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I was non-resident Indian until last financial year and I still hold an NRE account. I want to invest abroad through a known friend & receive a fixed return in US dollars.

Is it legal for me to invest in abroad & receive a fixed return in dollars?

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It is legal to invest outside India. Read the limits under liberalized remittance scheme.

Investing via friend would complicate taxes both for you and your friend.

If you are resident Indian now, change the status of NRE account. If you want to hold the balance in different currency, you can transfer the amount into RFC, resident foreign currency account.

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