Taxability for foreign income

Hi,

I work for a Hong kong based company, and I live in India.

I got my salary directly in my indian bank account (by remittance). My company pays me my salry in USD and that salary get converted in to INR @ the acctual rate, at time of remittance.

I wat to know to is that income is taxable or not.

Someone told me that i need not to pay any tax for foreign income.