A resin composition for stencil ink comprising: (I) a non-aqueous dispersion comprising; (a) a resin for dispersing; (b) a particulate resin comprising a film-forming linear acrylic resin, and (c) at least one solvent that can dissolve the resin (a) therein but cannot dissolve the particulate resin (b) therein, the solvent being selected from the group consisting of paraffinic hydrocarbon solvents, isoparaffinic hydrocarbon solvents and naphthenic hydrocarbon solvents; (II) a colorant; and (III) an emulsifying agent. Also disclosed is a water-in-oil stencil ink comprising the resin composition and water.