Compounding of Offences [Upto 11.09.2024] [ Section 15 ]

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.... 13 may, be compounded within 180 days from the date of receipt of application by the relevant officer of the Directorate of Enforcement or the Reserve bank of India. As per Rule 4 of Foreign Exchange (Compounding Proceeding) Rules 2000, deals with the power of the Reserve Bank to compound contraventions as follows * Jurisdiction of the Reserve Bank's Officer * No contravention shall be compounded unless the amount involved in such contravention is quantifiable. * Depending on the amount involved in the contravention, the jurisdiction of the officers of the Reserve Bank has been fixed by Rule 4(1) as follows: Sum Involved in Contravention Jurisdiction of the Reserve Bank's officer Upto 10 Lakhs Assistant General Manager ....

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....of the officers of the Enforcement Directorate has been fixed by Rule 5(1) as follows: Sum Involved in Contravention Jurisdiction of the Enforcement Directorate officer Upto 5 Lakhs Deputy Director More than 5 Lakhs but upto 10 Lakhs Additional Director More than 10 Lakhs but upto 50 lakhs Special Director More than 50 Lakhs but upto 100 Lakhs Special Director with Deputy Legal Adviser Above 100 Lakhs the Director of Enforcement with Special Director * Three year Exemptions for contravention committed Under section 3(a) of FEMA Act 1991 [ Rule 5(2) ] * Nothing contained in Rule 5(1) shall apply to a contravention committed by any person within a period of three years from the date on which a similar contravention committ....

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....ority for adjudicating contravention under section 13. In case of Compounding, no proceeding may be initiated [ Section 15(2) ] * Where a contravention has been compounded under section 15(1), no proceeding or further proceeding, as the case may be, shall be initiated or continued, as the case may be, against the person committing such contravention under that section, in respect of the contravention so compounded. * Rule 6 provides that where any contravention is compounded before its adjudication u/s 16, no inquiry shall be held for adjustment of such contravention against the person in relation to whom the contravention is so compounded. Compounding Authority to notify adjudicating authority * Rule 7 provides that where the compo....