11A.12
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Exemptions granted to Foreign Nationals of Indian origin permanently resident in India
Foreign nationals of Indian origin permanently resident in India have been granted general exemption from the requirements of Sections 28(1) and 29(1) of FERA 1973, vide Reserve Bank Notification No.FERA 146/93-RB dated 26th April 1993. They do not, therefore, need any permission from Reserve Bank for accepting appointment as agents in India or for carrying on any trading, commercial or industrial activity in India or for the acquisition of an undertaking or purchase of shares referred to in paragraphs 11A 1, 11A 2(i), 11A 4 or 11A 5.
NOTE: A foreign citizen of Indian origin is regarded as not permanently resident in India if he has been residing in India for employment of a specified duration (irrespective of the length thereof) or for a specific job or assignment the duration of which does not exceed three years.