Compounding of FEMA contraventions: regional offices now have expanded authority for delayed FLA filings; exceptions remain. All Regional Offices of the Reserve Bank, except two specified offices, are authorised to compound delays in filing the Annual Return on Foreign Liabilities and Assets by Indian companies receiving foreign direct investment without any monetary limit; the two specified regional offices retain limited compounding authority while higher-value cases remain with the Central Office. Applications for compounding these contraventions must be submitted to the Regional Office of jurisdiction, and other contraventions continue to be filed with the Central Foreign Exchange Department. The modification is effective immediately and authorised dealers must inform constituents.
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Provisions expressly mentioned in the judgment/order text.
Compounding of FEMA contraventions: regional offices now have expanded authority for delayed FLA filings; exceptions remain.
All Regional Offices of the Reserve Bank, except two specified offices, are authorised to compound delays in filing the Annual Return on Foreign Liabilities and Assets by Indian companies receiving foreign direct investment without any monetary limit; the two specified regional offices retain limited compounding authority while higher-value cases remain with the Central Office. Applications for compounding these contraventions must be submitted to the Regional Office of jurisdiction, and other contraventions continue to be filed with the Central Foreign Exchange Department. The modification is effective immediately and authorised dealers must inform constituents.
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