https://www.taxtmi.com/caselaws?id=208556 The court upheld the decision of the Deputy General Manager of Reserve Bank of India to reject a compounding application concerning contraventions of the Foreign Exchange Management Act, 1999. The contraventions involved foreign exchange received for equity subscription from British nationals, not complying with FEMA provisions. Due to the sensitive nature of the contraventions and the need for further investigation by the Directorate of Enforcement, the compounding application was denied. The court emphasized the importance of judiciously exercising the power to compound contraventions, considering national security, money laundering, and regulatory concerns. en-us Fri, 23 Sep 2011 00:00:00 +0530 Thu, 19 Jan 2012 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208556 The court upheld the decision of the Deputy General Manager of Reserve Bank of India to reject a compounding application concerning contraventions of the Foreign Exchange Management Act, 1999. The contraventions involved foreign exchange received for equity subscription from British nationals, not complying with FEMA provisions. Due to the sensitive nature of the contraventions and the need for further investigation by the Directorate of Enforcement, the compounding application was denied. The court emphasized the importance of judiciously exercising the power to compound contraventions, considering national security, money laundering, and regulatory concerns. Case-Laws FEMA Fri, 23 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208556