OCIs can invest in India pension schemes |
Pension Fund Regulatory and Development Authority of India in a notification announced that Overseas Citizens of India will now be allowed to invest into NPS or National Pension Scheme Tier 1 scheme. It said that considering the requests from different sections, the authority has decided to permit Overseas Citizen of India to enroll in NPS at par with non-resident Indians subscribing to NPS. However, the option of NPS Tier II account will not be available to NRI and OCI subscribers. According to the Ministry of External Affairs website, "The Scheme (Overseas Citizenship of India Scheme) provides for registration as Overseas Citizen of India (OCI) of all Persons of Indian Origin (PIOs) who were citizens of India on 26th January, 1950 or thereafter or were eligible to become citizens of India on 26th January, 1950 except who is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify." Experts have welcomed the move saying `there are many individuals of Indian origin who have taken up foreign citizenship while working overseas and may prefer to continue investing in India from their local income sources.
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