Compounding of contraventions under FEMA enables voluntary resolution of admitted foreign exchange breaches upon quantified payment. The circular consolidates the Reserve Bank's procedure for compounding of admitted contraventions under FEMA, 1999 and the Compounding Proceedings Rules, 2000. It sets out institutional competence (RBI versus Directorate of Enforcement), delegation of powers to specified officers and Regional Offices, application format and annexure requirements for FDI/ECB/ODI/LO BO cases, timelines for disposal, factors for quantification of the compounding sum, and post compounding consequences including payment, certificate of realization and ineligibility where statutory approvals are lacking or repeat contraventions occur within three years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Compounding of contraventions under FEMA enables voluntary resolution of admitted foreign exchange breaches upon quantified payment.
The circular consolidates the Reserve Bank's procedure for compounding of admitted contraventions under FEMA, 1999 and the Compounding Proceedings Rules, 2000. It sets out institutional competence (RBI versus Directorate of Enforcement), delegation of powers to specified officers and Regional Offices, application format and annexure requirements for FDI/ECB/ODI/LO BO cases, timelines for disposal, factors for quantification of the compounding sum, and post compounding consequences including payment, certificate of realization and ineligibility where statutory approvals are lacking or repeat contraventions occur within three years.
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