FAQs
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1 . 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 U.N. organization and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non- residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).

2 . Who is a person of Indian Origin ?

For the purpose 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 Indian origin, if,
(i) he, at any time, held an Indian passport
(or)
(ii) he or either of his parents or any of his grandparents was a citizen by virtue of the constitution of India or Citizenship Act, 1995 (57 of 1955).
Note: A spouse (not being a citizen of Pakistan or Bangladesh ) of an Indian origin is also treated as a person of Indian origin for the above purposes.
B. For investments in immovable properties:
A foreign citizen other than a citizen of Pakistan , Bangladesh , Sri Lanka or Nepal ), Is deemed to be of Indian origin if,
(i) he, at any time, held an Indian passport
(or)
(ii) he or either of his parents or any of his grand parents was a citizen by virtue of the constitution of India or citizenship act, 1995 (57 of 1955).

3 . What is an OCB?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident out side Indian 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 trust in which at least 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs so long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%.



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