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: Can NRI place intraday order?
A: * No. NRI's not allowed to do the Intraday transaction. They can only trade on a delivery basis.
* Short selling is not allowed.
Q: Can an NRI trade in currency derivated segment of the exchange?
A: No, NRIs cannot trade in currency derivated segment of the exchange.
Q: Can rights/bonus shares be issued to NRI?
A: FEMA provisions allow Indian companies to issue Rights / Bonus shares to existing non-resident shareholders, subject to adherence to sectoral cap as may be applicable
Q: Can the NRI deposits be prematurely extended to get the benefit of higher interest?
A: Yes, the deposit will earn interest without penalty for the period it has run, provided it has run for the minimum maturity period and thereafter at the higher interest rate.
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.