Well, I didn't find anything to the effect that bars American residents from the issue. Not that it matters anyway -- who would buy junk bonds when they are yielding nearly the same interest as investment-grade bonds?
What I found under "Eligibility" is this :
Three kinds of applicants are eligible:
NRIs (Non-Resident individuals of Indian nationality or Indian origin)
OCBs (Overseas Corporate Bodies)
Banks acting in fiduciary capacity on behalf of OCBs/NRIs.
In addition, the spouse of an NRI will also be eligible, provided the application is made jointly with the NRI.
However, Pakistani or Bangladeshi Nationals, even though they may satisfy the definition of 'Indian Origin', shall not be eligible to apply for the RIBs.
So, a person of Indian origin but living in Pakistan or Bangladesh is not eligible, while an American married to a person of Indian origin in the US is eligible!
And these are the people who rant and rave about hypocrisy!
Also, if I remember right, the spouse rules are equally nonsensical -- an American woman married to a man of Indian origin is eligible to be called an NRI in her own right. But an American man married to a woman of Indian origin is not! The patriarchic mindset in action, surely.
Dipy. |
