In line with the Union Budget 2024-25 announcement by Finance Minister Nirmala Sitharaman to streamline Foreign Direct Investment (“FDI”) and Overseas Investment (“OI”) rules, the Department of Economic Affairs, under the Ministry of Finance, has issued a notification on 16 August 2024, amending the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”). This notification, known as the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024 (“Amendment Rules”), introduces several key revisions.