https://www.taxtmi.com/circulars?id=3087 Companies receiving inward remittances as consideration for equity instruments must issue those instruments within the prescribed period, failing which the consideration must be refunded immediately to the non-resident investor by outward remittance or credit to the investor's NRE/FCNR(B) account. AD Category I banks may allow refunds after verifying bonafides and absence of interest on advances. Banks may seek Reserve Bank approval for refunds outstanding beyond the prescribed period, and companies with prior delayed cases must submit an action plan through their AD bank for specific approval. Advances are allowed only under the automatic route. en-us Fri, 14 Dec 2007 00:00:00 +0530 Mon, 06 Oct 2008 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=3087 Companies receiving inward remittances as consideration for equity instruments must issue those instruments within the prescribed period, failing which the consideration must be refunded immediately to the non-resident investor by outward remittance or credit to the investor's NRE/FCNR(B) account. AD Category I banks may allow refunds after verifying bonafides and absence of interest on advances. Banks may seek Reserve Bank approval for refunds outstanding beyond the prescribed period, and companies with prior delayed cases must submit an action plan through their AD bank for specific approval. Advances are allowed only under the automatic route. Circulars FEMA Fri, 14 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/circulars?id=3087