Compounding authority for FEMA contraventions delegated to regional RBI offices to streamline reporting and documentation. Delegation of compounding authority under the Foreign Exchange Management Act, 1999 permits specified Regional Offices of the Reserve Bank to compound contraventions relating to delayed reporting of inward remittances, delayed filing of Form FC GPR after share allotment, and delayed issue of shares beyond the prescribed period; some Regional Offices may compound subject to a specified monetary limit while others have no limit. Applications within the delegated jurisdictions are to be submitted to the relevant Regional Office with the prescribed fee and detailed annexed schedules and supporting documents; other applications remain with the central Compounding Authority in Mumbai.
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Provisions expressly mentioned in the judgment/order text.
Compounding authority for FEMA contraventions delegated to regional RBI offices to streamline reporting and documentation.
Delegation of compounding authority under the Foreign Exchange Management Act, 1999 permits specified Regional Offices of the Reserve Bank to compound contraventions relating to delayed reporting of inward remittances, delayed filing of Form FC GPR after share allotment, and delayed issue of shares beyond the prescribed period; some Regional Offices may compound subject to a specified monetary limit while others have no limit. Applications within the delegated jurisdictions are to be submitted to the relevant Regional Office with the prescribed fee and detailed annexed schedules and supporting documents; other applications remain with the central Compounding Authority in Mumbai.
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