Question: Is OCI And NRI Same?

What is proof of NRI status?

The applicant has to provide proof of residence abroad in the form of employment details, student status, dependent visa status, or a copy of resident permit in the overseas destination.

This proof has to be attested by the Indian embassy, notary or an Indian bank with an overseas branch..

What is the nationality of NRI?

Overseas Indians, officially known as non-resident Indians (NRIs) or persons of Indian origin (PIOs), are people of Indian birth, descent or origin who live outside the Republic of India.

Can OCI get Aadhar?

As per Aadhaar Act, 2016, NRIs/PIO/OCI card holders are eligible for enrolment of Aadhaar card only if they reside in India for over 182 days in the last twelve months immediately preceding the date of application for enrolment.

Who qualifies for NRI status?

The positive aspect is that in most cases, NRIs can continue to visit India for up to 181 days in the financial year and even in other cases where the period of stay in India is 120 days (and also for 365 days or more in preceding 4 years) or more or in case of Indian citizens who are not tax residents of any other …

Can I own property in India with OCI?

As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. … However, they are not permitted to invest in farmland, plantation land, and agriculture land.

Can OCI holders get PAN card?

People who hold Indian citizenship and settled abroad should use the Form 49A available for Indian citizens. Whereas NRIs who hold foreign citizenship, such as OCI holders or people of Indian origin who possess foreign citizenship or foreigners who are not of Indian origin are required to fill Form 49AA.

Is OCI good or bad?

OCI isn’t a substitute for dual citizenship and doesn’t offer all the benefits other citizens of India have. However, with this, you can get life long visa free entry to India and exemption from having to report your stay and movements to police when you’re in the country.

Is Passport proof of citizenship in India?

NEW DELHI: Top government officials on Friday clarified that Aadhaar, voter ID card and passport are not citizenship documents. … The MHA spokesperson said, “Citizenship of India may be proved by giving any document relating to the date of birth or place of birth or both.

What is the difference between OCI and NRI?

OCI is a lifelong visa to live and work in India as any other Indian citizen or NRI. But unlike visitors on other long-term visas (for example, work permits, student visas), OCI holders do not have to register with their local FRRO. OCI holders, just like NRIs, can open bank accounts and buy property in the country.

What are the disadvantages of OCI card?

It is not a travel document and should not be considered a DUAL CITIZENSHIP. The negative is no voting rights and holding of agricultural land is prohibited. As an OCI is not dual. citizenship the holder is not elgible for any grants subsidies which are available to Indian citizen.

Can NRI get Aadhar?

YES. An NRI (whether minor or adult) with a valid Indian Passport can apply for Aadhaar from any Aadhaar Kendra. … If spouse is NRI – valid Indian passport of the applicant is mandatory as Proof of Identity (PoI).

Can NRI buy property in India without Aadhar card?

Can NRIs buy property in India without Aadhar card? As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for Buying/selling his/her property in India.

Do NRI pay taxes?

Non-resident Indians (NRIs) are liable to pay tax in India on income that is received or is deemed to be received in India during the previous year or income that has accrued or arisen to such NRI in India during the previous year. Income earned abroad by NRI is not taxed in India and same shall be taxed abroad.

Can NRI buy property India?

Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India. Exception: An NRI however cannot buy agricultural land, plantation land or a farm house in India.

Do OCI holders need to pay tax in India?

In case of NRIs/PIO/OCI, who have lived for less than 182 days (in any financial year in India), will have to pay tax and file income tax return only on the income earned in India. CBDT has prescribed TDS for NRIs for various asset classes and the TDS rate for NRIs is higher than that for Resident Indians.

Is NRI and PIO same?

NRIs (Non-Resident Indians) are Indian Citizens who live in another country. PIO (Person of Indian Origin) used to be a 15 year visa for non-Indian citizens, but it has since been removed.

Can OCI holder live permanently in India?

Overseas Citizenship of India (OCI) is a form of permanent residency available to people of Indian origin and their spouses which allows them to live and work in India indefinitely. Despite the name, OCI status is not citizenship and does not grant the right to vote in Indian elections or hold public office.

How much tax do NRI pay?

When an NRI invests in certain Indian assets, he is taxed at 20%. If the special investment income is the only income the NRI has during the financial year, and TDS has been deducted on that, then such an NRI is not required to file an income tax return.

Can OCI holder have bank account in India?

Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). … There are 3 types of bank account you can open as an NRI, PIO or OCI: a Non-Resident External Account (NRE) a Non-Resident Ordinary Account (NRO)

What is the new OCI rule?

Under a new rule, foreign nationals of Indian origin must have six months of continuous stay in India or their country of residence (if different than their country of citizenship) before they submit an OCI application.

How much money can an NRI transfer out of India?

A maximum of $1million can be remitted overseas from NRO account in a financial year after submitting a self-declaration form signed by the account holder and a certificate from a chartered accountant. Salaries, gains from stock options and other funds from abroad flow into non-resident external (NRE) rupee account.

How long is OCI card valid?

OCI card holders are required to get their OCI cards reissued whenever passport is renewed for persons under twenty years of age, and OCI card needs to be renewed after crossing 50 years of age only once, that too when the US passport is renewed.

How many days NRI can stay outside India?

182 daysThey will be determined as NRI if they satisfy the condition (i) alone, i.e. if they stay outside of India for more than 182 days in the relevant year, then they are still considered as an NRI.

How long you can stay in India with OCI card?

15 years(i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.

Is Aadhaar mandatory for NRI?

But in case you are an NRI (non-resident Indian) looking to link your Aadhaar card, you need not worry. As per the government criteria, NRIs do not have to link their Aadhaar for banking, mobile, PAN and other services. Aadhaar is only for residents of India. NRIs are not eligible to get Aadhaar.

What are the documents required for NRI PAN card?

Documents Required to Apply for NRI PAN Card NRI applicants are required to submit the following documents when applying for a PAN card: 2 recent passport-sized photographs. Copy of passport. Overseas address proof- copy of overseas bank statement.