Explain about normal resident of a country
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The term 'normal residents' is a comprehensive term and includes both individuals and institutions, It includes both nationals (such as Indians living in India) and foreigners (non-nationals) residing in a host country (such as Nepalese holding Nepalese passports and citizenship, settled and living in India and having their economic interests in India).
Besides, Indians living abroad will also be regarded as normal residents of India if their economic interest is in India and their stay in foreign countries is of, less than one year. Thus, normal residents can be of three types. They are:
(i) Nationals of a country residing in the country of which they arc the nationals, such as Indians living in India.
(ii) Nationals of a country living abroad temporarily (for less than one year) but their interest lie in the country of which they are the nationals such as Indians living temporarily in the foreign countries.
(iii) Foreigners living in a country for more than one year.
Besides, Indians living abroad will also be regarded as normal residents of India if their economic interest is in India and their stay in foreign countries is of, less than one year. Thus, normal residents can be of three types. They are:
(i) Nationals of a country residing in the country of which they arc the nationals, such as Indians living in India.
(ii) Nationals of a country living abroad temporarily (for less than one year) but their interest lie in the country of which they are the nationals such as Indians living temporarily in the foreign countries.
(iii) Foreigners living in a country for more than one year.
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A normal resident is that person who permanently resides in that country and who's centre of economic interest lies in that country.
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