MINISTRY OF FINANCE (Department of Economic Affairs) vide Gazette Id CG-DL-E-10082021-228847 and S.O. 3206(E) issued dated 06.08.2021 and published dated 09.08.2021, has notified Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2021.
Applicability – w.e.f 09.08.2021
THE FOLLOWING EXPLANATION SHALL BE INSERTED, NAMELY:-
“Explanation: An investment made by an Indian entity which is owned and controlled by NRI(s), on a nonrepatriation basis, shall not be considered for calculation of indirect foreign investment”
Source: Gazette Id CG-DL-E-10082021-228847
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