Investment on non-repatriation basis would not be considered for calculation of indirect foreign investment: MoF

The Ministry of Finance has notified the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2021 whereby an explanation under rule 23 has been inserted which states that an investment made by an Indian entity which is owned and controlled by NRI(s), on a non-repatriation basis, shall not be considered for calculation of indirect foreign investment under Non-debt Instruments Rules.The Ministry of Finance has notified the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2021 whereby an explanation under rule 23 has been inserted which states that an investment made by an Indian entity which is owned and controlled by NRI(s), on a non-repatriation basis, shall not be considered for calculation of indirect foreign investment under Non-debt Instruments Rules.taxmann.com Latest Statutory HappeningsRead More

Leave a Reply