An NRI, or a Non-Resident Indian, is a person who is of Indian birth, descent or origin but who resides or lives outside India. NRIs are also known as PIOs (Persons of Indian Origin). From a taxation point of view, as per Section 6 of the Income Tax Act, 1961, a non-resident is anyone who hasn’t stayed in the country for a specific period of time. There are specialised bank accounts such as Non-Resident External (NRE) Account and A Non-Resident Ordinary (NRO) Account for NRIs.
