Transfer of Shares

[Reshma kochar]

Dear Experts,

I have a query in FEMA.

A NRI holds some shares in TATA Steel and now wants to transfer these shares to his father in India as gift.

Is this allowed in terms of FEMA? If yes what will be the procedure.

Please share you views.

Regards,

Reshma

AI Summary

Clarification sought on gifting TATA Steel shares from NRI to father under FEMA rules. Procedure details requested. A query was raised regarding the transfer of shares under the Foreign Exchange Management Act (FEMA). An NRI wishes to gift shares of TATA Steel to his father in India and seeks clarification on whether this is permissible under FEMA and the procedure involved. The only reply inquires if the action has been taken and requests updates on the current status.