Exemption of interest on non repatriable NRI bonds extends tax relief to eligible non resident Indians under new conditions. The Direct Tax Laws (Amendment) Act, 1989 introduces targeted exemptions and procedural rationalisations across Income tax, Wealth tax and Gift tax laws: exemption of fees for technical services paid to specified foreign companies under Government security projects; interest exemption on notified non repatriable NRI bonds for eligible non resident Indians subject to non repatriation and anti encashment conditions; reintroduction of investment allowance as an alternative to the investment deposit scheme with a five year option lock; tourism focused tax incentives including a new deduction for foreign exchange earned profits; concessional tax treatment and withholding for foreign companies investing in specified mutual fund units; and mandatory valuation rules incorporated into the Wealth tax Act to reduce litigation.