Basic definitions

Non-resident Indian (NRI) 


An Indian citizen who stays abroad for employment or for carrying on a business or on a vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident.
For various purposes, such non-resident persons of Indian origin are treated on par with NRIs even if they have acquired foreign citizenship.
Persons posted in UN bodies and officials deputed abroad by Central/State Governments and Public Sector Undertakings on temporary assignments are also treated as non-resident.

Person of Indian Origin (PIO)


A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if
he/ she, at any time, held an Indian passport or
he/she or either of their parents or any of their grand parents was citizen of India by virtue of the Constitution of India or Citizenship Act, 1955
is a person of  Indian origin or PIO for having a bank account or investing in shares/ securities in India.
The spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also treated as a person of Indian origin for the purpose of banking/ investment if they open a joint account with the citizen or PIO.
For investments in immovable properties, a foreigner (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka, or Nepal), is deemed to be of Indian origin if
he/she held an Indian passport at any time or
he/she or their father or paternal grand-father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.

Overseas Corporate Bodies (OCB)

Overseas Corporate Bodies are companies etc outside India that are predominantly owned by individuals of Indian origin or nationality who are resident outside India.
OCBs include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of atleast 60% by individuals of Indian nationality or origin resident outside India
An overseas trust in which atleast 60% of the beneficial interest is irrevocably held by such persons is also an OCB.
The ownership interest should be actually held by the individuals mentioned above and not in the capacity as nominees.

Overseas Citizenship of India (OCI)

The Indian government grants Overseas Citizenship of India (OCI) to people of Indian origin who are citizens of those countries that allow dual citizenship. This does not confer on the OCI card-holder the citizenship of India, but a recognition that they have a link with India.
OCIs are granted benefits under the Citizenship Act, 1955. Presently the benefits include:
(i) multiple entry, multi-purpose life long visa to visit India;
(ii) exemption from reporting to police authorities for any length of
stay in India; and
(iii) parity with NRIs in financial, economic and educational fields
except in the acquisition of agricultural or plantation properties.

Any additional benefits to OCIs in future will be notified by the Ministry of Overseas Indian Affairs (MOIA).
A person registered as OCI is eligible to apply for grant of Indian citizenship under section 5(1)(g) of the Citizenship Act, 1955 if he/she is registered as OCI for five years and has been residing in India for one year
out of the five years before making the application.