Refund of partial share application money to FDI-Urgent
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
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
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
Can you pls provide me any circular or something proving this. As my bank is forcing for above fForms.
Regds
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
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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