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Procedure for refund of export advance

This query is : Resolved 
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(Querist)
28 April 2013 Our company recd advance against export. Due to some problem export is not done & we have refunded more than 92% export advance. Now we want to refund balance amt to the party & period of one year has been lapsed. There in no transaction in our bank except Receipt & payment of export advance.

1. Is RBI approval is necessary in this case?

2. What is procedure for obtaining RBI approval?

Thanks in advance
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
01 May 2013 please noted that:
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