IMPORTANCE OF AN OVERSEAS CITIZEN OF INDIA (OCI) CARD FOR AN NON-RESIDENT INDIAN (NRI)
➡️ What is an Overseas Citizen of India (OCI) Card?
🔳 Overseas Citizen of India (OCI) Card is a form of immigration status permitting a foreign citizen of Indian origin to have meaningful connection with the Republic of India indefinitely.
🔳 An NRI must register as Overseas Citizen of India Cardholder under section 7A of the Citizenship Act, 1955 to become an OCI.
➡️ Why is it important to have an OCI Card for an NRI?
1. An OCI Card enables a person multiple entry, multi-purpose life long visa to visit India.
2. It is mandatory for an NRI to have an OCI Card as per the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 to:
a. Acquire any immovable property in India as per Chapter IX of the NDI Rules, 2019.
b. Invest in shares of any Indian company or any mutual funds or other securities permitted for NRIs as per Schedule III & IV of the NDI Rules, 2019.
c. Start a business in India in form of a proprietorship or partnership firm as per Schedule IV & VI of the NDI Rules, 2019.
➡️ How to register oneself as a OCI cardholder?
🔳 Applications for OCI can only be made online at www.ociservices.gov.in.
🔳 A person making an application is required to submit a photograph, along with application fee and several identification documents to prove the eligibility criteria.
🔳 It is mandatory to make fresh application for OCI Card on issuance of new passport in certain cases.
🔳 Holding an OCI Card is a must to engage in any meaningful financial transactions in India.
🔳 Several NRIs are unaware of this important provision.
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