Submitted By: Saurabh Kesarwani
FAQs on Compounding of Contraventions under FEMA, 1999
These FAQs explain the mechanism for compounding of contraventions under the Foreign Exchange Management Act, 1999 (FEMA) as administered by the Reserve Bank of India. They clarify what constitutes a compoundable offence, eligibility and procedures for filing a compounding application, timelines, calculation and payment of the compounding amount, and the legal effect of compounding. The framework aims to provide a voluntary, time-bound, and non-litigious method for resolving FEMA violations and ensuring regulatory compliance. - Last updated on: October 01, 2024
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