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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 ..... reign Direct Investments (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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Reserve Bank, in accordance with 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Non-compliance with the above provision 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of the Notification No. FEMA 170/2007-RB, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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