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Learn MoreEditor’s Note on NRI Series:
This is the 8th article in the ongoing NRI Series dealing with Income-tax and FEMA issues related to NRIs. This article is divided in two parts. The first part published here deals with important aspects of Gifts by and to NRIs. The second part will deal with important aspects of Loans by and to NRIs. Readers may refer to earlier issues of BCAJ covering various aspects of this Series: (1) NRI — Interplay of Tax and FEMA Issues — Residence of Individuals under the Income-tax Act — December 2023; (2) Residential Status of Individuals — Interplay with Tax Treaty – January 2024; (3) Decoding Residential Status under FEMA — March 2023; (4) Immovable Property Transactions: Direct Tax and FEMA issues for NRIs — April 2024; (5) Emigrating Residents and Returning NRIs Part I — June 2024; (6) Emigrating Residents and Returning NRIs Part II — August 2024; (7) Bank Accounts and Repatriation Facilities for Non-Residents — October 2024.
INTRODUCTION
The Foreign Exchange Management Act (FEMA) of 1999 is a significant piece of legislation in India that governs foreign exchange trans