Payment of compounding amount under FEMA requires electronic payment within 15 days and notification within 2 hours. The compounding amount under FEMA must be paid to the Reserve Bank of India by demand draft or permitted electronic modes within 15 days of the compounding order, with payment details specified in the order. Notification of payment to the relevant RBI office must be sent within two hours using the Annexure I template. Compounding Rules, 2024 preclude withdrawal or review of a compounding order; failure to pay within the prescribed time is deemed as if no compounding application was made, and un compounded contraventions attract statutory provisions. RBI issues a receipt certificate on realisation.
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Provisions expressly mentioned in the judgment/order text.
Payment of compounding amount under FEMA requires electronic payment within 15 days and notification within 2 hours.
The compounding amount under FEMA must be paid to the Reserve Bank of India by demand draft or permitted electronic modes within 15 days of the compounding order, with payment details specified in the order. Notification of payment to the relevant RBI office must be sent within two hours using the Annexure I template. Compounding Rules, 2024 preclude withdrawal or review of a compounding order; failure to pay within the prescribed time is deemed as if no compounding application was made, and un compounded contraventions attract statutory provisions. RBI issues a receipt certificate on realisation.
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