Gift of securities to non-resident relatives requires prior RBI approval and now permits a higher annual transfer threshold. Transfers of securities by way of gift from residents in India to persons resident outside India require prior approval of the Reserve Bank under Regulation 10A(a) of the FEMA (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000; all other conditions of Regulation 10A(a) remain unchanged. The circular increases the applicable annual monetary ceiling for such gifts and notes that amendments to the Regulations will be issued separately, directing Authorised Dealer banks to notify their constituents.
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Provisions expressly mentioned in the judgment/order text.
Gift of securities to non-resident relatives requires prior RBI approval and now permits a higher annual transfer threshold.
Transfers of securities by way of gift from residents in India to persons resident outside India require prior approval of the Reserve Bank under Regulation 10A(a) of the FEMA (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000; all other conditions of Regulation 10A(a) remain unchanged. The circular increases the applicable annual monetary ceiling for such gifts and notes that amendments to the Regulations will be issued separately, directing Authorised Dealer banks to notify their constituents.
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