https://www.taxtmi.com/article/detailed?id=12105 Section 15(1) FEMA allows compounding applications decided by authorized officers; Para 10 of Schedule II treats deposits of persons returning to India as resident deposits for most purposes and requires conversion of FCNR(B) deposits on maturity to resident rupee or RFC accounts at the accountholder's option. Renewal of FCNR(B) deposits after becoming resident can constitute a contravention; compounding proceedings quantify the sum involved and undue gain, consider submissions and enforcement inputs, and apply the Foreign Exchange (Compounding Proceedings) Rules in setting a monetary composition. en-us Thu, 07 Dec 2023 12:17:10 +0530 Thu, 07 Dec 2023 12:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12105 Section 15(1) FEMA allows compounding applications decided by authorized officers; Para 10 of Schedule II treats deposits of persons returning to India as resident deposits for most purposes and requires conversion of FCNR(B) deposits on maturity to resident rupee or RFC accounts at the accountholder's option. Renewal of FCNR(B) deposits after becoming resident can constitute a contravention; compounding proceedings quantify the sum involved and undue gain, consider submissions and enforcement inputs, and apply the Foreign Exchange (Compounding Proceedings) Rules in setting a monetary composition. Articles FEMA - Foreign Exchange Management Thu, 07 Dec 2023 12:17:10 +0530 https://www.taxtmi.com/article/detailed?id=12105