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of <h1>Non-resident Indians can invest in specified Indian assets using convertible foreign exchange under Section 115C</h1> Section 115C of the Income Tax Act, 1961 establishes definitions for Chapter XII-A governing special provisions for certain non-resident incomes. Key definitions include convertible foreign exchange as recognized by Reserve Bank of India under Foreign Exchange Management Act, foreign exchange assets acquired with convertible foreign exchange, investment income derived from such assets, and long-term capital gains from foreign exchange assets. Non-resident Indian means Indian citizens or persons of Indian origin who are non-residents. Specified assets encompass shares in Indian companies, debentures and deposits with non-private Indian companies, Central Government securities, and other government-notified assets.
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