NRI Day Full Form
What is Full Form of NRI ?
NRI days refers to Pravasi Bharatiya Divas (PBD) which is celebrated every other year on January 9th. It focuses on increasing the engagement of the Government of India with the expatriate Indian community and reconnecting with their roots. The day was first celebrated in 2003.
“The decision to celebrate the Pravasi Bharatiya Divas was established by the Government of India, L.M. Singh. At a public event held in Vigyan Bhawan, New Delhi on 8 January 2002, the then Indian Prime Minister Shri Atal Vihari Vajpayee received the Commission's report and on 9 January 2002 Pravasi he Declared Tiyadiva (PBD). This day was chosen to commemorate Mahatma Gandhi's 1915 return to India from South Africa.
The year 1915 marks the return of the founding father, Mahatma Gandhi, from South Africa to India. As you know, he became a great "immigrant" who led the struggle for freedom in India. Gandhi believed that if we work in this direction, everyone can achieve their dreams and aspirations. He is considered an immigrant who symbolizes growth and change.
The day was first observed in 2003 by him. This marks the contribution and development of Indians living abroad. The main purpose of this day is to focus on connecting expatriate Indians to their roots
It is also a platform for expatriate Indians to express their views and ideas on the development of the country. This day will be a specific discussion about expatriate Indian workers and the challenges they face.
Pravasi Bharatiya Divas have been celebrated annually since 2003. The last year 2019 was celebrated in Varanasi, Uttar Pradesh and 2018 in Singapore. Pravasi Bharatiya Saman is a special award bestowed by the President of India to his PIOs (Persons of Indian Descent) and his NRIs and their organizations who have made significant contributions to the development of Indian relations abroad.
The Pravasi Bharatiya Saman Award (PBSA) is the highest award given to Indians abroad. The Presidential Award is presented at the Pravasi Bharatiya Divas (PBD) Conference, which has been held since 2003.
Who are NRIs?
The full form of NRI is a non-resident indian, a person not residing in India. An NRI is an Indian-born citizen who has immigrated to another country. A non-resident Indian for the purposes of FEMA law means an Indian national, a foreign citizen of India, or a person of Indian origin who is a descendant of an Indian who has resided outside the Republic of India for at least 183 days until the date of employment. During the financial year under the conditions for becoming a non-resident outside India for employment. For the previous year, we will check whether you meet the foreigner requirements for the current year.
Categories Of NRI
The three main categories of NRI are:
Indian Nationals Going Abroad for Education, Employment, Business, or Holiday Purposes
Indian nationals staying abroad on behalf of foreign government agencies such as UNO (United Nations Agencies), IMF (International Monetary Fund), World Bank, etc.
Officials of the Central Governments, State Governments, and Public Corporations sent abroad on a temporary mission may also be considered NRI.
if his stay in India in the previous financial year is less than 182 days. Due to its massive diaspora, India ranks first in receiving remittances (from foreign workers to individuals in their home countries) among other countries in the world, with 2020 - 2021 Indian residents totalling her US87 billion.
Using The Term NRI
The term non-resident Indian is used in various areas of business.
If the insured is an NRI, it is mandatory to use the term 'Non-Indian Resident' in various insurance contracts. This is because each country's economy always has specific conditions and regulations regarding NRIs. There are various exceptions if the account opened by a non-resident Indian is her NTO savings account.
In addition, an individual's tax liability and deductions differ depending on whether the individual is a resident or non-resident. Residents and non-residents have different tax rates, deductions, tax periods, and deductions. Evaluation procedures are also different for Residents and NIRs. A double Taxation Agreement is signed between different countries and provides special provisions for non-residents.
Frequently Asked Questions (FAQs)
According to Article 9 of the Indian Constitution, dual citizenship is not allowed. In other words, no one can hold Indian citizenship together with the citizenship of any other country.
There are no quotas for NRIs in government medical colleges or IITs. However, there are about 15% quotas available for NRIs in NITs and deemed universities across India.
Normal residents are individuals or institutions who are ordinary residents residing in India and their economic interest also lies in the same country.
Whether you are an Indian resident or an NRI (Non-Indian Resident), you are required to file an Income Tax Return (ITR) every year if your income exceeds Rs. 2,50,000 per year. Indian NRIs are only eligible for tax on income earned in India.