Foreign Exchange Management Act, 1999 (FEMA)-Compounding of Contraventions under FEMA, 1999

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..... ll the Authorised Dealer Category - I (AD Category - I) banks and their constituents is invited to A.P. (DIR Series) Circular no. 56 dated June 28, 2010 and the subsequent Press Release dated August 13, 2010, clarifying the position on technical contravention and subsequent compounding thereof. 2. In this connection, it is clarified that whenever a contravention is identified by the Reserve .....

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..... nd the compounding process shall be initiated in terms of section 15 (1) of Foreign Exchange Management Act, 1999 read with Rule 9 of Foreign Exchange (Compounding Proceedings) Rules, 2000. 3. Authorised Dealers may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained in this circular have been issued under sect .....

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