TaxTMI 
TaxTMI 
Contraventions which cannot be compounded [ Section 15 read with Rule 9 of Foreign Exchange (Compounding Proceedings) Rules, 2024 ]
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....ing Proceedings) Rules, 2024 ] * (a) where the amount involved is not quantifiable; or * (b) where the provisions of section 37A of the Act are applicable; or * (c) where the Directorate of Enforcement is of the view that the proceeding relates to a serious contravention suspected of money-laundering, terror financing or affecting the sovereignty and integrity of the nation, the compounding ....
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....a similar contravention was committed and the same was compounded, such contraventions shall not be compounded, and the relevant provisions of the Act shall apply. Any contravention committed after the expiry of a period of three years from the date on which a similar contravention was previously compounded shall be deemed to be a first contravention. 4.2 No compounding application shall be proc....
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.... guidelines or submission of valuation certificate; (v) Compliance with reporting requirements; (vi) any other such corrective action as may be required 4.3 Contraventions of serious nature viz. transactions suspected of money laundering, terror financing or affecting sovereignty and integrity of the nation or where the contravener fails to pay the sum for which contravention was compounded ....
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....ransactions involving contravention of Section 3(a) of the Act shall not be eligible for compounding by the Reserve Bank. 4.6 It is clarified that whenever a contravention is identified by the Reserve Bank or brought to its notice by the person involved in contravention, the Reserve Bank shall examine whether: * such contravention(s) may be compounded, and necessary compounding procedure must ....