11A.13
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Exemptions granted to Foreign Nationals Not Permanently Resident in India
Foreign nationals who are on a visit to India on grounds of business, tourism, etc. or who are resident but not permanently resident in India are exempted from the restrictions imposed under FERA 1973, in respect of the following.
(a) Maintenance of and operations on their foreign currency bank accounts outside India.
(b) Making payments to or for the credit of persons resident outside India out of funds held in foreign currency accounts maintained abroad.
(c) Holding in India of foreign currency in the form of travellers cheques, currency notes, bank notes and coins.
(d) Acquisition, holding or disposal of foreign securities, provided such securities are acquired by them as their own property or are held by them for or on behalf of foreign citizens not permanently resident in India.
(e) Making of settlement or gift of property outside India.
NOTE: For the purpose of these exemptions, foreign citizens of Indian origin are treated as not permanently resident in India if they are 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 (See Note to paragraph 11A.12).