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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Gains Authority to Compound FEMA Contraventions; New Rules Exclude Section 3(a) from RBI's Scope.</h1> The circular addresses the compounding of contraventions under the Foreign Exchange Management Act (FEMA) 1999, highlighting the Reserve Bank of India's (RBI) role in this process. It refers to amendments in the Foreign Exchange (Compounding Proceedings) Rules, empowering the RBI to compound contraventions under various sections of FEMA, except for clause (a) of Section 3, which remains under the Directorate of Enforcement's purview. The circular outlines the application process for compounding, emphasizing that proceedings will conclude within 180 days of application receipt. It also mentions the payment procedures and encourages authorized dealers to inform their constituents.
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