Master Circular on Compounding of Contraventions under FEMA, 1999

RBI Master Circular Link

Master Circular on Compounding of Contraventions under FEMA, 1999

This Master Circular outlines the guidelines for compounding of contraventions under the Foreign Exchange Management Act, 1999 (FEMA).

Compounding Powers: The Reserve Bank of India (RBI) has the power to compound contraventions under FEMA, which has been delegated to various authorities.

Process of Compounding: The process involves submission of an application, payment of the compounded amount, and issuance of a compounding order.

Scope and Manner of Compounding: The RBI has the discretion to compound contraventions, and the manner of compounding is outlined in the Foreign Exchange (Compounding Proceedings) Rules, 2000.

Post-compounding Procedure: After compounding, the applicant must furnish details of the compounding order and make the necessary payment.

Pre-requisites for Compounding Process: The applicant must submit a complete application with all necessary details and pay the compounded amount.

Annexures: The circular includes annexures providing details on the Foreign Exchange (Compounding Proceedings) Rules, 2000, and the format of the application for compounding of contraventions.

FDI: The circular also provides details on the compounding of contraventions related to Foreign Direct Investment (FDI).

Chat with the Master Circular:

Download: Master Circular on Compounding of Contraventions under FEMA, 1999

Leave a Reply

Your email address will not be published. Required fields are marked *