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of <h1>RBI Master Circular on FEMA 1999: Guidelines for Voluntary Compounding of Contraventions, Application Process, and Penalty Procedures.</h1> The Master Circular on Compounding of Contraventions under FEMA, 1999, issued by the Reserve Bank of India, consolidates existing guidelines on voluntary compounding of contraventions under the Foreign Exchange Management Act. It outlines the process, powers, and procedures for compounding, which allows applicants to resolve admitted contraventions by paying a penalty. The Reserve Bank is responsible for most contraventions, while the Directorate of Enforcement handles those related to Hawala transactions. The circular specifies the application process, compounding authority roles, and post-compounding procedures. It emphasizes minimizing transaction costs while addressing serious violations. This circular is valid until July 1, 2012.
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