What is Person Resident Outside India (PROI)? Residential status under FEMA, Income Tax Act explained

A person resident outside India (PROI) has distinct residential statuses under FEMA and the Income Tax Act, impacting foreign exchange transactions and tax liability respectively. FEMA status hinges on intention of stay, while tax status depends on physical presence. PROIs can invest in Indian equities, own property (excluding agricultural land), and open various bank accounts.