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August 2010

A.P. (DIR Series) Circular No. 56, dated 28-6-2010 — Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) — Compounding of Contraventions under FEMA, 1999.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part C : RBI/FEMA

91 A.P. (DIR Series) Circular No. 56, dated 28-6-2010 —
Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding
Proceedings) Rules, 2000 (the Rules) — Compounding of Contraventions under FEMA,
1999.

This Circular supersedes the earlier directions contained in
A.P. (Dir Series) Circular No. 31, dated February 1, 2005.

This Circular puts in place an updated procedure for
compounding of contraventions under FEMA, 1999 on the basis of observations and
experience of the last few years. The Circular contains detailed guidelines with
regard to compounding of contraventions in the following areas :


(1) Application for compounding.

(2) Scope and manner of compounding.

(3) Issue of compounding order.

(4) Payment of the amount for which contravention is
compounded

(5) Prerequisites for compounding.



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