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of <h1>RBI Circular on FEMA: New Procedures for Compounding Contraventions, Public Disclosure of Orders, and Penalty Calculations from June 2016.</h1> The circular issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999 (FEMA) and the Foreign Exchange (Compounding Proceedings) Rules, 2000, outlines procedures for compounding contraventions under FEMA. It emphasizes transparency by mandating public disclosure of compounding orders on the RBI website starting June 1, 2016. The circular also details the calculation of penalties for various contraventions based on guidance notes, with specifics on reporting contraventions, allotment/refund issues, and corporate guarantees. Penalties are structured with fixed and variable components and are subject to certain conditions and limits, including a cap on the total imposed amount.
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