TaxTMI 
TaxTMI 
Foreign Exchange (Compounding Proceedings) Rules, 2024
X X X X Extracts X X X X
X X X X Extracts X X X X
....c) "applicant" means a person who makes an application under sub-rule (4) of rule 4 or, as the case may be, sub-rule (4) of rule 5 to the compounding authority; (d) "compounding order" means an order issued for compounding a contravention as specified in sub-section (1) of section 15 of the Act; (e) "prescribed Form" means the Form annexed to these rules; (f) "section" means a section of the Act. (2) Words and expressions used in these rules and not defined but defined in the Act, shall have the meanings respectively assigned to them in the Act. 3. Compounding authority. - The Director of Enforcement or any of the following officers authorised by the Central Government shall be the compounding authority for the purposes of these rules, namely :- (a) an officer of the Directorate of Enforcement not below the rank of Deputy Director or Deputy Legal Adviser; or (b) an officer of the Reserve Bank not below the rank of the Assistant General Manager. 4. Compounding authorities of Reserve Bank to compound various contraventions. - (1) If any person contravenes any provision of the Act, other than a contravention of clause (a) of sectio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....h rupees, by the Additional Director of the Directorate of Enforcement; (c) in a case, where the sum involved in the contravention is ten lakh rupees or more but less than fifty lakh rupees, by the Special Director of the Directorate of Enforcement; (d) in a case, where the sum involved in the contravention is fifty lakh rupees or more but less than one crore rupees, by the Special Director along with the Deputy Legal Adviser of the Directorate of Enforcement; and (e) in a case, where the sum involved in such contravention is one crore rupees or more, by the Director of Enforcement along with the Special Director of the Directorate of Enforcement, may compound such contravention in accordance with the provisions of these rules. (2) Nothing contained in sub-rule (1) shall apply to a contravention committed by any person within a period of three years from the date on which a similar contravention committed by him was compounded under these rules. Explanation.- For the purposes of this rule, any second or subsequent contravention committed after the expiry of a period of three years from the date on which the contravention was previously compounded....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ble; 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 authority shall not proceed with the matter and shall remit the case to the appropriate Adjudicating Authority for adjudicating contravention under section 13; or (d) where the Adjudicating Authority has already passed an order imposing penalty under section 13 of the Act; or (e) where the compounding authority is of the view that the contravention involved requires further investigation by the Directorate of Enforcement to ascertain the amount of contravention under section 13 of the Act. 10. Payment of amount compounded. - The sum for which the contravention is compounded as specified in the compounding order under sub-rule (2) of rule 8, shall be paid by demand draft or National Electronic Fund Transfer (NEFT), or Real Time Gross Settlement (RTGS), or such other permissible electronic or online modes of payment, in favour of the compou....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tachments (kindly tick): Photocopy of PAN Card Photocopy of a cancelled blank cheque (v) I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed or not effected at all for reasons of incomplete or incorrect information, I/We would not hold the user institution responsible. Date : Signature of the Authorised Signatory Place : (Name of the Authorised Signatory) Official Stamp (f) Goods and Services Tax Identification Number: 3. Whether the applicant is resident in India or resident outside India (please refer to section 2(v) of the Act): 4. Whether any notice has been issued under rule 4 of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000: Yes/No If yes, then furnish the following details: (a) Name of the adjudicating authority, if any: (b) Date of issue of notice (attach a copy of the notice): (c) Whether the notice mentions that the contravention attracts the provisions contained in section 37A, or clause (a) of section 3 of the Act? Yes/No (d) Whether an adjudication order has already bee....