CATEGORIES
& STATUS OF DIFFERENT PERSONS Broadly speaking FEMA, covers,
three different types of categories, and deals differently with them. These
categories are: A) Person
B) Person Resident In India
C) Person Resident
Outside India
A. PERSON
For the purpose of provisions, a
person shall include any of the following:
(i) An individual
(ii) A Hindu
Undivided family
(iii) A company
(iv) A Firm
(v) An association of persons
or a body of individuals, whether incorporated or not,
(vi) Every artificial
judicial person, not falling within any of the preceding sub clauses, and
(vii)
Any agency, office or branch owned or controlled by such person.
B.
"PERSON RESIDENT IN INDIA"
"A person resident in India",
shall include any of the following (I) A person who has been residing in
India for more than 182 days, in the last financial year. This means if a person
has to be assessed, as to whether he is person resident in India, for any offence
committed in August 2001, then he should be residing in India for more than 182
days during April 2000 to March 2001 (II) Any person or body corporate registered
or incorporated in India, or (III) An office, branch or agency in India
owned or controlled by a person resident outside India, or (IV) An office,
branch or agency outside India owned or controlled by a person resident in India. However,
in following cases a person shall not be person resident in India", even
if he is residing in India for more than 182 days in the last financial year: (i)
A person who has gone abroad, for : - Taking up employment outside India
or
- For carrying on any business outside India, or
- For any other
purpose, which itself would indicate his intention to stay outside India for an
uncertain period.
(ii) Similarly, a person who has come to India for
any purpose except : - Taking up employment in India, or
- Carrying
on any business in India, or
- For any other purpose, which itself would
indicate his intention to stay in India for an uncertain period.
C.
PERSON RESIDENT OUTSIDE INDIA
Simply putting it, "a person resident
outside India" means "a person who is not resident in India"
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