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September 2013

A. P. (DIR Series) Circular No. 20 dated 12th August, 2013

By Gaurang Gandhi, Chartered Accountant
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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 states that applications for compounding must contain details of the bank account of the applicant in the format annexed to this circular to facilitate refund of compounding fees in case the application has to be returned because of nonobtaining of proper approvals or permission from the concerned authorities or for any other reason(s).

Also, annexed to this circular are the revised annexures for submission of information with regards to violation in respect of Foreign Direct Investment, External Commercial Borrowings, Overseas Direct Investment and Branch Office/Liaison Office. In the revised annexures details of PAN and the activity as per NIC codes-1987 have to be given. If the said information is not given, the application will be treated as incomplete. Also, information regarding change in the address/contact detail of the applicant has to be submitted to the Compounding Authority.

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