Overseas Corporate Bodies
(OCBs) are bodies predominantly owned by individuals of Indian
nationality or origin residing outside India and include overseas
companies, partnership firms, societies and other corporate
bodies. The other corporate bodies are owned, directly or
indirectly, to the extent of at least 60% by individuals of
Indian nationality or origin residing 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 long as the ownership/beneficial interest held in them
by NRIs continues to be at least 60%.
|
