NRI stands for Non-Resident Indian. An NRI is an Indian citizen who resides outside India for employment, business, education, or any other purpose for an indefinite period of time.
Important facts about NRIs include:
1. NRIs are eligible to vote in Indian elections if they are registered as voters in India.
2. NRIs can invest in various financial instruments in India, such as mutual funds, stocks, and bonds.
3. NRIs can own property in India, either by purchasing it in their own name or jointly with an Indian citizen.
4. NRIs are required to file income tax returns in India if they have income generated in India or if they meet the income tax filing threshold.
5. NRIs can open and maintain bank accounts in India, such as NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
6. NRIs can avail of various benefits offered by the Indian government, such as the Pravasi Bharatiya Divas and the NRI investment scheme.
7. NRIs can also avail themselves of certain tax benefits under the Double Taxation Avoidance Agreements (DTAAs) signed between India and other countries to avoid being taxed twice on the same income.
Overall, NRIs play a significant role in the economic and social development of India by contributing through investments, remittances, and knowledge transfer.