PAN exemption for non-residents hinges on specified fund investment, foreign residency proof, and quarterly reporting obligations. A non-resident other than a company or foreign company is exempt from the PAN requirement where the investment is made in a specified fund, no other income is earned in India, tax is deducted at source and remitted at the prescribed rates, and the non-resident furnishes specified identity and foreign residency details, including a Tax Identification Number or equivalent. The specified fund must file Form No. 92 quarterly and upload the foreign residency declaration within fifteen days of the quarter's end. A similar exemption applies to an eligible foreign investor dealing only in specified capital assets listed on a recognised stock exchange in an International Financial Services Centre, subject to comparable disclosure and reporting by the stock broker.