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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Clarifies Rules on Indian Residents Buying Foreign Securities; Annual Remittance Cap Set at USD 20,000 under FEMA 1999.</h1> The Reserve Bank of India issued a circular clarifying regulations on the purchase or acquisition of foreign securities by Indian residents. Authorized dealers are reminded of the provisions allowing remittances by Indian employees or directors of foreign companies or subsidiaries, where foreign equity is at least 51%, to purchase shares at a concessional price. These individuals can remit up to USD 20,000 annually for such purchases. The concession in share price under the Employee Stock Option Scheme (ESOP) can be covered by either the foreign company or its Indian affiliate. The circular is issued under the Foreign Exchange Management Act, 1999.
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