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We are in the process to reach every city in india. In this nation wide expansion we are offering very attractive terms & conditions to become our business associates. Any interested person, Business House, existing sub broker having good infrastructure and client base can contact us at 99907 99907 or mail at info@wellindia.com

NRI Zone

An Indian abroad is popularly known as Non-Resident Indian (NRI). The NRI status should be checked with two different authorities for different purpose. NRI is legally defined firstly under the Foreign Exchange Management Act, 1999 and secondly Income Tax Act, 1961 for applicability of respective laws.

NON-RESIDENTS UNDER FEMA, 1999

The definition under FEMA (Foreign Exchange Management Act) is explained in simple terms for individuals hereunder.

1. The residential status of a person leaving India shall be determined as under :

If a person leaves India for the purpose of employment, business or for any other purpose that indicates his intention to stay outside India for an uncertain period; then he becomes a non-resident from the day he leaves India for such purpose.

2. The residential status of a person returning to India will be determined us under:

If a person comes to India for the purpose of employment, business or for any other purpose that indicates his intention to stay in India for an uncertain period; then he becomes a resident from the day he comes to India for such purpose.

In the definition, requirement of physical stay for a period of 182 days in India is also stated. However, in our opinion, the period of stay does not affect determination of status as explained in (1) and (2) above.

Thus if a person comes as a tourist, or for any purpose (not for employment or business in India), AND, he comes for a fixed or certain period of time he shall continue to be a non-resident.

NRI UNDER THE INCOME TAX ACT, 1961

An The term non-resident is negatively defined under section 6 of the Income-tax Act. An individual who is not a resident under the Income-tax Act is a non-resident (generally, termed NRI). The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act).

The definition is explained in simple terms as under: If an individual who satisfies understated both the conditions of Section 6 of the Income-tax Act, then he becomes a non-resident.

Wellindia Securities Ltd.- Member NSE, BSE, MCX-SX & CDSL SEBI Registration No. : NSE- INB / INF / INE 231282931 NSE MEMBERSHIP ID -12829 , BSE- INB011282937 BSE MEMBERSHIP ID – 3197 , MCX-SX – INE261282931 Member Id of MCX-SX is 24100 Wellindia Commodities Pvt. Ltd. - Member MCX & NCDEX MCX Membership No.: 9300 FMC Code : MCX/TCM/CORP/0631 NCDEX Membership No. 00237 FMC Code : NCDEX / TCM / CORP / 0192

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