RBI Revamps FEMA Compounding Guidelines, Introduces Independent Assessment and Enhanced Disclosure Requirements for Contravention Applications

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....RBI amended FEMA compounding guidelines, modifying key procedural aspects for contravention applications. The amendment eliminates linking of compounding amounts to prior orders, ensuring each application is treated independently. Additional mandatory details now required include applicant's mobile number, specific RBI office receiving payment, and application submission mode. These modifications aim to streamline processing, enhance reconciliation accuracy, and reduce administrative delays in handling contraventions. The changes apply to all Authorized Dealer Category-I banks, mandating comprehensive disclosure and precise payment tracking for FEMA-related compounding procedures.....