Who is a Person of Indian Origin
For the purposes of availing of the facilities of opening and maintaining bank accounts and investments in shares/securities in India, a citizen (other than a citizen of Pakistan or Bangladesh) is a PIO if He at any time held an Indian passport Or He or either his/ her parents/any of his/ her grandparents was a citizen of India by virtue of the Constitution of India or Citizenship Act,1955 (57 of 1955)Or The person is a spouse of an Indian citizen or a person referred to in sub-clause (A) or (B). Definition of an Overseas Corporate Bodies (OCB’s) Regulation 2(xi) of FEMA 5 OCB’s are companies, partnership firms, societies and other corporate bodies which are owned directly or indirectly to the extent of at least 60 per cent by non-resident Indians and include overseas trusts in which not less than 60 per cent of the beneficial interest is held by non-resident Indians directly or indirectly but irrevocably.
Source : Reserve Bank of India
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