Compounding of contraventions under FEMA permits voluntary settlement by payment, subject to authority discretion and eligibility conditions. Compounding under FEMA, 1999 allows voluntary settlement of admitted contraventions by payment where the amount is quantifiable; designated Reserve Bank or Directorate of Enforcement officers exercise delegated compounding powers, subject to supervision. Applicants must file the prescribed form with fee and documents, may be called for a personal hearing, and the Compounding Authority will assess compoundability and quantify the sum based on factors such as gain to the contravener, loss to the exchequer, repetition and disclosure. A compounding order requires payment within a specified period and failure to pay renders the application void.
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 of contraventions under FEMA permits voluntary settlement by payment, subject to authority discretion and eligibility conditions.
Compounding under FEMA, 1999 allows voluntary settlement of admitted contraventions by payment where the amount is quantifiable; designated Reserve Bank or Directorate of Enforcement officers exercise delegated compounding powers, subject to supervision. Applicants must file the prescribed form with fee and documents, may be called for a personal hearing, and the Compounding Authority will assess compoundability and quantify the sum based on factors such as gain to the contravener, loss to the exchequer, repetition and disclosure. A compounding order requires payment within a specified period and failure to pay renders the application void.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
