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June 2024

Society News

By Zubin Billimoria , Mandar Telang
Hon. Jt. Secretaries
Reading Time 13 mins

LEARNING EVENTS AT BCAS

1. FEMA Study Circle meeting - “Compounding under FEMA and Practical aspects” by CA Hardik Mehta was held on 16th May, 2024 @Zoom which was attended by approximately 118 participants, wherein the following was covered:

(i) Overview of FEMA Compounding Provisions:

  •  Explanation of the Foreign Exchange Management Act (FEMA) and its objectives.
  •  Understanding the concept of compounding as an alternative to litigation for resolving contraventions under FEMA.

(ii) Eligibility for Compounding:

  •  Criteria for entities and individuals eligible to apply for compounding.
  •  Types of contraventions that can be compounded under FEMA.

(iii) Application Process:

  •  Step-by-step process for filing a compounding application with the Reserve Bank of India (RBI).
  •  Key documents and information required for the application.

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