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No, OCI cardholders do not have any dual citizenship. It is mentioned by the Government of India that India does not allow dual citizenship to anyone. However, having an OCI card gives you some advantages and rights as a citizen of Indian as the same fare in local flights, wildlife sanctuaries, and national parks, can purchase private or commercial properties, or multiple entries to India, visa-free stays, etc.
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There are no such claims by the government of India that OCI gives dual citizenship status. It is a simple OCI card that helps you to enter India for work, study, or to live for an indefinite time.