IIBF Forex For Individuals Practice Questions - IIBF Certificate In Foreign Exchange Facilities For Individuals (India) Exam

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Under Section 2(v) of FEMA, what is the quantitative threshold of stay in India to qualify as a 'Person Resident in India'?

Residing in India for more than 182 days during the preceding financial year, subject to exceptions. Residing in India for exactly 180 days in the current calendar year. Staying in India for more than 90 days in any given financial year. Staying in India for 365 days continuously without any travel abroad.

Correct Answer:

Residing in India for more than 182 days during the preceding financial year, subject to exceptions.

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