Section 10(a) in The Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) Regulations, 2000
(a)[(i) any security, by way of gift, shall make an application to the Reserve Bank for its approval; [Substituted by G.S.R. 504(E), dated 22.7.2005 (w.e.f. 25.7.2005).](ii)the Reserve bank may grant such approval on being satisfied of the following conditions:
