a "Person Resident in India"?Solution
Explanation:  Under Section 2(v) of FEMA, 1999 , a "Person Resident in India" is defined as a person who was residing in India for more than 182 days during the course of the preceding financial year . This is a critical distinction the threshold is calculated based on the preceding  financial year, not the current one. This directly determines whether a person's foreign exchange transactions are governed as a resident or non-resident, affecting their rights under current account and capital account transactions. Note that companies registered or incorporated in India are also automatically treated as persons resident in India under FEMA, irrespective of the 182-day rule.
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