https://www.taxtmi.com/article/detailed?id=5431 The Act treats contraventions of foreign exchange rules as civil breaches subject to penalties under Section 13 and, where quantifiable, eligible for discretionary compounding under Section 15 by the Reserve Bank subject to exclusions for mandatory imprisonment, unquantifiable amounts, repeat contraventions, national security or money laundering concerns; compounding requires prescribed application, quantification, opportunity of hearing, and payment of the compounding sum, failing which enforcement proceedings may follow. en-us Mon, 13 Jan 2014 09:57:23 +0530 Mon, 13 Jan 2014 09:57:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5431 The Act treats contraventions of foreign exchange rules as civil breaches subject to penalties under Section 13 and, where quantifiable, eligible for discretionary compounding under Section 15 by the Reserve Bank subject to exclusions for mandatory imprisonment, unquantifiable amounts, repeat contraventions, national security or money laundering concerns; compounding requires prescribed application, quantification, opportunity of hearing, and payment of the compounding sum, failing which enforcement proceedings may follow. Articles FEMA - Foreign Exchange Management Mon, 13 Jan 2014 09:57:23 +0530 https://www.taxtmi.com/article/detailed?id=5431