Overseas Corporate Bodies (OCBs) :
Overseas Corporate Bodies (OCB's) are corporate bodies predominantly owned by individuals of Indian nationality or non residents of Indian origin this 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 non residents of Indian origin. Such ownership interest should be actually held by individuals of Indian nationality or non-residents of Indian origin and they cannot do so, in the capacity of nominees. The various facilities granted to NRIs are also available with certain exceptions to OCB's as long as the ownership / beneficial interest held in them by NRIs continues to be at least 60%.

THE PERSON OF INDIAN ORIGIN (PIO) CARD SCHEME :

PIO card, is issued to people of Indian origin living abroad. This card gives persons of Indian origin all the benefits that can be enjoyed by NRIs. This card is not issued to present citizens of Pakistan and Bangladesh even if they are of Indian origin.

A person holding a PIO card can enjoy the following benefits:
1) He can visit India anytime without a visa The PIO cardholder doesn’t need to register with the Foreigners Registration Officer if he wishes to return from India within 180 days.If his stay extends to over a period of 180 days, he would have to register with the Foreigners Registration Officer within 30 days from the expiry of the 180 day period.
2) The PIO card holder can purchase immovable property(ies) (not being agricultural land / farm house / plantation areas) any where in India. But he can not do so if the property is situated in Jammu and Kashmir
3) The PIO cardholder can also admit his children in Indian educational institutions under the NRI schemes.
4) The PIO cardholder can not enjoy political rights in India. All future benefits that would be extended to NRIs would also be available to the PIO Card holders.
5) PIO Card Issuing Authorities: The authority to grant a PIO Card shall be an officer in an Indian Mission notified for the purpose or the Joint Secretary, Ministry of Home Affairs, Government of India or the Foreigners Regional Registration Officer, New Delhi, Mumbai, Calcutta or the Chief Immigration Officer, Chennai.
6) Validity: A PIO Card shall be valid for a period of 20 years subject to the validity of the passport of the applicant.
7) Fee: A fee of US $1000, inclusive of US $250 (non-refundable) as processing fee, will be payable along with the application. In case of rejection of the application, US $750 shall be refunded to the applicant.

BANK ACCOUNTS OF NRI's

As per Indian law NRI's, OCB's etc., can maintain their accounts with authorized dealers in Indian banks holding authorized dealer's licenses (i.e. banks authorized to deal in foreign exchange) or banks specifically permitted on this behalf by Reserve Bank of India can only maintain accounts in the names of NRIs. These banks are called authorized dealers. Certain Co-operative/ commercial banks (referred to as authorized banks) have been specifically permitted to maintain accounts of NRIs expressed in rupees even if they are not authorized dealers.
NRI's can maintain accounts in rupee as well as foreign currency. Accounts in foreign currencies can, however, be maintained with authorized dealers only. NRO and NRE accounts can be maintained in current/ savings/ fixed deposits form while NRNR account can be only in fixed term deposits.

Types of Accounts :

NRI's who want to deposit their money in banks in India have the following five account options in which they can save their money :
1. Non-Resident (External) Rupees account. In this type of account funds are repatriable.
2. Foreign currency Non Resident Accounts (Banks) FCNR (Banks). In this type of account funds are repatriable.
3. Non Resident Ordinary Accounts NRO. Iin this account funds are not repatriable.
4. Non Resident Non Repatriable Rupee Deposit Scheme (NRNR). In this type of account principal amount is not repatriable. However, interest earned is repatriable.
5. Non Resident Special Rupee Account (NRSR). In this account funds are not repatriable.