FEMA compounding authority allocation links officer rank to contravention value and restricts recent repeat contraventions. FEMA contraventions, except those under section 3(a), may be compounded by designated Reserve Bank officers according to the sum involved and their rank. ... Summary
FEMA compounding authority allocation links officer rank to contravention value and restricts recent repeat contraventions.
FEMA contraventions, except those under section 3(a), may be compounded by designated Reserve Bank officers according to the sum involved and their rank. Compounding is barred for a similar contravention committed within three years of earlier compounding, while a later repeat contravention is treated as a first contravention. Applications must be filed in the prescribed form with the Foreign Exchange Department, accompanied by the prescribed fee, applicable goods and services tax, and permitted payment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.