Compounding of foreign exchange contraventions ends further penalty proceedings once the prescribed application process is completed.

Section 15 permits compounding of contraventions punishable under section 13 upon an application by the person who committed the contravention. Authorised enforcement and Reserve Bank officers may compound the matter in the prescribed manner within 180 days of receiving the application. Once compounded, no proceeding or further proceeding for that contravention may be initiated or continued under section 13.

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