182 days alone isn’t enough: Karnataka HC holds purpose of stay is equally decisive under FEMA’s “person resident in India” test
The Court held that the respondents-firm were “persons resident in India” and several FEMA Regulations relied upon by the Directorate of Enforcement became inapplicable. Since these Regulations govern transactions involving persons resident outside India, they could not be invoked against respondents who were legally resident in India under FEMA.