Compounding of foreign exchange contraventions allows regulatory settlement via application, hearing, and prescribed payment obligation. The Reserve Bank may compound eligible contraventions under the Foreign Exchange Management Act through its Compounding Authority, which exercises discretion to admit and process applications submitted in the prescribed form, assess whether contraventions are quantifiable, afford an opportunity of personal hearing, determine the sum for compounding based on factors such as gain, loss, economic benefit and repeat conduct, and issue a compounding order specifying breached provisions and payment terms; ineligible or serious matters may be referred for investigation and failure to pay has specified consequences.
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 foreign exchange contraventions allows regulatory settlement via application, hearing, and prescribed payment obligation.
The Reserve Bank may compound eligible contraventions under the Foreign Exchange Management Act through its Compounding Authority, which exercises discretion to admit and process applications submitted in the prescribed form, assess whether contraventions are quantifiable, afford an opportunity of personal hearing, determine the sum for compounding based on factors such as gain, loss, economic benefit and repeat conduct, and issue a compounding order specifying breached provisions and payment terms; ineligible or serious matters may be referred for investigation and failure to pay has specified consequences.
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