What is an Overseas Corporate Body (OCB)?
A. Overseas Corporate Bodies are predominantly owned by individuals of Indian nationality or origin, residing outside India, and are inclusive of overseas companies, partnership firms, societies and other corporate bodies which are owned directly or indirectly to the extent of at least 60% by NRIs. OCBs also include overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons.
• Overseas Corporate Body means a company, partnership firm, society and other corporate body owned directly or indirectly to the extent of at least sixty per cent 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.
