We are working as FFMC registered with RBI under FEMA ACT 1999, we have done some business during August 2019 to February 2020 as referral agent with Authorised dealer registered with RBI under the same ACT named as M/s Nishi Forex & Leisure Services Pvt. Ltd. We both company worked under the RBI framework.
There are some payment made during the period by student for remitting fees to their college's and university abroad. due visa rejection the fees they paid returned by the colleges/university to Nishi Forex account. They have confirmed that they received the money and raised the invoice's. but still they have not paid any amount to students.
What RBI can do in this matter.
Thanks in advance