(i) There are no restrictions on the import into India of any security, whether Indian or foreign.

(ii) It is obligatory on the part of persons resident in India (other than foreign nationals not permanently resident in India) to obtain Reserve Banks permission to acquire or hold foreign securities.

NOTE: This will not apply to a person who has been resident outside India for a continuous period of not less than one year, in respect of securities acquired/held as provided in Notification No. FERA 118/92-RB dated 7th September 1992 [See also paragraph 12.6(i)].