Respected Members,
As per Notification No FEMA 170/2007-RB dated 13rd Nov 2007, there is compulsary to issue shares to NRI person against advance fund received from NRI person within a period of 180 days from the date of receipt. If shares are not issued, fund must be refunded to NRI person. My question is that whether am I right in interpretation of the above Notification.
chandrika
CAclubindia
