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TMI BlogForeign Exchange (Compounding Proceedings) Rules, 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) These rules may be called the Foreign Exchange (Compounding Proceedings) Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions . - (1) In these rules, unless the context otherwise requires ,- (a) Act means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) authorised officer means an officer authorised under rule 3; (c) applicant means a person who makes an application under sub-rule (4) of rule 4 or, as the case may be, sub-rule (4) of rule 5 to the compounding authority; (d) compounding order means an order issued for compounding a contravention as specified in sub-section (1) of section 15 of the Act; (e) prescribed Form means the Form annexed to these rules; (f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank, may compound such contravention in accordance with the provisions of these rules. (2) Nothing contained in sub-rule (1) shall apply to a contravention committed by any person within a period of three years from the date on which a similar contravention committed by him was compounded under these rules. Explanation .- For the purposes of this rule, any second or subsequent contravention committed after the expiry of a period of three years from the date on which the contravention was previously compounded shall be deemed to be a first contravention. (3) Every officer of the Reserve Bank specified under sub-rule (1) shall exercise the powers to compound any contravention subject to the direction, control and supervision of the Governor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of Enforcement, may compound such contravention in accordance with the provisions of these rules. (2) Nothing contained in sub-rule (1) shall apply to a contravention committed by any person within a period of three years from the date on which a similar contravention committed by him was compounded under these rules. Explanation .- For the purposes of this rule, any second or subsequent contravention committed after the expiry of a period of three years from the date on which the contravention was previously compounded shall be deemed to be a first contravention. (3) Every officer of the Directorate of Enforcement specified under sub-rule (1) shall exercise the powers to compound any contravention subject to the direction, control and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant to take such action as may be necessary with respect transactions involved in the contravention. (2) The compounding authority shall, on receipt of the application in the prescribed Form complete in all respects at the Reserve Bank or, as the case may be, the Directorate of Enforcement, after affording an opportunity of being heard to the applicant, pass compounding order as expeditiously as possible but not later than one hundred and eighty days from the date of receipt of such application. 9. Contraventions not to be compounded in certain cases . - No contravention shall be compounded, - (a) where the amount involved is not quantifiable; or (b) where the provisions of section 37A of the Act are applicable; or (c) where the Dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apply to him. 12. Contents of order of Compounding Authority . - (1) Every compounding order shall specify the provisions of the Act or the rules or the regulations, directions, requisitions or orders made thereunder in respect of which contravention has taken place along with details of the alleged contravention. (2) Every compounding order shall be dated and signed by the compounding authority under his seal. 13. Copy of compounding order . - One copy each of the compounding order passed under sub-rule (2) of rule 8 shall be provided to the applicant and the Adjudicating Authority. 14. Continuation of pending proceedings . - Any compounding application pending before the compounding authority, on the date of commencement of these rules, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether the applicant is resident in India or resident outside India (please refer to section 2(v) of the Act): 4. Whether any notice has been issued under rule 4 of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000: Yes/No If yes, then furnish the following details: (a) Name of the adjudicating authority, if any: (b) Date of issue of notice (attach a copy of the notice): (c) Whether the notice mentions that the contravention attracts the provisions contained in section 37A, or clause (a) of section 3 of the Act? Yes/No (d) Whether an adjudication order has already been passed by the adjudicating authority? Yes/No 5. Specific details of the contravention (according to sub-section (1) of section 13 of the Act) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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