Power of Reserve Bank to Compound Contravention

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....where the sum involved in such contravention is 1[ten lakhs rupees] or below, by the Assistant General Manager of the Reserve Bank of India; (b) in case where the sum involved in such contravention is more than rupees 1[ten lakhs] but less than rupees 1[forty lakhs], by the Deputy General Manager of Reserve Bank of India; (c) in case where the sum involved in the contravention is rupees 1[fort....

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....sly compounded shall be deemed to be a first contravention. (3) Every officer specified under sub-rule (1) of rule 4 of the Reserve Bank of India shall exercise the powers to compound any contravention subject to the direction, control and supervision of the Governor of the Reserve Bank of India. (4) Every application for compounding any contravention under this rule shall be made in Form to the....