Welcome to CS Students' Online Club. Our MISSION: "To create a online network of budding governance professionals". Our VISION: "To be a leading network of governance professionals, providing scope for knowledge and career development".

CSoC Members Count:
Latest topics
» Past Question Papers of CS Executive / Professional / Foundation Exam Upto December 2016 Session
Wed 1 Feb 2017 - 0:11 by rchgiri

» Direct & Indirect Tax Laws Updates & Select Cases for CS Executive/Professional December 2016 Examination
Wed 11 Jan 2017 - 16:59 by rchgiri

» Financial Treasury and Forex Management>Past Questions of 60 marks>CS Professional
Thu 5 Jan 2017 - 9:45 by rchgiri

» CS EP NS P2 Cost & Management Accounting > MCQ
Sat 8 Oct 2016 - 17:57 by rchgiri

» CS Professional / Executive Programme Guideline Answers upto June 2016 Exam
Sun 28 Aug 2016 - 16:49 by rchgiri

» Tips on "How To Face An Interview & Career Planning"
Tue 23 Aug 2016 - 9:55 by rchgiri

» SEBI Act, Rules, Regulations, etc.
Mon 1 Aug 2016 - 14:48 by rchgiri

» CS Dinesh Chandra Arora, New Secretary of ICSI
Thu 21 Jul 2016 - 15:34 by Club CEO

» Online Learning of CS Executive coaching classes
Wed 11 May 2016 - 23:11 by raviesm

» Service tax Reverse Charge Mechanism.
Mon 15 Feb 2016 - 21:51 by siva004

» Service tax credit on step ladder repair
Mon 15 Feb 2016 - 21:37 by siva004

» CS Mamta Binani elected as New President of ICSI & CS Shyam Agarwal elected as New Vice-President of ICSI for 2015-16
Tue 19 Jan 2016 - 12:08 by Club CEO

» CS PP Old Syllabus: P4: CRI: Questions & Answers >> Correct or Incorrect:
Sun 13 Dec 2015 - 20:28 by rchgiri

» The Companies Act, 2013: The Rules made thereunder, Circulars & Notifications Issued by MCA
Sat 5 Dec 2015 - 12:42 by rchgiri

» New CSoC Face Portal
Thu 8 Oct 2015 - 9:01 by Club CEO

» CS Trainees / Jobs
Wed 23 Sep 2015 - 14:36 by rchgiri

» General Notice to Club Members & Well-Wishers
Tue 8 Sep 2015 - 15:36 by Club CEO

» online coaching for cs professional old syllabus
Sun 6 Sep 2015 - 13:41 by rchgiri

» Automatic Switchover To Professional (New Syllabus 2012) From December, 2016 Session
Thu 3 Sep 2015 - 15:49 by rchgiri

» Can anybody tell Main object clause for Manufacture of machinery of Polyurethanes industry.
Wed 2 Sep 2015 - 14:59 by parul5986

Top posters
rchgiri (1527)
Club CEO (1158)
praveen999 (691)
Soundharya (591)
mione (424)
lalitha.purohit (283)
j.padiya (277)
Preetpal Singh (219)
Aswathy (193)

You are not connected. Please login or register

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Foreign Exchange Management Act, 1999 on Tue 14 Jun 2011 - 15:58


CSoC Smart User
CSoC Smart User
Broadly speaking FEMA, covers, three different types of categories, and deals differently with them.

These categories are:

1. Person
2. Person Resident In India
3. Person Resident Outside India


For the purpose of provisions, a person shall include any of the following:

1. An individual
2. A Hindu Undivided family
3. A company
4. A Firm
5. An association of persons or a body of individuals, whether incorporated or not,
6. Every artificial judicial person, not falling within any of the preceding sub clauses, and
7. Any agency, office or branch owned or controlled by such person.

Person Resident In India

"A person resident in India", shall include any of the following

1. 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
2. Any person or body corporate registered or incorporated in India, or
3. An office, branch or agency in India owned or controlled by a person resident outside India, or
4. 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:

1. 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.
2. 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.

Person Resident Outside India

Simply putting it, "a person resident outside India" means "a person who is not resident in India"

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum