PERSON UNDER FEMA

Under section 2 subsection (u) FEMA talks about inclusive definition and Person includes;

(i)      Individual,
(ii)     Hindu undivided family,
(iii)    Company,
(iv)    Firm,
(v)    Association of persons
(Vi)   Body of individuals,
(vii)  Every artificial juridical person
(viii)  Any Agency, office or branch owned or controlled by person (i) to (viii)

Person Resident In India [PRI] Person resident in India means-


1.an person or body corporate registered or incorporated in India
2.an office, branch or agency outside India owned or controlled by a person resident in India [PRI]
3.an office, branch or agency in India owned or controlled by a person resident outside India [PROI]
4.a person residing in India for more than 182 days during the course of preceding financial year but does not included:

(A) A person who gone out side India ;

  • for employment
  • for business
  • for any other person and circumstances Indicates his intention to stay outside India for uncertain period

(A) A person come to India ;

  • for employment or
  • for business in India
  • for any other purpose and circumstances indicates to stay in India for uncertain period.


Definition as FEMA

Person resident in India” means—

(i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include

(A)a person who has gone out of India or who stays outside India, in either case:
      (a) for or on taking up employment outside India, or
      (b) for carrying on outside India a business or vocation outside India, or
      (c) for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
(B)a person who has come to or stays in India, in either case, otherwise than—
      (a) for or on taking up employment in India, or
      (b) for carrying on in India a business or vocation in India, or
      (c) for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;

(ii) any person or body corporate registered or incorporated in India,

(iii) an office, branch or agency in India owned or controlled by a person resident outside India,

(iv) an office, branch or agency outside India owned or controlled by a person resident in India;