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of <h1>Indian Companies Must Issue Equity Within 180 Days of FDI Remittance or Refund, Per Circular; Penalties for Non-Compliance.</h1> The circular addresses the issuance of shares under Foreign Direct Investment (FDI) and the refund of advance remittances. It mandates that Indian companies must issue equity instruments within 180 days of receiving inward remittances from non-resident investors. If not issued within this period, the funds must be refunded to the investor. Authorized Dealer Category - I banks are responsible for ensuring compliance and can process refunds after verifying the transaction's authenticity. Non-compliance may result in penalties under FEMA. Exceptions for refunds beyond 180 days require Reserve Bank approval. The circular applies to FDI under the automatic route only.
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