Who is an NRI?
An Indian Citizen who holds a valid Indian passport and 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 Indian (NRI). Non-resident foreign citizens of Indian Origin are treated at par with non-resident Indians (NRI).
Who is considered the person of Indian origin (PIO) for investment in immovable properties?
A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal) is deemed to be of Indian origin if: He held an Indian passport at any time, He or his father or paternal grandfather was a citizen of India by virtue of the Constitution of of India or the Citizenship Act, 1955 (Act No. 57 of 1955).
What is an OCB?
Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin residing 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% individuals of Indian nationality or origin resident outside India as also overseas trusts 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 as long as the ownership/beneficial interest held in them by NRIs continue to be at least 60%.
Paradise Group Builders & Developers. 2017
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