Foreign exchange compounding procedure permits additional information requests, hearing of applicants, and time-bound disposal of complete applications. The compounding authority may call for further information, records or documents relevant to a foreign exchange compounding proceeding and may require ... Summary
Foreign exchange compounding procedure permits additional information requests, hearing of applicants, and time-bound disposal of complete applications.
The compounding authority may call for further information, records or documents relevant to a foreign exchange compounding proceeding and may require necessary action concerning the transactions involved in the contravention. After receiving a complete prescribed application at the Reserve Bank or the Directorate of Enforcement, the authority must provide the applicant an opportunity of hearing and pass the compounding order as expeditiously as possible, within 180 days of receipt.
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