Apart from visa free entry and not having to register yourself if you stay in India beyond six months, there is very little that has come through on the Dual Citizenship front. The website is cryptic, in that, it says that Dual Citizens would be accorded financial and economic benefits on par with an NRI. However, the same still remains a declaration of sorts and has not come through in the law. Unless the law itself (the Income Tax Act and FEMA) is amended by means of relevant circulars and notifications, we cannot say that Dual Citizens are on par with NRIs.
For example, a PIO(an NRI with foreign citizenship) cannot sell real estate to a Resident, he has to sell the same either to an NRI or to a PIO only. However, an NRI is free to sell his house property to a Resident. There are several such aspects which need to be addressed and it remains to be seen if the same is done during the forthcoming Budget on February 28th. Incidentally, we receive a number of queries asking whether now that Dual Citizenship has come about, foreigners can buy agricultural land. It may be clarified here that even NRIs are not allowed to buy agricultural land. Therefore, there is no question of a Dual Citizen be allowed just on account of his Indian citizenship.
http://sify.com/finance/fullstory.php?id=14164251
This is really a concerning situation for those who want to R2I. I was waiting for budget and post budget discussions but nothing has come out from the Govt so far. As usual they will wake up only when people raise their voice or some case law comes up.
