Rule 4 - Non-applicability of rules and regulations relating thereto in certain cases - Foreign Exchange Management (Overseas Investment) Rules, 2022

4. Non-applicability of rules and regulations relating thereto in certain cases. Nothing in these rules or the Foreign Exchange Management (Overseas Investment) Regulations, 2022 shall apply to (a) any investment made outside India by a financial institution in an IFSC; (b) acquisition or transfer of any investment outside India made, (i) out of Resident Foreign Currency Account; or (ii) out of foreign currency resources held outside India by a person who is employed in India for a specific duration irrespective of length thereof or for a specific job or assignment, duration of which does not exceed three years; or (iii) in accordance with sub-section (4) of section 6 of the Act. Explanation. For the purposes of this rule, the expression financial institution shall have the same meaning as assigned to it in the International Financial Services Centres Authority Act, 2019 (50 of 2019).