Page 63 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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✓ who has been ordinarily resident in the territory of
India for not less than five years immediately preceding
such commencement shall be a citizen of India
All citizens are nationals of a particular State but all
nationals may not be citizens of the State.
Nationality has reference to jural relationship, which
may arise for consideration under international law
Whereas citizenship has reference to the jural
relationship under municipal law
An alien is a person under foreign allegiance.
Section 6(3) of FEMA, 1999 stipulates the power of
Reserve Bank of India, by regulations, to prohibit,
restrict or regulate the transfer or issue of foreign
security.
The Memorandum of Foreign Exchange Regulations sets
