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Indian Government rolls out new OCI rules; Check how this will impact you

Indian Government has made a new development for Overseas Citizens of India (OCI).

An OCI Cardholder (including a PIO cardholder), according to the Government notification is a:

“foreign national holding passport of a foreign country and is not a citizen of India.”

The Ministry of Home Affairs has issued a new notification on March 4.

This new notification issued under Section 7B of the Citizenship Act, 1955 will supersede the 3 earlier notifications issued on April 11, 2005January 5, 2007, and January 5, 2009.

Indian Parliament has delegated to the Government of India via Section 7 B of the Citizenship Act, the power to decide the rights of OCIs through notifications.

All earlier notifications laid down the rights of the OCIs with reference to the Indian state.

The Indian Government has specified the following rights to the OCI cardholder:

In addition, the notification now equates OCIs to “foreign nationals.”

This is mainly in respect of “all other economic, financial and educational fields” for the purposes of the Foreign Exchange Management Act, 2003 although past circulars by the Reserve Bank of India under FEMA will hold ground.

Do you think declaring OCIs as “foreign nationals,” is in the best interest of the Narendra Modi led Indian Government? 

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