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Home > Information > NRIs > Policies:Definitions |
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| Definitions |
NRIs:
For the purpose of investments in India, a Non Resident Indian (NRI) means a person resident outside India or who is a citizen of India or is a Person of Indian Origin. |
PIOs:
Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh, Pakistan or Sri Lanka, if:
he at any time held Indian passport;
or
he or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);
or
the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b). |
OCBs:
Overseas Corporate Body (OCB) means a company, partnership firm, society and other corporate body owned directly or indirectly to the extent of at least sixty per cent by Non Resident Indians and includes overseas trust in which not less than sixty per cent beneficial interest is held by Non Resident Indians directly or indirectly but irrevocably. |
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