Debt versus non-debt classification clarifies regulatory treatment of overseas investments and applicable instrument categories for compliance purposes. Classification distinguishes debt instruments-including government and corporate bonds, non-equity securitisation tranches, firm loans, and debt-backed depository receipts-and non-debt instruments-including equity in incorporated entities, LLP capital participation, FDI-recognised instruments, units of AIFs, REITs, InvITs, mutual funds and ETFs with majority equity, the equity tranche of securitisations, immovable property dealings, trust contributions, and equity-backed depository receipts.