NRI stands for Non-Resident Indian, which refers to an Indian citizen who resides outside India for more than 182 days in a financial year, but still maintains strong ties to their homeland. An NRI can also refer to someone who has left the country for work or business-related reasons. The Indian government offers multiple benefits to NRIs, including insurance policies and tax benefits. The Foreign Exchange Management Act 1999 (FEMA) and the Indian Tax Act have outlined specific guidelines defining NRI meaning for legislative and tax purposes. An individual is deemed to be a resident in India in a particular previous year if they stay in India for a period of 182 days or more during the previous year. NRIs are also referred to as Overseas Indians because they reside overseas. It is important for NRIs to understand the laws for NRIs to avoid costly fines or penalties for unknowingly breaking the law.