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of <h1>RBI Updates Foreign Exchange Regulations: Refund Required if Securities Not Issued Within 180 Days of Remittance</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management Regulations concerning the transfer or issuance of securities by persons residing outside India. Effective upon publication, these changes modify Schedule 1 of the 2000 Regulations. Specifically, if shares or convertible debentures are not issued within 180 days of receiving inward remittance or account debit, the funds must be refunded via outward remittance or credited back to the relevant account. The Reserve Bank may allow an Indian company to refund the consideration amount beyond 180 days if justified.
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