TaxTMI 
TaxTMI 
Hello,
Can anybody tell me the provision regarding compounding in respect of Project office/Branch office/Liasion office under FEMA?
PROVISION REGARDING COMPOUNDING IN RESPECT OF PROJECT OFFICE
14 Jan 2015 
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Compounding of FEMA contraventions under Section 15 can be sought for Section 13 breaches; project office approval query persists.
Section 15 provides that compounding may be sought for contraventions under Section 13 in the prescribed manner; the definition of person includes offices or branches owned or controlled by entities. A key regulatory question is whether a liaison office upgraded to a branch may undertake project work or requires separate approval as a project office under the applicable notification framework. (AI Summary)
Section 15 provides that compounding may be sought for contraventions under Section 13 in the prescribed manner; the definition of person includes offices or branches owned or controlled by entities. A key regulatory question is whether a liaison office upgraded to a branch may undertake project work or requires separate approval as a project office under the applicable notification framework. (AI Summary)