The Reserve Bank of India (RBI) has issued the Foreign Exchange Management (Deposit) Regulations, 2016, which supersede the Foreign Exchange Management (Deposit) Regulations, 2000. The regulations have effectively made the following key changes:
(1) The definition of a non-resident Indian has been defined to mean a person resident outside India who is a citizen of India. The definition excludes a person of Indian origin (PIO) as opposed to the previous regulation.
(2) The definition of PIO has been elaborated to mean a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the central government, who:
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