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Back to Top of Index Question-4: Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs ?

April 26, 2017Beneficial Certificate index NRIs ocbs ownership question-4

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Back to Top of Index Question-4: Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs ?

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Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned corporate body/trust is required to furnish a certificate from an overseas auditor/chartered accountant/certified public accountant in form OAC where the ownership/beneficial interest is directly held by NRIs, and in form OAC1 where it is held indirectly by NRIs.