It has decided to hike the limit of transfer by way gift from resident Indians to non-residents. 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 $25,000 during a calendar year has been enhanced to $50,000 per financial year, the RBI said on Thursday. Hitherto, a person resident in India who proposes to transfer, by way of gift, to a person outside India any security including shares/convertible debentures is required to obtain prior approval of the RBI.
It has also decided that individuals resident in India may be permitted to include non-resident close relative(s)
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