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of <h1>RBI Amends Foreign Exchange Management Rules: Refunds on Property Cancellations Allowed from NRE/FCNR Accounts with Verification.</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Deposit) Regulations 2000, effective upon publication in the Official Gazette. The amendments specify that refunds of application or earnest money, or purchase consideration by house building agencies or sellers due to non-allotment or cancellation of property bookings, along with applicable interest (net of income tax), are permitted. This applies if the original payment was made from an NRE/FCNR account or via remittance from outside India through standard banking channels, and if the authorized dealer verifies the transaction's authenticity.
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