Refund of partial share application money to FDI-Urgent
Querist : Anonymous
We have alloted shares to a foreign Investor against share application money recd in foreign currency.
Now if Rs 125/- left for allotment (Per share value is Rs 10/-). The question is
1) If we want to refund this money do need to comply with all foreign remittance formalities eg Form 15CA, 15CB, FEMA Declaration etc?
Regds
Querist : Anonymous
Can you pls provide me any circular or something proving this. As my bank is forcing for above fForms.
Regds
RBI shall not impose any penalty on rs. 125/- or even if they wish to do so the maximum they can do is Rs. 375/-.(125*3)
Anuj
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