The Reserve Bank of India (RBI) has specified stringent norms to consider applications by resident Indians to transfer securities to persons residing outside the country as a gift and said it apply ‘‘other conditions as considered necessary in public interest’’ for proposals.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 needs to obtain prior approval of the central bank, RBI said in a notification.
