Non Resident Indian investment regimes clarified: repatriation and non repatriation pathways, account routing and sectoral limitations.
The amendment revises the definition of Non-Resident Indian (NRI) and separates NRI acquisition of securities into repatriation basis under the Portfolio Investment Scheme and non repatriation basis. Schedule 3 permits specified purchases through designated authorised dealer branches subject to individual and aggregate ceilings, delivery and custody requirements, FDI sectoral caps, reporting to the Reserve Bank, and routing through an NRE (PIS) account with defined permitted credits and debits. Schedule 4 permits unrestricted non repatriation domestic investments except in prohibited sectors, mandates payment and credit routing rules, and disallows repatriation of principal and appreciation.

Special Directors (Appeals) appointed to hear FEMA appeals, allocating zonal and sub zonal jurisdictions for adjudicatory review.
Commissioners of Income Tax (Appeals) are appointed as Special Directors (Appeals) to hear appeals against orders of Adjudicating Authorities under the Foreign Exchange Management Act, with specific zonal and sub zonal jurisdictions and States/Union Territories assigned to each nominee, effective from publication and supplementary to their existing duties.

Restriction on overseas immovable property acquisition: residents need Reserve Bank permission, with limited exceptions and permitted modes.
Restriction on acquisition or transfer of immovable property outside India requires Reserve Bank general or special permission for residents, with exemptions for residents who are nationals of a foreign state and pre 1947 acquisitions retained with permission. Residents may acquire property abroad by gift or inheritance from specified persons, by purchase using funds in an RFC account, or jointly with a non resident relative without funds outflow. Inheritance or gifts from residents who complied with foreign exchange rules at original acquisition are permitted. Indian companies with overseas offices may acquire property for business and staff housing per Reserve Bank directions.

Foreign currency account rules restrict residents but permit specified account types with defined eligibility and utilisation conditions.
The Regulations generally prohibit residents from opening or maintaining foreign currency accounts except as expressly permitted. Permitted in India accounts include EEFC, RFC and Resident Foreign Currency (Domestic) Accounts with defined eligibility, permissible credits and debits, operating features and restrictions; special provisions apply to SEZ units, exporters, DDAs and other categories. Accounts outside India are permitted for authorised dealers, overseas branches/offices of Indian entities subject to remittance limits and closure conditions, for exporters with approvals, for Overseas Direct Investment subject to utilisation and repatriation rules, and for startups with overseas subsidiaries, with authorised dealers bound to follow RBI directions and reporting obligations.

Export declaration and realisation: exporters must declare exports and ensure repatriation of full export value within prescribed timelines.
Exporters of goods, software and services must furnish prescribed declaration forms (EDF for physical exports; SOFTEX for non physical software) to designated authorities, ensure the full export value is realised and repatriated in foreign exchange through authorised dealers in the manner and within periods prescribed, and retain authorised dealer copies on realisation. Certain categories of exports are exempted from declaration but remain subject to realisation obligations. The Reserve Bank may impose pre export conditions, extend realisation periods, or direct compliance measures, and exporters have a right to be heard before approvals are withheld.

Appointment of Competent Authority: Commissioners of Customs (Appeals) in four major ports designated under FEMA for enforcement functions.
The Central Government, exercising powers under sub section (2) of section 37A of the Foreign Exchange Management Act, 1999, appoints the Commissioner of Customs (Appeals) in Delhi, Mumbai I, Kolkata and Chennai to be Competent Authorities under the Act, delegating statutory authority for FEMA administration and enforcement to those Commissioners.