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of <h1>New FEMA Rules: RBI and Enforcement Directorate to Compound Offences Within 180 Days, Effective September 2024.</h1> The compounding of offences under the Foreign Exchange Management Act (FEMA) is governed by specific rules effective from September 2024. Authorized officers from the Reserve Bank of India (RBI) and the Enforcement Directorate can compound contraventions within 180 days of receiving an application. The jurisdiction for compounding is determined by the amount involved, with different ranks of officers handling various financial thresholds. Applications must be submitted with a fee, and the compounding authority must issue an order within 180 days. Once compounded, no further proceedings can be initiated for the same contravention. Failure to pay the compounded sum within 15 days invalidates the compounding application.
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