3A.7
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Refund of Inward Remittances
Authorised dealers may comply with requests received from their overseas correspondents for cancellation of inward remittances in foreign exchange and refund the amounts without reference to Reserve Bank after satisfying themselves that the refunds are not being made in cover of transactions of a compensatory nature, resulting in remittances which should have normally accrued to India being either lost to the country or used by residents in India other than the original beneficiaries.