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of <h1>RBI Expands Regional Offices' Powers to Handle Foreign Exchange Violations Under FEMA and Compounding Rules 2000.</h1> The circular issued by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act, 1999, and the Foreign Exchange (Compounding Proceedings) Rules, 2000, delegates additional powers to its Regional Offices to compound contraventions related to foreign exchange transactions. Specific contraventions include delays in submitting form FC-TRS for share transfers and issues related to the acquisition and transfer of immovable property, among others. Regional Offices, except Kochi and Panaji, can compound contraventions without limit, while Kochi and Panaji have a limit of Rs. 1 crore. Applications should be submitted to the relevant Regional Offices or the FED, CO Cell in New Delhi.
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