The Reserve Bank of India governs such transactions and they fall under the purview of the Foreign Exchange Management Act (FEMA).
An Indian abroad popularly known as an NRI or Non Resident Indian. This article covers following: Who is NRI? What is definition of NRI? Does NRI differ from Person of Indian origin (PIO), What is Remittance, Repatriation? What are the investments that NRI can make in India?