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of <h1>RBI's Master Circular Guides FEMA 1999 Contraventions Compounding Process; Excludes Section 3(a) Hawala Cases by Enforcement Directorate.</h1> The Master Circular on Compounding of Contraventions under FEMA, 1999, outlines the process by which individuals or entities can voluntarily seek to compound contraventions of FEMA provisions. It consolidates existing instructions and is periodically updated. The Reserve Bank of India (RBI) administers the compounding process, except for specific contraventions under Section 3(a) related to hawala transactions, which are handled by the Directorate of Enforcement. The circular details the powers, procedures, and prerequisites for compounding, emphasizing the need for quantifiable contraventions and providing a framework for submitting applications and determining penalties. It also specifies post-compounding procedures and conditions under which contraventions cannot be compounded.
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