Compounding contraventions under foreign exchange law: rules prescribe compounding procedure, statutory authority and commencement framework.
The Foreign Exchange Management (Compounding Proceedings) Rules, 2000, promulgated under the Foreign Exchange Management Act, prescribe the procedural mechanism for compounding contraventions under Chapter IV, designate the statutory authority for compounding proceedings, and fix the rules' title and commencement; the instrument has later been superseded by a subsequent notification.
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