Tax exemption for non-resident transfers on IFSC stock exchanges covers specified securities settled in foreign currency. Transfer of a capital asset by a non-resident on a recognised stock exchange located in an International Financial Services Centre is treated as not amounting to a transfer for capital gains purposes where the consideration is paid or payable in foreign currency. The rule applies to specified securities, including bonds or Global Depository Receipts, rupee denominated bonds of an Indian company, derivatives, and such other securities as may be notified by the Central Government.