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of <h1>RBI's Master Circular Simplifies FEMA Contravention Compounding Process with Clear Guidelines and Reduced Costs.</h1> The Master Circular on Compounding of Contraventions under FEMA, 1999, issued by the Reserve Bank of India, consolidates existing instructions on the process of compounding contraventions under the Foreign Exchange Management Act (FEMA), 1999. It outlines the voluntary process for applicants to seek compounding of admitted contraventions, detailing the powers of the Reserve Bank and Directorate of Enforcement in this regard. The circular specifies the process, scope, and prerequisites for compounding, including application submission, evaluation, and issuance of compounding orders. It emphasizes minimizing transaction costs while addressing serious contraventions and outlines post-compounding procedures and limitations. This circular is effective for one year, until July 1, 2012.
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