Refund of excess amount to NRI | FC-GPR

[Priya Nandwana]

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]

no need prior approval

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Jayant Suthar

M.Com., FCS, ACMA

[Priya Nandwana]

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.

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAEqz69dynFmEHrBNOOyOERD4Q2fXt7t89uQEBO8GpecHAaXBBg%40mail.gmail.com.

[Trend Trading]

yes... i had got same querry... 

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAMuZ_JxPP2cTgVjnBMoeKPcnp6tMZru5PCWU7LPYHN-mtqt2Jw%40mail.gmail.com.

[krishn...@gmail.com]

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.