Letter to rbi for refund of excess share application money

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ankita (Querist)
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11 August 2014 A company has received excess share application money from foreign investor. Time limit of 180 has gone. Now company wants to refund excess money to foreign investor. What is the procedure for the same. Give sample letter for application to RBI.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 August 2014 you need to write letter to Authorized dealer and not RBI. Provide the reasons for non-compliance and request for condonation. The AD shall then write to RBI for condonation

the regional office of RBI shall have power to condone the delay without any restriction to upper limit (in respect of amounts involved) ([Circular No. 117 (RBI/2013-14/553) dated April 4, 2014]

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