What are the provisions relating to Acquisition/Sale of Foreign Securities by Resident Individual in India.

Resident individuals can acquire/sell foreign securities without prior approval in the following cases: As a gift from a person resident outside India; By way of ESOPs issued by a company incorporated outside India under Cashless Employees Stock Option Scheme which does not involve any remittance from India; By way of ESOPs issued to an employee or a director of Indian office or branch of a foreign company or of a subsidiary in India of a foreign company or of an Indian company irrespective of the percentage of the direct or indirect equity stake in the Indian company; As inheritance from a person whether resident in or outside India; By purchase of foreign securities out of funds held in the Resident Foreign Currency Account maintained in accordance with the Foreign Exchange Management (Foreign Currency Account) Regulations, 2000; and By way of bonus/rights shares on the foreign securities already held by them.