Gift transfer approval required for securities by non-residents; RBI may permit transfers subject to eligibility and valuation documentation. RBI approval is required for any security transferred by way of gift from a resident to a person resident outside India; approval is subject to conditions including donee eligibility under the Regulations' Schedules, that the gift does not exceed five percent of paid-up capital/each series of debentures/each mutual fund scheme, that applicable sectoral cap/FDI limits are not breached, donor-donee relationship as relatives under the Companies Act, and that aggregate annual gifted securities to non-residents do not exceed the rupee equivalent of the prescribed threshold. Applications must include identity, relationship, reasons and prescribed valuation certificates and company confirmation of compliance.