Master Direction on Compounding of Contraventions under FEMA, 1999
This Master Direction outlines the guidelines for compounding of contraventions under the Foreign Exchange Management Act, 1999 (FEMA).
General: The Reserve Bank of India (RBI) has the power to compound contraventions under FEMA, 1999.
Delegation of Powers: The RBI has delegated its powers to its Regional Offices/Sub-Offices to compound certain contraventions.
Authorisation: The FED CO Cell, New Delhi is authorised to compound contraventions.
Application for Compounding: Applications for compounding of contraventions shall be made to the RBI.
This Master Direction has been updated several times, with the latest updates being on May 24, 2022, January 04, 2021, April 04, 2019, September 19, 2018, December 22, 2017, and February 02, 2017.
The Master Direction is issued in exercise of the powers conferred under FEMA, 1999, and is applicable to all persons, including individuals, companies, and firms, who are residents in India.
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Download: Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on May 24, 2022)