Statutory Meaning & Definition
Defined under Section 2(v) of FEMA as a person who resided in India for more than 182 days in the preceding financial year, except those who have gone abroad for employment, business, or vocation outside India.
Frequently Asked Questions (FAQs)
What is Person Resident in India in Indian corporate law?
Defined under Section 2(v) of FEMA as a person who resided in India for more than 182 days in the preceding financial year, except those who have gone abroad for employment, business, or vocation outside India.
Why is Person Resident in India important for compliance?
Person Resident in India is governed by the Foreign Exchange Management Act, 1999 and regulated by RBI. Understanding this concept is essential for ensuring regulatory compliance, avoiding penalties, and making informed corporate decisions in India.
Who should know about Person Resident in India?
Person Resident in India is relevant for company secretaries, compliance officers, chartered accountants, corporate lawyers, board members, and all professionals dealing with FEMA regulatory matters in India.
Contextual Analysis & Regulatory Circulars
Recent analysis and regulatory updates related to FEMA:
RBI FEMA Second Amendment Regulations 2026: EDF Deemed Submitted for Service Exporters from 1 October 2026
Published: 3 November 2026
RBI Forex Derivative Curbs: USD 5 Million Limit, 20% FERR and Rebooking Ban (October 2026)
Published: 10 October 2026
RBI Amends FEMA 23(R) Export-Import Regulations: Shorter Timelines and New Authorised Dealer Powers
Published: 25 September 2026
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