Refund of partial share application money to FDI-Urgent

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2011 Dear All,

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

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)

24 January 2011 No all three is not required for refund of application money.

Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2011 Hi,

Can you pls provide me any circular or something proving this. As my bank is forcing for above fForms.

Regds

CA. Anuj Gupta

CA. Anuj Gupta (Expert)

09 March 2011 you shall need to comply with form 15CA and 15Cb requirements if you wish to send the money back otherwise I don't think there is any need to send the money back .

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
9810106211

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