9911796707
TMI BlogForeign Exchange Management Act, 1999 (FEMA)- Compounding of Contraventions under FEMA, 1999X X X X Extracts X X X X X X X X Extracts X X X X ..... 999 The attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph 3 of the Master Direction on Compounding of Contraventions under FEMA, 1999 , in terms of which the powers to compound certain contraventions of Notifications FEMA 20/2000-RB dated May 3, 2000 and FEMA 20(R)/2017-RB dated November 07, 2017 have been delegated to the Regional Offices/Sub-Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 21 Paragraph 3 (b) of Schedule I (Issue of shares without approval of RBI or Government, wherever required) Rule 4 (Receiving investment in India from non-resident or taking on record transfer of shares by Investee Company) Rule 9(4) and Rule 13(3) FEM (Mode of Payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n as technical that was dealt with by way of an administrative/ cautionary advice and regularize such contraventions by imposing minimal compounding amount as per the compounding matrix as contained in the Master Direction - Compounding of Contraventions under FEMA, 1999 dated January 01, 2016, as amended from time to time. 3. Please refer to para 3(I) of A.P. (DIR Series) Circular No.7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nges. AD Category - I banks should bring the contents of this circular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law. Yours faithfull ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
