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of <h1>RBI Issues Master Circular on Compounding FEMA Contraventions: Guidelines for Individuals, Companies, and Authorized Dealers.</h1> The Master Circular on Compounding of Contraventions under the Foreign Exchange Management Act (FEMA), 1999, issued by the Reserve Bank of India, provides a consolidated guide on the voluntary process for individuals or companies to address contraventions of FEMA provisions. It outlines the compounding powers of the Reserve Bank and the Directorate of Enforcement, the delegation of powers to regional offices, and the process for applying for compounding. The circular specifies the scope, manner, and post-compounding procedures, emphasizing the importance of quantifiable contraventions and the conditions under which they can be compounded. It also highlights the responsibilities of authorized dealers in preventing contraventions. The circular is effective for one year and will be updated thereafter.
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