Compounding authority under FEMA: Reserve Bank officers may compound contraventions subject to Governor supervision and recurrence limits. Reserve Bank officers may compound contraventions of the Act (excluding clause (a) of section 3) under delegated ranks tied to the amount involved: Assistant General Manager for sums up to sixty lakh rupees; Deputy General Manager for sums up to two and a half crore rupees; General Manager for sums up to five crore rupees; and Chief General Manager for sums above five crore rupees. Compounding is subject to the Governor's direction, and is inapplicable for contraventions occurring within three years of a similar compounded contravention. Applications must be made in the prescribed form to the Foreign Exchange Department with a fee of ten thousand rupees plus applicable GST, payable by demand draft, NEFT or other permitted electronic modes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Compounding authority under FEMA: Reserve Bank officers may compound contraventions subject to Governor supervision and recurrence limits.
Reserve Bank officers may compound contraventions of the Act (excluding clause (a) of section 3) under delegated ranks tied to the amount involved: Assistant General Manager for sums up to sixty lakh rupees; Deputy General Manager for sums up to two and a half crore rupees; General Manager for sums up to five crore rupees; and Chief General Manager for sums above five crore rupees. Compounding is subject to the Governor's direction, and is inapplicable for contraventions occurring within three years of a similar compounded contravention. Applications must be made in the prescribed form to the Foreign Exchange Department with a fee of ten thousand rupees plus applicable GST, payable by demand draft, NEFT or other permitted electronic modes.
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