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Is OCI considered NRI?

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NRI
0 2021-04-13T10:29:01+00:00
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As a result of Indian emigration, over 15.6 million people of Indian descent live outside India. OCI is specifically for Indian Emigrants. There are majorly 3 categories for Indians residing in other countries; NRI, OCI, and PIO, and many people are confused and wondering ‘is OCI holder an NRI.’ I will precisely answer this query and also tell you about what is an OCI card, and who is NRI. What is  OCI card  A person who has biological links to a citizen of India on or before the constitution of the country is made is eligible for an OCI card. Until 2005 The Indian government did not permit dual citizenship. The Citizen Amendment Act of 2005 was passed to create the overseas citizenship of India to allow foreign citizens of Indian origin to live and work in India. However, OCI is not equivalent to Indian citizenship and most of the nations do not consider OCI as the citizenship for another country. The Indian Government considers OCI as a multipurpose visa that is valid for a lifetime. OCI status is not dependent on the employment of the citizen. Rules for OCI card holder  OCI status has certain restrictions which need to be followed by the OCI card holder which is as follows:
  • Can not vote in Indian 
  • Can not purchase agricultural land in India
  • The Indian government considers OCI as a multipurpose visa that is valid for a lifetime.
Eligibility 
  • IF you are a citizen of India at any time between now and January 26, 1950 at the time of the Indian republic.
  • You were a citizen of territory that became part of India at the time of Independence on august 15,1947.
  • You are a grandchild or a child of an individual to whom any of these conditions apply
  • You are a child with one parent who is a citizen of India.
  • You are a spouse of an Indian citizen or OCI card holder and have been married at least 2 years prior to applying for OCI.
  Who is an NRI? A person who holds a valid Indian passport, but stays out of the Indian region for the purpose of study, work. A person who stays in India for less than 180 days in the financial year. Rules for NRI under FEMA (Foreign Exchange Management Act)
  • Bank maintenance
  • All NRI has the right to purchase all types of lands in India.
  • NRI students can receive a maximum of US$ 2.5 lakh from their close relatives per year.
Sum up with An OCI card holder is a person who has roots in India and wants to live, work in India. An NRI is the Non-resident of India he/she may have his/her property in India. They are eligible to vote and OCI cardholders are not eligible for that. Hope your doubt about OCI is considered NRI is clear by reading this answer.
0 2021-10-05T19:57:25+00:00
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I have a lot of friends and relatives who have been in international territories for quite some time. In our discussions about the status of citizenship of these people, I was always confused about the difference between NRI and OCI. So I decided to do a little bit of research to understand the concept better. I am sharing what I could gather about the whole OCI vs NRI debate. Here you go! NRI vs OCI
NRI OCI
NRI is a term given by Income Tax Department of GOI and it holds true meaning at the time of filing tax  OCI on the other hand is an immigration status given to foreign nationals who are of Indian origin by the GOI
A Non Resident Indian acquires such status when he/she has resided for less than 182 days An indian origin foreign national can apply for OCI for territory belonging to India after 1947
NRI is allowed to invest in residential and commercial properties in India Similarly, OCI holder too can buy residential and commercial property in India
Income from investments and receipts in India is taxable in India OCI holder is must pay tax on global income and is subject to the conditions of DTAA
For NRI status, only overseas residential proof is required For OCI card, a series of documents including proof of current citizenship, relationship evidence to an Indian citizen, etc are required
These are a few things I know of when it comes to difference between NRI and OCI.
0 2022-09-30T19:18:32+00:00
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We all know India is the country with the second-highest population in the world. Three groups of people, NRIs, POIs, and OCIs can be distinguished among those who have roots in India but reside outside of the country. One of my friends got confused between these 2 terms, so I had to explain them to him. Here, you will be knowing about OCI vs NRI. Get help from the experts at NoBroker if you are facing any challenges in India. Let NoBroker manage your property with care when you are abroad.

What is the difference between OCI and NRI?

The Indian government's Income Tax Department created the term "NRI" to refer to a residence status that is effective only when submitting income tax returns. But OCI is an immigration status or special visa that the Indian government grants to foreign residents of Indian origin. It allows them to work or reside there legally.

Is OCI considered NRI?

A person who has not obtained Indian nationality and has not spent more than 182 days on Indian soil during a given financial year is referred to as a non-resident of India. Persons who reside overseas yet have origins in India, be it through their parents or legal guardians, may also be granted NRI status. But OCI cardholders are outsiders or residents who wish to work or study inside of Indian territory. The two immigrant categories are not comparable to one another. You must have understood about OCI vs NRI. Read More: Difference between NRI and OCI? Can NRI invest in NPS scheme? Can NRI keep fixed deposit in India?

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