How are NRI investments taxed in India?

Income Tax 1961 Income from Capital Gains
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Team Quicko,
good post, have a query on PFICs for NRIs in the US. Can you share the the details on

  1. Tax exemption thru QEF election in the US, how to opt for it?
  2. Selling MFs and switching to equivalent Small Case - is it a feasible option to avoid complexity
  3. What are the alternate investment options?
  4. Why would PMS be treated as PFICs? These are inveatments in equity, but manages by an advisor, and are not passive in nature, right?
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