Section 2 in Foreign Exchange Management (Deposit) Regulations, 2016
2. Definitions.
- In these Regulations, unless the context otherwise requires, -(i)'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999);(ii)'Authorised bank' means a bank including a co-operative bank (other than an authorised dealer) authorised by the Reserve Bank to maintain an account of a person resident outside India;(iii)'Authorised dealer' means a person authorised as an authorised dealer under subsection (1) of section 10 of the Act;(iv)'Deposit' includes deposit of money with a bank, company, proprietary concern, partnership firm, corporate body, trust or any other person;(v)'FCNR (B) account' means a Foreign Currency Non-Resident (Bank) account referred to in clause (ii) of subregulation (1) of Regulation 5;(vi)'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of India.(vii)'NRE account' means a Non-Resident External account referred to in clause (i) of sub-regulation (1) of Regulation 5;(viii)'NRO account' means a Non-Resident Ordinary account referred to in clause (iii) of sub-regulation (1) of Regulation 5;(ix)'Permissible currency' means a foreign currency which is freely convertible;(x)'Person of Indian Origin (PIO)' means 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, satisfying the following conditions:(a)Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or(b)Who belonged to a territory that became part of India after the 15th day of August, 1947; or(c)Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or(d)Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c)Explanation: for the purpose of this sub-regulation, the expression 'Person of Indian Origin' includes an 'Overseas Citizen of India' cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955.(xi)'Schedule' means schedule to these Regulations;(xii)'SNRR account' means a Special Non-Resident Rupee account referred to in sub-regulation (4) of Regulation 5;(xiii)The words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.
