How to apply for OCI while staying in India
Question: How to apply for OCI while staying in India?
Raju Kanumuri: OCI visa is meant for foreigners of Indian origin, perhaps this is the reason reference to all OCI applications on many government sites refers to applicants residing abroad.
Whereas OCI applicants deal with the Indian Consulates applicable to the area where they reside abroad, those who apply for OCI from within India, use the Foreigner Regional Registration Office (FRRO) applicable to their residential area in India.
The OCI application procedure is the same, on-line application first, followed by the submission of documents. The only difference is that instead of documents being submitted to Indian consulate abroad, they are submitted to the appropriate FRRO in India. Once OCI registration has been approved, for applications filed in India, registration is granted by FRRO.
Q: Are debits and credits to NRO accounts allowed freely by banks maintaining the accounts?
A: Yes, individual credits beyond rs.10,000 are however supported by documentary evidence to indicate that the funds represent legitimate dues of the account holder.
Q: Are NRIs permitted to maintain accounts in rupees or in foreign currency?
A: Accounts can be maintained by NRIs either in rupees or in foreign currency.
Q: Are the balance held by the non-resident in their NRO account repatriable?
A: The balance held in NRO accounts continue to remain non-repatriable. The deposits representing only current income (like pension, dividend, rent, interest etc.) will be permitted to be repatriated...
Q: What is the penalty for premature withdrawal of an FCNR deposit?
A: Interest in such cases is paid at one percent below the interest rate payable for the period for which the deposit has actually remained with the bank.
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.