What does OCB mean?
As per Para 2(xi) of F.E.M. (Deposit) Regulation, 2000. ‘Overseas Corporate Body (OCB)’ means a company, partnership firm, society and other corporate body owned directly or indirectly to the extent of at least sixty percent by Non-resident Indians and includes overseas trust in which not less than sixty percent beneficial interest is held by Non-resident Indians directly or indirectly but irrevocably.
