Salient Features of PIO Card Scheme *
(A)
Eligibility:
Persons of Indian origin up to the fourth generation (great grand
parents settled throughout the world except citizens of Pakistan, Bangladesh
and other countries as may be specified by the Central Government from time to
time.
(B)
Who to
Approach:
(a)
For those
staying in India on long-term visa: Indian Embassies/High
Commissions/Consulates or the Foreigners Regional Registration Officer (Delhi,
Mumbai, Calcutta and Chennai).
(b)
For those in
Egypt: Consular Office at the
Embassy of India, 37, Talaat Harb Street, Downtown, Cairo (Phone 393 9152).
(C)
Duration and
Facilities:
(i)
A PIO Card shall
be valid for a period of Fifteen years subject to the validity of the passport of the applicant.
Fee for new PIO Card for adult - US $ 310.00
Fee for new PIO Card for children
Status of PIO Cards issued earlier as per PIO Card Scheme (1999)
PIO Card issued earlier for US $ 1000/- will continue to remain valid and no refund shall be admissible. However, the validity of the such cards shall be extended by 10 more years without charging any fee.
(ii)
PIO Card holder
shall not require a visa to India.
(iii)
PIO Card holder
will be exempted from the requirement of registration if his stay in India does
not exceed 180 days.
(iv)
In the event of
continuous stay in India of the PIO Card holder exceeding 180 days, he/she
shall have to get himself/herself registered within 30 days of the expiry of
180 days with the concerned Foreigners Registration Officer at District
Headquarters.
(v)
A PIO Card holder
shall enjoy parity with NRIs in respect of all facilities available to the
latter in the economic, financial and educational fields except in matter
relating to the acquisition of agricultural/plantation properties. These facilities will include:
(a)
Acquisition,
holding, transfer and disposal of immovable properties in India except of
agricultural/plantation properties;
(b)
Admission of
children in educational institutions in India under the general category quota
for NRIs – including medical/engineering colleges, IITs, IIMs, etc.
(c)
Various housing
schemes of Life Insurance Corporation of India, State Governments and other
Government agencies.
(vi)
All future
benefits that would be extended to NRIs would also be available to the PIO Card
holders.
(vii)
However, they
shall not enjoy political rights in India.
(D)
Other facilities
as announced by the RBI:
(a)
To resident individuals,
partnership/proprietorship concerns to avail of interest bearing rupee loans
from NRIs/PIOs out of funds remitted by them from abroad or out of funds held
in their bank accounts in India, on non-repatriation basis, subject to certain
conditions one of them being that the rate of interest on such loans should not
exceed Bank Rate plus two percentage points.
(b)
NRIs/PIOs to
transfer by way of gift shares held by them in Indian companies and to PIOs to
transfer by way of gift immovable property held by them in India to registered
charitable trusts/organisations subject to compliance with other applicable
rules/regulations including the provisions of Foreign Contribution Regulations
Act, 1976, by the charitable trust/organisation concerned.
(c)
NRIs/OCBs for
investment on repatriation basis in Air Taxi operations subject to, among other
conditions that the approval of the Director General of Civil Aviation has been
obtained.
(d)
All domestic
public/private sector mutual funds for issue of Units to NRIs/PIOs/OCBs on both
repatriation as well as non-repatriation basis.
(e)
NRIs/PIOs/OCBs
to place deposits with Indian firms, on non-repatriation basis and with Indian
companies including non-banking financial companies on both repatriation and
non-repatriation basis.
(f)
NRIs/PIOs/OCBs
for sale of shares acquired under direct investment schemes on stock exchanges
in India.
(g)
The Reserve
Bank of India will grant general permission to NRIs/PIOs/OCBs to invest in
Government Securities and treasury bills while granting permission for
investment in shares and debentures under the portfolio scheme.