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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI's Master Circular Details Compounding Process for FEMA 1999 Contraventions, Outlines Procedures and Roles for Efficient Resolution.</h1> The Master Circular on Compounding of Contraventions under FEMA, 1999, issued by the Reserve Bank of India, outlines the voluntary process for compounding admitted contraventions under the Foreign Exchange Management Act. It consolidates existing instructions and provides a framework for compounding procedures, which include application submission, assessment, and issuance of compounding orders. The Reserve Bank and Directorate of Enforcement have designated roles, with the Reserve Bank handling most contraventions except those involving Hawala transactions. The circular specifies the process, prerequisites, and post-compounding procedures, emphasizing efficient resolution while addressing serious infringements through appropriate authorities. This circular is subject to annual updates.
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