The Ministry of Finance (MoF) on September 12, 2024, issued the Foreign Exchange (Compounding Proceedings) Rules, 2024, in supersession of the Foreign Exchange (Compounding Proceedings) Rules, 2000.
The following rules have been stated:
• Compounding authority
• Compounding authorities of Reserve Bank to compound various contraventions
• Compounding authorities of Directorate of Enforcement to compound various contraventions
• Discontinuation of adjudication
• Discharge on compounding of contravention
• Procedure for compounding
• Contraventions not to be compounded in certain cases
• Payment of amount compounded
• Consequences of failure in paying sum compounded
• Contents of order of Compounding Authority
• Copy of compounding order
• Continuation of pending proceedings
They shall come into force on September 12, 2024.
[Notification No. G.S.R. 566 (E)]
