Removal of monetary cap on ESOP remittances permits resident individuals to acquire foreign securities under specified conditions. Authorised dealers may permit resident individuals to remit for purchase of foreign securities under ESOP schemes without a specified monetary limit, subject to the shares being offered at a concessional price and the foreign equity in the Indian company meeting a majority ownership requirement; the relaxation is interim and subject to review, with regulatory amendments to follow and directions issued under the Foreign Exchange Management Act.
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Provisions expressly mentioned in the judgment/order text.
Removal of monetary cap on ESOP remittances permits resident individuals to acquire foreign securities under specified conditions.
Authorised dealers may permit resident individuals to remit for purchase of foreign securities under ESOP schemes without a specified monetary limit, subject to the shares being offered at a concessional price and the foreign equity in the Indian company meeting a majority ownership requirement; the relaxation is interim and subject to review, with regulatory amendments to follow and directions issued under the Foreign Exchange Management Act.
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