Non Banking Financial Company
This query is : Resolved
12 June 2009
If an NBFC receives foreign money and does not allot shares within 180 days from the date of receipt of the inward remittance then can
1. Such NBFC forfeit such money received.
2. If not then what is the procedure of treating the advance received.
3. Is there any penal provision under RBI Act 1934.
1. Such NBFC forfeit such money received.
2. If not then what is the procedure of treating the advance received.
3. Is there any penal provision under RBI Act 1934.
13 June 2009
as per FEMA money will go back through AD
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