mangal969 said:Basis-
1.Yes.The only thing you need to submit is your OIC card.If you are a PIO card holder you need to take an employment visa from the FRRO.
2.Yes.
3.A PIO/OCI can operate NRI accounts.I dont think they can operate RI accounts even if they have stayed in India.
4.Yes
5.Yes.Consult a tax expert
6.In a nutshell you can use all the facilities available to NRI's,which you could not as a 'foreigner' NRI qouta in colleges,Open NRI accounts etc
Agree with all these answers except (3). The RBI and the OCI Act treat Resident PIOs and OCIs similar to Resident Indians except in the scheduled cases (e.g. public post). I would think you should be able to open a resident account.
Scheduled Cases
7(B)2 An overseas citizen of India shall not be entitled to the rights conferred on a citizen of India—
(a) ... equality of opportunity in matters of public employment;
(b) ... election as President;
(c) ... election of Vice-President;
(d) ... Judge of the Supreme Court;
(e) ... Judge of the High Court;
(f) ... registration as a voter;
(g) ... member of national Parliament
(h) ... member oF state Parliament
(i) ... appointment to public services
Also in relation to (3) and (6) What are your rights as an OCI? You have none - the government of the day can notify changes without going to parliament. In practice they are trying to treat Resident OCIs like citizens and Non Resident OCIs like NRIs, except in the scheduled areas of 7(B)2, however there is no guarantee.