Who is NRI?

A NRI is an abbreviation for ‘Non-Resident Indian’, termed as a "person resident outside India". NRI falls into three broad categories as per formal definitions. The first type NRI can be any Indian national not residing in India because of employment or business purpose but holding Indian Passport. The second type of NRI is also called PIO or ‘Person of Indian Origin’. PIO is a foreign national considered of Indian origin by virtue of ever holding Indian passport, or belonging to Indian origin through either of his/ her parents or grand parents, or being spouse to either of the two aforesaid PIO types or an Indian citizen. The third type of NRI is also called OCB or ‘Overseas Corporate Business’. OCB are corporate entities owned, directly or indirectly, by either or both of the two aforesaid NRI, to the extent of at least 60%.