Regulation 2 - Definitions - 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 sub-regulation (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.