Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs so as long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%
What are the various facilities available to NRIs/OCBs?
NRIs/OCBs are granted the following facilities:
- Maintenance of bank accounts in India.
- Investment in securities/shares of, and deposits with Indian firms/ companies.
- Investments in immovable properties in India.