Refund of excess amount to NRI | FC-GPR

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Priya Nandwana

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Nov 15, 2021, 1:35:10 AM11/15/21
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Dear All,

We have allotted shares to NRI investors and we need to refund the excess amount received from NRI. 

For this shall we take prior approval from RBI to refund the amount to NRI Investor ?

Please advise me on this.

Thanks in advance

Trend Trading

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Nov 15, 2021, 2:35:17 AM11/15/21
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no need prior approval

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Jayant Suthar
M.Com., FCS, ACMA

Priya Nandwana

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Nov 15, 2021, 3:00:44 AM11/15/21
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Thanks, Jayantji for your quick response.

At the time of filing of FC-GPR, they raised a query that :

Please enclose proof of submission of an Application to RBI via mail on the RBI mail ID that we will refund the excess amount received from NRI along with the interest.

Trend Trading

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Nov 15, 2021, 4:02:26 AM11/15/21
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yes... i had got same querry... 

krishn...@gmail.com

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Nov 16, 2021, 1:58:22 AM11/16/21
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Hi,

You need to submit a letter to RBI declaring that the excess amount will be refunded and accordingly instruct the AD bank to do the same.
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