My father has some shares in the physical paper form (not Demated). He bought them long time ago but now wants to gift the shares to my mother. My mother is NRI and not living in india, she does not have pan card.
The shares we hold are NRI repatriable. and under the RBI laws NRI gifts to close relatives, RBI application/approval is not nesscary. (RBI Permission No. EC. CO. FID (II) 5956 / 10.02.40 (883) 97/98 Dated 21st February, 1998)
Given that this would be a gift and application to RBI or stock exchange is not nacessary, do we still need a pan card?
Is there no way my father can transfer the shares to my mother's name without going through the hassle of pan card?
