Compounding of contraventions under FEMA: NEFT refunds for returned fees and mandatory bank mandate, PAN and activity code requirements. Compounding applications under the Foreign Exchange Management Act must be filed only after transactions are complete and approvals obtained; compounding fees for returned applications will be refunded by NEFT, for which applicants must submit a prescribed bank mandate and account details. Revised annexes require income tax PAN and NIC (1987) activity codes, and applications missing these details will be treated as incomplete. Applicants must notify any change in contact information during pendency, and Authorised Dealers must inform their constituents of these requirements.
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Compounding of contraventions under FEMA: NEFT refunds for returned fees and mandatory bank mandate, PAN and activity code requirements.
Compounding applications under the Foreign Exchange Management Act must be filed only after transactions are complete and approvals obtained; compounding fees for returned applications will be refunded by NEFT, for which applicants must submit a prescribed bank mandate and account details. Revised annexes require income tax PAN and NIC (1987) activity codes, and applications missing these details will be treated as incomplete. Applicants must notify any change in contact information during pendency, and Authorised Dealers must inform their constituents of these requirements.
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