Which kind of approval is essential for the following transactions, under the FEMA, 1999 : (a) Yusuf, a non-resident Indian wants to transfer his shares of a company to non-resident. (b) Karan, wants foreign exchange fac

(a) Yusuf, a non-resident Indian wants to transfer his shares of a company to non-resident. As per FEMA, 1999 Transfer of shares from a Non-Resident Indian to another Non-Resident requires prior approval of Reserve Bank of India. In the present case, Yusuf has to take the prior approval of Reserve Bank of India. (b) Karan, wants foreign exchange facility to visit England, for which he requires USD 3,50,000. According to Rule 5 of the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 read with Schedule III, Individuals can avail of foreign exchange facility for Private visits to any country (except Nepal and Bhutan) within the limit of USD 2,50,000 only. Any additional remittance in excess of the said limit shall require prior approval of the Reserve Bank of India. In the present case, Karan has to take the prior approval of Reserve Bank of India because foreign exchange facility exceeds USD 2,50,000/-. (c) Nalini, wants to get USD 2,50,000 for brain tumor surgery at London. According to Rule 5 of the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 read with Schedule III, Individuals can avail of foreign exchange facility for the expenses in connection with medical treatment abroad within the limit of USD 2,50,000 only. Any additional remittance in excess of the said limit shall require prior approval of the Reserve Bank of India. In the present case, Nalini is not required to take the prior approval of Reserve Bank of India because foreign exchange facility does not exceed USD 2,50,000/-.