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1. No, the money earned in India will be first transferred in NRO account.
On the other hand, the interest earned in NRO account and credit balances is subject to respective income tax bracket.
2 & 3. As per the recent income tax notification, angel investors with the minimum net worth of INR 2 crore or the average returned the income of more than INR 25 lakhs in the previous 3 financial years will be eligible for 100 % tax exemption on the investments that are made in the start-ups above the fair market value.
The Income Tax Department has exempted the Angel investors, subject to specific conditions that are laid down by the Indian Department of Industrial Policy and Promotion (DIPP), which has offered substantial relief to early-stage investors.