9911796707
TMI BlogCompounding of Contraventions under FEMA 1999X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs) Rules, 2000 published by the Government of India vide G.S. R.No. 383 (E) dated 3rd May 2000 as amended vide G.S.R. No. 443 (E) dated 2nd November 2002 (copy enclosed). In terms of these rules Reserve Bank was empowered to compound contravention under the provisions of following sections of FEMA, 1999. * Section 7 (Export of goods and services), * Section 8 (Realisation and repatriation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vention under FEMA. The Government of India has, therefore, in consultation with Reserve Bank placed the responsibilities of administering compounding of cases with the Reserve Bank, except under Section 3 (a) of FEMA. 3. Accordingly, the Government has notified amendment to the Foreign Exchange (Compounding Proceedings) Rules, 2000 vide G.S.R. No. 609 (E) dated September 13, 2004. A copy of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inued, as the case may be, against the contravener. 5. Process for Compounding 5.1 An Application for compounding of a contravention under FEMA may be submitted to the Compounding Authority (CA) either on being advised of a contravention under FEMA either through a memorandum or suo moto on being made or becoming aware of the contravention. The format of the application is appended to the Forei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on has been compounded shall be paid within fifteen days from the date of the order of compounding. 5.5 The payment towards Aapplication fee and the sum for which contravention has been compounded shall be paid by demand draft in favour of the Compounding Authority i.e' Reserve Bank of India' and payable at Mumbai. 6. The process and procedures for Compounding under the revised Compounding Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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