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: How does NRI dematerialize securities purchased while she/he was resident?
A: As per FEMA rules, NRI must regularize his/her holdings to reflect the change of status - in this case, bring them to 'Non-Resident' status. For this, NRI must submit (if not already submitted to...
Q: What are the procedures to be followed in respect of investments in securities in case person resident in India becomes NRI?
A: On becoming an NRI, a new depository account with appropriate NRI status is to be opened and all the balances held in an account with 'Resident' status should be transferred to the account with NRI...
Q: What are the procedures to be followed in respect of investments in securities in case an NRI becomes person resident in India?
A: On becoming a resident, a new depository account with appropriate status - 'Resident' in this case - is to be opened and all the balances held in an account with 'Non-Resident' status should be...
Q: Can an NRI purchase securities by subscribing to an issue? What approvals are required?
A: The issuing company is required to issue shares to NRIs on the basis of specific or general permission from GoI/RBI. Therefore, individual NRI need not obtain any permission.
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.