My mother has an OCI card. Can I also get an OCI card if I have citizenship of Nepal
Question: My mother has an OCI card.C an I also get an OCI card if I have citizenship of Nepal?
Raju Kanumuri: If your mother has an OCI card and she was a citizen of India before she became the citizen of another country, If this is true, you certainly qualify for an OCI card. In fact, even your children and grandchildren qualify for OCI cards. according to India government act “The Central Government may, subject to such conditions and restrictions, as may be prescribed, on an application made in this behalf, register as Overseas Citizen of India cardholder any person of full age and capacity, who is a child or a grandchild or a great-grandchild of a person who was a citizen of India.”
Overseas Citizenship of India is granted to applicants who have acquired citizenship of a foreign country and who were of Indian Origin, or were or are eligible to become a citizen of India, or are a spouse of an OCI / PIO Holder or a spouse of Citizen of India. Under the Indian Citizenship Act, persons of Indian Origin are not allowed to claim dual citizenship.
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.