A person resident in India who proposes to transfer, by way of gift, to a person resident outside India any security including shares/convertible debentures is required to obtain prior approval of the Reserve Bank of India.
The RBI has decided that the value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India which was not to exceed the rupee equivalent of US$ 25,000 during a calendar year has been enhanced to US$ 50,000 per financial year.
