Regulation 4 - Purchase and sale of foreign security by a person resident in India - Foreign Exchange Management (Transfer Or Issue of Any Foreign Security) Regulations, 2000

Has been superseded vide Notification No. 120/2004 dated 7/7/2004 4. Purchase and sale of foreign security by a person resident in India A person resident in India- (a) may purchase a foreign security out of funds held in Resident Foreign Currency (RFC) account maintained in accordance with the Foreign Exchange Management (Foreign Currency Accounts) Regulations, 2000; (b) may acquire bonus shares on the foreign securities held in accordance with the provisions of the Act or rules or regulations made thereunder; (c) when not permanently resident in India, may purchase a foreign security from out of his foreign currency resources outside India; (d) may sell the foreign security purchased or acquired under clauses (a), (b) or (c). Explanation: - For the purpose of this clause, 'not permanently resident' means a person resident in India for employment of a specified duration (irrespective of length thereof) or for a specific job or assignment, the duration of which does not exceed three years.