Master Circular: compounding process for FEMA contraventions, application, 180 day disposal, payment within fifteen days. The Circular consolidates the procedure for Compounding of Contraventions under FEMA, 1999, describing the voluntary application process to the Compounding Authority (Reserve Bank or Directorate of Enforcement), prerequisites and exclusions (quantifiability of amount, repeat contraventions within three years, national security/money laundering concerns), the 180 day disposal timeframe, factors for quantifying the compounding sum, mandatory payment within fifteen days by demand draft, and referral of certain matters to investigative agencies.