Alas Jaysit, your doom and gloom has been totally misplaced in this case.
The GoI has not only approved "overseas citizenship" for persons of Indian origin living in a number of countries, but has also provided a streamlined process for applying - processing takes just about 4 months. The cost is US$275.
Details about overseas citizenship can be found on the Ministry of Home Affairs website at http://www.mha.nic.in/citizenship/acquire1.htm
The 16 specified countries for whose citizens "overseas citizenship of India" is available are :-
10. New Zealand
12. Republic of Cyprus
15. United Kingdom
16. United States of America
Registration as Overseas Citizens of India
Documents : The procedure and documents required for registration as overseas Citizen of India is as under:
(i) An application for registration by a person of full age and capacity as an overseas citizen of India under Section 7 A (1) (a) shall be made in Form XIX;
(ii) An application for registration by a person of full age and capacity as an overseas citizen of India under Section 7 A (1) (b) shall be made in Form XIX A;
(iii) An application for registration of a minor child of an overseas citizen of India as an overseas citizen thereof under Section
7A(1) (c) shall be made in Form XIX B, and shall include the following particulars, namely:-
(a) a statement whether the applicant is a parent or guardian of the child and if is a guardian, how be became the guardian;
(b) a statement showing whether the child was adopted by the applicant and if so, documentary evidence to this effect;
(c) a statement indicating reasons for which the child is required to be registered as an overseas citizen of India.
(iv) Certificate of registration to be granted to persons registered and register of persons registered under Section 7 A (1) –
(1) Every person who is registered as an overseas citizen of India under Section 7A(1) shall be issued a certificate of registration in Form XX, duly signed by an officer not below the rank of an Under Secretary to the Government of India and where such a certificate is issued, a duplicate copy thereof shall be prepared and preserved for record by the issuing authority.
(2) There shall be kept by the Central Government in the Ministry of Home Affairs, a register containing names of the persons registered as overseas citizens of India under Section 7 A (1) in Form XXI.
(v) Declaration of renunciation of overseas citizen of India –
(1) A declaration of renunciation of overseas citizenship of India under Section 7 C (1) shall be made in Form XXII.
(2) The declaration shall be registered in the Ministry of Home Affairs of Government of India.
(3) On receipts of such declaration the Central Govt. shall issue an acknowledgement in Form XXII A.
(4) There shall be kept by Central Govt. in the Ministry of Home Affairs a register the Form XXII B, containing the names of persons where declarations of intentions to renounce overseas citizenship of India are registered.
PROCEDURE - The application for registration as an overseas citizen of India has to be made in the prescribed form. This form when completed should be submitted in triplicate;
(i) In India
to the Collector within whose jurisdiction the applicant is ordinary resident for transmission to the Central Government through the State Government or Union Territory Administration, as the case may be;
to the Indian Consulate/Embassy whose jurisdiction the country of which an applicant is a citizen for this for transmission to the Central Government.
You can even download any and all of the forms specified in the law above at http://www.mha.nic.in/citizenship/forms/citi-form.htm
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