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of <h1>RBI Amends Rules to Allow Property Refunds to NRIs/PIOs Directly into NRE/FCNR Accounts for Non-Allotment or Cancellation.</h1> The Reserve Bank of India issued a circular to authorized dealers in foreign exchange regarding refunds to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) for non-allotment or cancellation of property bookings in India. Refunds, including interest (net of income tax), can be credited to the NRE/FCNR account if the original payment was made from these accounts or via remittance from outside India. This amendment to the Foreign Exchange Management (Deposit) Regulations, 2000, ensures the genuineness of transactions and aligns with the Foreign Exchange Management Act, 1999. Dealers must inform relevant parties of these changes.
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