https://www.taxtmi.com/caselaws?id=753902 FEMA compounding is unavailable where a contravention is reasonably suspected to involve money laundering. Although delayed filing of FC-TRS may otherwise be compounded under the Foreign Exchange Management Act, 1999 and the Compounding Proceedings Rules, 2000, the proviso to Rule 8(2) prevents the compounding authority from proceeding in matters involving suspected money laundering, terror financing, or threats to sovereignty and integrity. Once a complaint is lodged and adjudicatory proceedings commence, the authority must remit the matter for adjudication rather than continue compounding. Accordingly, return of the compounding application in such circumstances is legally valid. en-us Mon, 03 Jun 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:09:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753902 FEMA compounding is unavailable where a contravention is reasonably suspected to involve money laundering. Although delayed filing of FC-TRS may otherwise be compounded under the Foreign Exchange Management Act, 1999 and the Compounding Proceedings Rules, 2000, the proviso to Rule 8(2) prevents the compounding authority from proceeding in matters involving suspected money laundering, terror financing, or threats to sovereignty and integrity. Once a complaint is lodged and adjudicatory proceedings commence, the authority must remit the matter for adjudication rather than continue compounding. Accordingly, return of the compounding application in such circumstances is legally valid. Case-Laws FEMA Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753902