Question
Under Section 2(v)(i) of the Foreign Exchange Management
Act, 1999, which of the following persons is EXCLUDED from the definition of "Person Resident in India" even if they have resided in India for more than 182 days during the preceding financial year?Solution
Explanation:
Section 2(v)(i) of FEMA, 1999 defines "person resident in India" as a person who has resided in India for more than 182 days during the course of the preceding financial year. However, the provision contains a specific carve-out even if a person fulfills the 182-day threshold, they are excluded from the definition if they have gone out of India:
- (a) for or on taking up employment outside India , or
- (b) for carrying on outside India a business or vocation , or
- (c) for any other purpose in circumstances indicating intention to stay outside India for an uncertain period
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