NRIs/OCBs are granted the following facilities : Maintenance of Bank accounts in India Investments in securities/shares of, and deposits with, Indian firms/ companies. Investments in immovable properties in India.Learn More 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 …Learn More What is an OCB?
Overseas Corporate Bodies (OCBs) are bodies predominantly owned individuals of Indian Origin or nationality resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts …Learn More Who is a person of Indian Origin?
For the purposes of availing of the facilities of opening and maintenance of bank accounts and investments in shares / securities in India: A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of India origin, if, he, at any time, held an Indian passport. he or either of his …Learn More Who is a non-resident Indian (NRI)?
An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in UN organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as …Learn More