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FEMA- share application money

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(Querist)
19 December 2007 A pvt ltd. company has received share application money from NRI. After 6 month he want to return share application money to NRI. The money has come in india on Non-Repartiable basis. Can this money send back to NRI .
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Amit Sharma

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Amit Sharma (Expert)
04 January 2008 Dear Sir,

U will have to write a letter to RBI stating the reason for the above so that they can inturn give approval to the normal banking channel to inturn remit the amount back to the respective shareholders.

(Circular from RBI-(FEMA) published 29th November 2007.

Best Regards.

Amit Sharma.
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