TaxTMI 
TaxTMI 
Compounding of Contraventions under FEMA, 1999
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....dated 3rd May 2000, as amended from time to time. 2. As a measure of customer service and in order to facilitate the operational convenience, it has been decided to delegate the powers to the Regional Offices of the Reserve Bank of India mentioned below to compound the contraventions of FEMA involving (i) delay in reporting of inward remittance, (ii) delay in filing of form FC-GPR after allotment of shares and (iii) delay in issue of shares beyond 180 days (viz. paragraphs 9(1)(A), 9(1)(B) and 8, respectively, of the Schedule I to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000-RB dated 3rd May 2000 and as ....
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....nly) may be paid by way of a demand draft drawn in favour of "Reserve Bank of India" and payable at the Regional Office where the application is being submitted and at Mumbai if the application is submitted at CEFA, Mumbai. 3. In terms of sub-rule (1) to Rule 8 of Foreign Exchange (Compounding Proceedings) Rules, 2000, the Compounding Authority may call for any information, record or any other documents relevant to the compounding proceedings. It has been observed that there is no uniformity in submitting the required details with supporting documents along with the compounding application. This results in avoidable correspondence between Reserve Bank and the applicant. It has, therefore been decided that along with the application in th....
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.... * date of reporting to RBI and not AD Table B Name of Investor Date of allotment of shares Number of shares allotted Amount for which shares allotted Date of reporting to RBI* Delay if any Total Table C In case there is excess share application money Sl. No. Name of Remitter Total Amount (INR) Date of Receipt Excess share application money Date of refund of share application money Amount in forex RBI approval letter and date Total ....
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....epayment particulars * Details of draw down Date of draw down Amount in Foreign Currency Amount in INR * Details of LRN Number- application and receipt * Details of ECB 2 returns submitted; Period of return: Date of submission * Details of Utilization of ECB in Foreign Currency and Indian Rupee * Nature of contravention and reasons for the contravention * All supporting documents may be submitted Annex- ODI Details to be furnished along with application for compounding of contravention relating to Overseas Investment • Name of the applicant • Date of incorporation • Nature of activities under taken • Name of Overseas entity • Da....