Foreign Exchange Management Act, 1999 (FEMA)-Compounding of Contraventions under FEMA, 1999

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....y - I (AD Category - I) banks and their constituents is invited to A.P. (DIR Series) Circular no. 56 dated June 28, 2010 and the subsequent Press Release dated August 13, 2010, clarifying the position on 'technical' contravention and subsequent compounding thereof. 2. In this connection, it is clarified that whenever a contravention is identified by the Reserve Bank or brought to its notice by th....