With a view to allow credit to NRE/ FCNR account of refund of purchase consideration by seller on account of cancellation of bookings/ deals for purchase of Residential, commercial property, Reserve Bank clarified that 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 the housing building agencies/ seller on account of non-allotment of flat/ plot/ cancellation of bookings/ deals for purchase of Residential commercial property, together with interest, if any (net ofincome tax payable thereon),to NRE/ FCNR account, provided, the original payment was made out of NRE/ FCNR account of the account-holder or remittance from outside India through normal banking channels and the authorised dealer is satisfied about the genuineness of the transaction.