Explanation:

‘Investments by Non Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens
of India (OCIs) on non-repatriation basis is now deemed to be domestic investment at par with
investment made by residents. As per new definition, NRI would mean an individual resident outside
India who is a citizen of India or is an ‘Overseas Citizen of India’ cardholder within the meaning of
section 7 (A) of the Citizenship Act, 1955. Such dispensation has also been extended to companies,
trusts and partnerships owned by NRIs.