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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI's Master Circular on Compounding FEMA Violations: Streamlined Process, Excludes Hawala, Money Laundering, and Security Issues.</h1> The Master Circular on Compounding of Contraventions under FEMA, 1999, outlines the voluntary process for Indian citizens to seek compounding of admitted contraventions under FEMA, 1999. It consolidates existing instructions and will be updated annually. The Reserve Bank of India (RBI) is empowered to compound most contraventions, except those related to hawala transactions, which fall under the Directorate of Enforcement. Applications for compounding must be submitted with a fee and relevant documents, and proceedings are concluded within 180 days. The process aims to minimize transaction costs while addressing serious violations. Contraventions involving money laundering or national security concerns are referred to appropriate authorities.
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