TaxTMI 
TaxTMI 
TaxTMI 
Compounding of Offences [From 12.09.2024] [ Section 15 ]
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....Enforcement Directorate Time Limit for Compounding : Any contravention under section 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 2024, deals with the power of the Reserve Bank to compound contraventions as follows • Jurisdiction of the Reserve Bank's Officer • If any person contravenes any provision of the FEMA Act, 1999, other than a contravention of section 3(a) of the FEMA Act, 1999 thereof,- • Depending on the amount involved in the contravention, th....
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....fee of Rs. 10,000 plus goods and services tax, as applicable, by demand draft, or National Electronic Fund Transfer (NEFT), or other permissible electronic or online modes of payment, in favour of the compounding authority. As per Rule 5 of Foreign Exchange (Compounding Proceeding) Rules 2024, deals with the power of the Enforcement Directorate to compound contraventions as follows : • Jurisdiction of the Enforcement Directorate Officer • If any person contravenes the provisions of section 3(a) of the FEMA Act, 1999 - • Depending on the amount involved in the contravention, the jurisdiction of the officers of the Enforcement Directorate has been fixed by Rule 5(1) as f....
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....cable, by demand draft, or National Electronic Fund Transfer (NEFT), or other permissible electronic or online modes of payment, in favour of the compounding authority. Procedure for Compounding [ Rule 8 read with rule 10, 13 of Foreign Exchange (Compounding Proceeding) Rules 2024] • For the purpose of compounding, in addition to the particulars provided in the prescribed Form, The compounding authority may call for any information, record or any other documents relevant to the compounding proceeding to be placed before it and may, if necessary, require the applicant to take such action as may be necessary with respect transactions involved in the contravention. [ Rule 8(1) ] • T....
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....ny contravention is compounded before the adjudication of such contravention under section 16, no inquiry or further inquiry shall be initiated or continued, as the case may be, for adjudication of such contravention against the person in relation to whom that contravention is so compounded. [ Rule 6 ] Compounding Authority to notify adjudicating authority [ Rule 7 of Foreign Exchange (Compounding Proceeding) Rules 2024 ] • Where the compounding of any contravention is made after making of a complaint under section 16(3), such compounding shall be brought by the compounding authority specified in rule 4 or rule 5, in writing, to the notice of the Adjudicating Authority and on such notice, the person in relatio....