Additions to SION
In the statement of Standard Input Output Norms, DGFT has made additions in respect of the following products.
1. CHEMICALS AND ALLIED PRODUCTS
2. FOOD PRODUCTS
3. TEXTILE PRODUCTS
4. MISCELLANEOUS PRODUCTS
PUBLIC NOTICE NO. , Dated: August 26, 2005
Transfer of shares by gift to NRIs – RBI issues instructions
Remember our story Policy flux clouds NDTV promotors' move to gift shares to NRI
(http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=2165) about transfer of shares by NDTV bosses, the Roy couple to their daughter by gift?
The RBI has now issued detailed instructions on transfer of shares to NRIs.
1. 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.
2. the application is now required to be submitted along with certain information/documents, as per the list in Annexure 1.
3. The following factors will be considered by RBI for the applications.
a. The transferee (donee) is eligible to hold such security
b. The gift does not exceed 5 per cent of the paid-up capital of the Indian company/each series of debentures/each mutual fund scheme.
c. The applicable sectoral cap/foreign direct investment (FDI) limit in the Indian company is not breached.
d. The transferor (donor) and the transferee (donee) are close relatives as defined in section 6 of the Companies Act, 1956.
e. The value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India does not exceed the rupee equivalent of USD 25,000 during a calendar year.
f. Such other conditions as considered necessary in public interest by the Reserve bank.
RBI Circular No. 08/RBI, Dated: August 25, 2005