Latest news with #OverseasCitizensofIndia
Time of India
7 days ago
- Business
- Time of India
Received your OCI card and want to open an NPS account? Here's what you must know
Overseas Citizens of India (OCI) cardholders, aged 18-70, can invest in the National Pension Scheme (NPS) on either a repatriation or non-repatriation basis. Contributions must be made through NRE/NRO accounts, with NRE accounts recommended for those wanting to remit funds back to their country of residence. But if an NPS subscriber has given up on their Indian citizenship and hasn't yet received or applied for an OCI card, they are not eligible to hold an NPS account. Tired of too many ads? Remove Ads Can OCI cardholders open and hold NPS accounts? Tired of too many ads? Remove Ads Popular in Wealth 1. I am 55 years old and have Rs 50 lakh lump sum. How can I invest it to build wealth in 5 years? Which account can OCIs use for contributing to NPS? Can I hold an NPS account if I don't have an OCI card? Tired of too many ads? Remove Ads Did you know that Overseas Citizens of India (OCI) cardholders, who are individuals of Indian heritage presently holding foreign citizenship, are allowed to hold an NPS ( National Pension Scheme ) account in India? OCI card holders can stay for indefinite periods in India without having to apply for a visa every single time, since having an OCI card grants them a multiple-entry lifelong visa for visiting India. In case they wish to stay here for extended periods, or for as long as they want, OCI cardholders can voluntarily open an NPS account 'applicable to resident Indians,' according to NSDL. However, note that OCIs are not permitted to open NPS Tier-II on to know what documents you need to open an NPS account as an OCI cardholder and steps to close it in case you have acquired foreign citizenship and have not received their OCI all OCI cardholders aged between 18 and 70 years are eligible to open an NPS account on either a repatriation or non-repatriation CA Ashish Niraj, Partner, ASN & Company Chartered Accountants, 'For OCIs, both repatriation and non-repatriation basis options are available in NPS. Repatriation basis means that the proceeds can be taken back to the investor's home country. Non-repatriation basis means that proceeds should remain in India and cannot be taken back by the means that OCIs have the choice to either remit or send their lump-sum withdrawal from NPS or their monthly pension received from India to the country of which they now hold citizenship, or not do so, i.e., not transfer back these funds to that NPS, subscribers can partially withdraw from tier-1 accounts for specific purposes, and such partial withdrawal is tax-free. For lump-sum withdrawal, a maximum of 60% of total corpus is allowed, which will also be tax-freeTo open an NPS account with NSDL using an Aadhaar or PAN card, OCIs will have to provide a scanned copy of their OCI card, proof of their foreign address, and their scanned signatures, according to the NSDL are also required to provide the details of NRE/NRO accounts only, along with a cancelled check/copy of bank passbook/bank statement/bank certificate/letter from the bank containing the applicant's name, bank name, bank account number, and IFS/SWIFT code, per the NSDL that NPS contributions can only be made through an OCI cardholder's NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. However, in case the OCI NPS subscriber wishes to repatriate, or send back, their funds, they should take care to make their NPS contributions only via their NRE a/c. This is because only NRE, and not NRO a/cs allow individuals to remit back funds to their country of residence at any time, without any for annuities, according to the NDSL website, 'Annuity payable by ASPs (annuity service provider) to NRIs and OCIs will be taxed at source, at rates applicable as per the DTAA (Double Taxation Avoidance Agreements) of the country where the annuitant resides',Niraj adds, saying that while TDS will be applicable on pension received from annuity, subscribers can take advantage of DTAA in their country if there is a DTAA with that country. 'Since in NPS, the minimum rate of return is higher compared to normal saving instruments, OCIs, for whom this avenue was opened in 2019, should explore investing in it,' he an NPS subscriber has renounced their Indian citizenship and hasn't received or applied for an OCI card, they are not eligible to hold an NPS account.A recent circular mandated that all NPS subscribers who have validly renounced their Indian citizenship and do not hold an OCI card will have their PRAN/NPS account closed, and 'the entire accumulated pension wealth may be transferred to a Non-Resident Ordinary (NRO) account.'Explains Rajesh Khandagale, SVP-NPS, KFin Technologies , 'The subscriber will have to submit an application for closure of his/her NPS account along with an undertaking stating that he/she has renounced his/her Indian citizenship and does not hold an OCI card. They should also attach a valid certificate of renunciation of Indian citizenship/surrender certificate/cancelled Indian passport issued by a competent authority.'Note that the total accumulated pension wealth of the subscriber in the PRAN shall be transferred only to the NRO account of the subscriber, in accordance with the FEMA guidelines issued by the to RBI guidelines, balances in an NRO account of NRIs (which includes OCIs) are remittable up to $1 million per financial year (April-March) along with their other eligible assets, as per Foreign Exchange Management (Remittance of Assets) Regulations, 2016. Fund transfers from NRO to NRE accounts also need to be within this limit.
The Print
26-05-2025
- Business
- The Print
India resumes visa services for Afghans after 4-yr hiatus amid cautious renewal of diplomatic ties
The updated portal lists categories including student, business, medical, medical attendant, entry, and UN diplomat visas. Entry visas are now available to artists, cultural professionals, academics, and others invited to participate in cultural events hosted by recognised Indian institutions. While no official public announcement has been made, a notification posted on the official visa portal— the rollout of a 'New AFGHAN Visa' module in late April. New Delhi: In a significant policy shift, India has resumed granting visas to Afghan citizens across multiple categories, nearly four years after suspending all visa services following the Taliban's return to power in Afghanistan. Also eligible under this category are children from previous marriages of Afghan nationals married to Indian citizens or Overseas Citizens of India (OCI) cardholders, Afghan nationals who own property in India, dependent parents of Afghan students enrolled in Indian educational institutions and parents of students under the age of 18. The business visa category has been broadened to include Afghan investors, entrepreneurs, and individuals intending to establish industrial or business ventures in India. Sportspersons and coaches with contracts for participation in commercial sports events in India are also eligible. The category also facilitates frequent long-term business visits. India had suspended all visa services to Afghans in August 2021 following the Taliban's takeover of Kabul and the withdrawal of US-led forces. In response to the deteriorating security situation, Indian embassies and consulates were shut down in Afghanistan. At the time, India introduced an e-Emergency X-Miscellaneous visa which was primarily reserved for members of Afghanistan's Hindu and Sikh minorities. Also Read: A look at India's evolving engagement with Taliban over the years Re-engagement with Taliban The reopening of visa channels aligns with India's cautious diplomatic outreach to the Taliban administration. On 15 May, External Affairs Minister S. Jaishankar held a phone conversation with Afghanistan's Acting Foreign Minister Amir Khan Muttaqi, marking the first ministerial-level contact between the two sides since the Taliban's return to power. This followed an earlier meeting on 27 April in Kabul between senior Indian diplomat Anand Prakash and Muttaqi, where they discussed political and trade issues as well as regional developments. Afghan media reported that the Taliban expressed interest in enhancing investment ties with India and requested support for Afghan students and medical patients seeking to travel to India. On his part, Prakash reiterated India's commitment to development cooperation and expressed optimism about expanding bilateral ties across various sectors. He also conveyed India's readiness to revive stalled infrastructure projects, many of which were halted following the administration change in Afghanistan. During recent diplomatic talks, Muttaqi expressed the Taliban government's interest in deepening diplomatic and economic relations with India. Muttaqi highlighted Afghanistan's 'investment-friendly environment' and encouraged Indian businesses to explore emerging economic opportunities in the country, according to a statement by the Afghan Ministry of Foreign Affairs. (Edited by Tony Rai) Also Read: Taliban rejects US peace deal 5 yrs after Kabul's fall. What this means for Afghan citizens, neighbours
Indian Express
19-05-2025
- Business
- Indian Express
User-friendly interface, seamless registration: Shah launches revamped OCI portal
UNION HOME Minister Amit Shah on Monday launched the revamped Overseas Citizen of India (OCI) portal and said its updated user interface will simplify the registration process for overseas citizens. Shah said under the leadership of Prime Minister Narendra Modi, India is continuously striving to provide world-class immigration facilities to its OCI cardholders. He stressed that many Indian-origin citizens reside in various countries worldwide, 'and we must ensure they face no inconvenience when visiting or staying in India'. 'The new portal will provide enhanced functionality, advanced security and a user-friendly experience for the existing over five million OCI cardholders and new users. The new OCI portal is available at the existing URL: a MHA spokesperson said. According to the MHA, the OCI scheme was introduced through an amendment to the Citizenship Act, 1955, in 2005. 'The scheme provides for the registration of Persons of Indian Origin as Overseas Citizens of India, provided they were citizens of India on or after January 26, 1950, or were eligible to become citizens on that date. However, individuals who are or had been or whose parents or grandparents or great grandparents are citizens of Pakistan or Bangladesh are not eligible,' the spokesperson said. 'The existing OCI services portal was developed in 2013 and is currently operational in over 180 Indian missions abroad as well as 12 Foreigners Regional Registration Offices (FRROs), processing approximately 2,000 applications per day. Given the significant technological advancements over the past decade and the feedback received from OCI cardholders, a revamped portal has been developed to address the existing limitations and enhance user experience,' the spokesperson said. Explaining some of the key user-friendly features of the new OCI portal, the spokesperson said it has a user sign-up and segregation of registration menu, auto-fill of user profile details in registration forms, dashboard displaying completed and partially filled applications, integrated online payment gateway for those who filed in FRROs. 'It also has seamless navigation across application steps, categorisation of requisite documents to upload based on application type, editing option to the applicant at any stage before submission, integrated FAQ in the portal, reminder to the applicant to verify information before final submission, display of eligibility criteria and requisite documents based on selected application type, in-built image cropping tool for uploading applicant photos and signatures,' the spokesperson said. Mahender Singh Manral is an Assistant Editor with the national bureau of The Indian Express. He is known for his impactful and breaking stories. He covers the Ministry of Home Affairs, Investigative Agencies, National Investigative Agency, Central Bureau of Investigation, Law Enforcement Agencies, Paramilitary Forces, and internal security. Prior to this, Manral had extensively reported on city-based crime stories along with that he also covered the anti-corruption branch of the Delhi government for a decade. He is known for his knack for News and a detailed understanding of stories. He also worked with Mail Today as a senior correspondent for eleven months. He has also worked with The Pioneer for two years where he was exclusively covering crime beat. During his initial days of the career he also worked with The Statesman newspaper in the national capital, where he was entrusted with beats like crime, education, and the Delhi Jal Board. A graduate in Mass Communication, Manral is always in search of stories that impact lives. ... Read More
United News of India
19-05-2025
- Business
- United News of India
Home Minister Amit Shah launches new Overseas Citizen of India Portal
New Delhi, May 19 (UNI) Union Home Minister Amit Shah on Monday launched the new Overseas Citizen of India (OCI) Portal here. Shah said that, a revamped OCI portal with an updated user interface will simplify the registration process for Overseas Citizens, a Home Ministry statement said. He also emphasised that many Indian-origin citizens reside in various countries worldwide, and we must ensure they face no inconvenience when visiting or staying in India. The new portal will provide enhanced functionality, advanced security, and a user-friendly experience for the existing over five million OCI cardholders and new users. The new OCI portal is available at the existing URL: : The OCI scheme was introduced through an amendment to the Citizenship Act, 1955, in 2005. The scheme provisions the registration of Persons of Indian Origin as Overseas Citizens of India, provided they were citizens of India on or after January 26, 1950, or were eligible to become citizens on that date. However, individuals who are or had been or whose parent or grandparent or great grandparent citizens of Pakistan or Bangladesh are not eligible. The existing OCI services portal was developed in 2013 and is currently operational in over 180 Indian missions abroad as well as 12 Foreigners Regional Registration Offices (FRROs), processing approximately 2000 applications per day. Given the significant technological advancements over the past decade and feedback received from OCI cardholders, a revamped OCI portal has been developed to address existing limitations and enhance user experience. The new OCI portal introduces several user-friendly features, including user sign-up and segregation of registration menu, auto-fill of user profile details in registration forms, dashboard displaying completed and partially filled applications, integrated online payment gateway for those who filed in FRROs and in-built image cropping tool for uploading applicant photos and signatures. Present on the occasion were Union Home Secretary, Director of the Intelligence Bureau (IB), and other senior officials of the Ministry of Home Affairs (MHA). UNI RBE SSP
The Hindu
19-05-2025
- Business
- The Hindu
Home Minister launches new OCI portal
Union Home Minister Amit Shah launched a new Overseas Citizen of India (OCI) portal on Monday (May 19, 2025). Mr. Shah said the revamped OCI portal with an updated user interface has been launched to simplify the registration process for overseas citizens. He said it must be ensured that the Indian-origin residents face no inconvenience when visiting or staying in India. The new portal will provide enhanced functionality, advanced security, and a user-friendly experience for more than 5 million OCI cardholders and new users. The new OCI portal is available at The OCI scheme was introduced through an amendment to the Citizenship Act, 1955, in 2005. The scheme provides for the registration of Persons of Indian Origin as Overseas Citizens of India, provided they were citizens of India on or after January 26, 1950 or were eligible to become citizens on that date. However, individuals who are or had been citizens of Pakistan or Bangladesh, or whose parent or grandparent or great grandparent are or had been citizens of those two countries are not eligible. The existing OCI Services portal was developed in 2013 and is currently operational in over 180 Indian missions as well as 12 Foreigners Regional Registration Offices (FRROs), processing approximately 2,000 applications per day. Given the significant technological advancements over the past decade and feedback received from OCI cardholders, a revamped OCI portal has been developed to address existing limitations and enhance user experience, MHA said in a statement.
