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Fully repatriable India bond for NRIs
The State Bank of India is launching a new Resurgent India Bond denominated in foreign currencies for subscription by NRIs. The bond will be fully repatriable and the government will extent tax concessions similar to those currently available to NRI deposits. The minister also announced a scheme for issuance of a Persons of Indian Origin (PIO) card for those living abroad and having foreign passports. The PIO card would, besides introducing a visa-free regime, will also confer some special economic, educational, financial and cultural benefits. This card would be issued to the persons of Indian origin settled in countries to be specified by the government later. Sinha said the details were being worked out. He also announced the government would review the procedures governing NRI participation in the country's share market to make it less cumbersome and onerous to facilitate investment by NRIs.