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of <h1>RBI Allows Authorized Dealers to Repatriate Surplus Funds and Refunds for Non-Resident Share Purchases Under FEMA 1999.</h1> The Reserve Bank of India has delegated authority to authorized dealers to permit the repatriation of surplus funds or refunds of remittances received for the purchase of shares by non-residents. This applies to refunds for share allotments under specific regulations, surplus funds from rights issues, and cancellations under ADRs/GDRs fungibility. Authorized dealers must ensure the applicant's bona fides, confirm the repatriation is a refund from external remittances or specific accounts, and verify that no interest is included in the remittance. These instructions are issued under the Foreign Exchange Management Act, 1999.
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