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TMI BlogForeign Direct Investments (FDI) - Issue of shares under FDI and refund of advance remittancesX X X X Extracts X X X X X X X X Extracts X X X X ..... (FDI) - Issue of shares under FDI and refund of advance remittances Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA 20 / 2000-RB dated May 3, 2000 (the Notification), as amended from time to time. 2. In terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the prescribed procedure. Further, in terms of A. P. (DIR Series) Circular No. 45 dated November 12, 2002, general permission is available to Indian companies to refund the amounts received towards purchase of shares under Regulation 5 (1) of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. 3. The matter has been reviewed in consultation with the Government o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on would be reckoned as a contravention under FEMA and could attract penal provisions. 4. In exceptional cases, refund of the amount of consideration outstanding beyond a period of 180 days from the date of receipt may be considered by the Reserve Bank on the merits of the case. Accordingly, AD Category - I banks may apply to the Regional Office concerned of Foreign Exchange Department of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B, notified vide G.S.R. 737(E), dated November 29, 2007 amending the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated May 3, 2000) issued in this regard, is enclosed. 9. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management ..... X X X X Extracts X X X X X X X X Extracts X X X X
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