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of <h1>FEMA Act 1999: Reserve Bank Reviews Applications for Offence Compounding Per Compounding Rules 2024; Penalties Up to Triple Amounts</h1> The procedure for compounding offences under the FEMA Act, 1999 involves the Reserve Bank assessing applications to determine if contraventions can be compounded according to the Compounding Rules, 2024. The Compounding Authority may request additional documents, and failure to provide them can result in the return of the application. Factors considered include undue gains, losses caused, repetitive contraventions, and the contravener's conduct. The compounding amount can be up to three times the contravention sum, calculated using a guidance note. Various contraventions have fixed and variable compounding amounts based on the type and duration of the contravention.
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