Basic Definitions related NRI, PIO,PRI,OCB

NRI: - NRI stands for Non-Resident Indian. Non Resident Indian means a person resident outside India who is a citizen of India or is a person of Indian origin.

PIO: - PIO stands for Person of Indian Origin. A person of Indian origin is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan),-

i) Who, at any time, held Indian passport; or
ii) who or either of whose father or whose grandfather was a citizen of India by virtue of Constitution of India or the Citizenship Act, 1955 (57 of 1955);

PRI: - PRI stands for Person Resident in India. PRI 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 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 outside 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, or
iii) An office, branch or agency outside India owned or controlled by a person resident outside India, or
iv) An office, branch or agency outside India owned or controlled by a person resident in India.


PRO: - PRO stands for Peron Resident Outside India. PRO means a person who is not resident in India.

OCB: - OCB Means Overseas Corporate Body. OCB means a company, partnership firm, society and other corporate body owned directly or indirectly to the extent of at least sixty percent by Non-resident Indians and includes overseas trust in which not less than sixty percent beneficial interest is held by Non-resident Indians directly or indirectly but irrevocably.