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Refund of purchase consideration on account of non-allotment of flats/plots/cancellation of bookings/deals in respect of immovable property purchased by NRIs/PIOs in India

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....NK OF INDIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 A.P. (DIR Series) Circular No.46 November 12, 2002 To All Authorised Dealers in Foreign Exchange Madam / Sirs, Refund of purchase consideration on account of non-allotment of flats/plots/cancellation of bookings/deals in respect of immovable property purchased by NRIs/PIOs in India Attention of authorised dealers is in....

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....of cancellation of bookings/deals for purchase of residential, commercial property. Reserve Bank has issued Notification No. FEMA 64/2002-RB dated June 29, 2002 (copy enclosed) amending the above Notification. Accordingly, it will be in order for authorised dealers to allow Non-Resident Indians/Persons of Indian Origin to credit refund of application/earnest money/purchase consideration made by th....

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