Section 2 of FEMA : Section 2: Definitions
FEMA
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Explanation using Example
Imagine a software engineer named Arjun, who has been residing in India for the past five years. He decides to accept a job offer in Singapore and moves there. Now, as per Section 2(v) of the Foreign Exchange Management Act, 1999, Arjun would be considered a 'person resident outside India' because he has moved out of India for employment and intends to stay there for an uncertain period.
Arjun wants to invest in Indian equities, so he needs to convert his Singapore dollars to Indian rupees. For this, he will approach ...
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