Explanation:

India completely follows the floating exchange rate system where the exchange rate is determined by market forces: This statement is incorrect. India does not completely follow a floating exchange rate system. It has a managed float or a managed exchange rate system where the central bank, Reserve Bank of India (RBI), intervenes in the foreign exchange market to stabilize or influence the exchange rate.

Depreciation of the rupee promotes the import of a country: This statement is incorrect. Depreciation of the domestic currency makes imports more expensive, potentially reducing imports and promoting domestic production.

Depreciation of the rupee hurts NRIs repatriating money to their home: This statement is incorrect. When the domestic currency depreciates, NRIs (Non-Resident Indians) receive larger units of their home currency when converting foreign earnings, potentially impacting their repatriation value.