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One of my NRI friends wants to invest in my company through his NRO Account. Do FEMA rules still apply in this case?

Generally, when an investment comes in foreign currency:

Step 1:  Bank will issue FIRC (Foreign Inward Remittance Certificate) and KYC (Know your customer) of the investor.

Step 2: File form FC-GPR according to FEMA compliances.

In your case, since funds are transferred from NRO account then FIRC and KYC cannot be issued...

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