Dubai: The clarification issued by India’s Department for Promotion of Industry and Internal Trade (DPIIT) that investments by NRIs on a non-repatriation basis are deemed to be domestic investment at par with the investments made by residents brings more clarity to the legal treatment of these businesses. Investment on repatriation basis means the sale or maturity proceeds of an investment, net of taxes, are eligible to be transferred out of India. In case of non-repatriation investments, this cannot be transferred out of the country under Foreign Exchange Management Act (FEMA). NRI investments that are repatriable are treated foreign direct investment (FDI) while non-repatriable investment
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