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of <h1>New 2024 Rules Simplify Foreign Exchange Contravention Compounding; Excludes Money Laundering, Terror Financing Cases.</h1> The Foreign Exchange (Compounding Proceedings) Rules, 2024, issued by the Ministry of Finance, supersede the 2000 rules, detailing procedures for compounding contraventions under the Foreign Exchange Management Act, 1999. The rules define roles for authorized officers and outline the process for compounding contraventions, including application procedures, fees, and payment methods. The Reserve Bank and Directorate of Enforcement are designated as compounding authorities, with specific officers authorized to handle cases based on the sum involved. Certain contraventions, such as those involving money laundering or terror financing, are excluded from compounding. The rules also address the discontinuation of adjudication upon compounding and stipulate the consequences of non-payment.
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