Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs?
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Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs?
Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/trust is required to furnish a certificate from an overseas auditor/chartered accountant/certified public accountant in form OAC where the ownership/beneficial interest is directly held by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.