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May 2014

A. P. (DIR Series) Circular No. 117 dated 4th April, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999 This circular has expanded the list of offences that can be compounded by Regional Offices of RBI. The expanded list is as under: –

 

The Regional offices at Panaji and Kochi can compound the above offences provided the amount involved is less than Rs. 10,000,000. All other Regional Offices can compound the above offences without any monetary limit.

For compounding of any other offence application will have to be made, as is the present procedure, to Cell for Effective Implementation of FEMA (CEFA), Foreign Exchange Department, 5th floor, Amar Building, Sir P. M. Road, Fort, Mumbai 400001.

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