Are OCBs required to produce any certificate regarding ownership / beneficial by NRIs?

Question: Are OCBs required to produce any certificate regarding ownership / beneficial interest in them by NRIs?

Answer(s)

Raju Kanumuri: 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 in form OAC 1 where it is held indirectly by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.

Source : Reserve Bank Of India

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