RBI purpose code · Money received (inward)

P1502: Reversal of wrong entries, refund of amount remitted for non-imports

Short answer. P1502 is the RBI purpose code for money received from abroad: reversal of wrong entries, refund of amount remitted for non-imports. It reverses an earlier payment or receipt, which lets the bank close the original entry.

Direction
Money received (inward)
RBI head
15 · Refunds, bidding and deemed trade
Bank application
None: the bank issues a FIRA
Income tax
Not income
GST
Follows the original
Reporting
Reverses a payment
In FxLayer
A refund: links to the payment or receipt it reverses.

When to use P1502

Use P1502 for money received from abroad: reversal of wrong entries, refund of amount remitted for non-imports. It sits under RBI head 15, refunds, bidding and deemed trade.

The same purpose in the other direction is S1502: Reversal of wrong entries, refund of amount remitted for non-exports (money paid abroad).

Form A1 or Form A2

Neither. Form A1 and Form A2 are applications to send money out of India. For money coming in, the bank issues a Foreign Inward Remittance Advice (FIRA), or a payment platform an e-FIRA, naming the purpose code.

Income tax

A refund or a reversed entry gives back money you paid; it is not income.

GST

A refund or reversal takes the GST treatment of the payment it reverses; it is not a new supply.

Reporting and closure

A refund or reversal is reported against the payment or receipt it undoes, which lets the bank close the original entry in IDPMS or EDPMS.

Questions

Neither. Form A1 and Form A2 are applications to send money out of India. For money coming in, the bank issues a Foreign Inward Remittance Advice (FIRA), or a payment platform an e-FIRA, naming the purpose code.
A refund or a reversed entry gives back money you paid; it is not income.
A refund or reversal takes the GST treatment of the payment it reverses; it is not a new supply.

Guides

General information on RBI purpose codes and the FEMA, income-tax and GST rules as they stood on 14 October 2026. It is not legal or tax advice: confirm the position for your payment with your AD bank or your chartered accountant before acting.