FEMA1 min read
Person Resident in India
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.
Last updated: 17 May 2026
Frequently Asked Questions (FAQs)🔗
Q1. 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.
Q2. 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.
Q3. 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 Updates🔗
Read our latest analysis and critical updates on corporate circulars related to FEMA:
RBI Issues Foreign Exchange Management (Deposit) Sixth Amendment Regulations, 2026 — SNRR Account Norms Eased
Published: 30 June 2026
RBI Withdraws 732 Defunct FEMA Circulars Under Regulatory Rationalisation Drive (A.P. DIR Series Circular No. 18, 2026)
Published: 25 June 2026
FEMA 395(4)/2026-RB: NRI/OCI Investment Payment Rules Amended — NRO Accounts Permitted for NPS, Designated Rupee Account Mandated
Published: 23 June 2026