Modi Government is looking to introduce a new policy, which will grant Hindu and Sikh Migrants from Pakistan and Afghanistan the right to open the bank account in India and own a residential property as well. As of now, Hindu and Sikh Migrants from Pakistan on long-term visas are allowed to open the bank account.
When it will becomes an official policy, Hindu and Sikh Migrants will be able to buy residential property on the basis of permits issued by Foreigner Regional Registration Office (FRRO).
In the past UPA 2 Government under Dr Manmohan Singh has been active in issuing such permits, but it has been issued four times more under Modi Government. These will give chance for long-term visa holders to be a part of India’s economic system.
Keeping the national threat in mind, banks will have to report to home ministry on quarterly basis of bank account opened by Pakistani Sikh or Hindu national.
