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Compounding of Contraventions under FEMA, 1999

Written By Admin on Saturday, 17 December 2011 | Saturday, December 17, 2011

As a measure of customer service and in order to facilitate the operational convenience, it has been decided to delegate the powers to the Regional Offices of the Reserve Bank of India mentioned below to compound the contraventions of FEMA involving (i)  delay in reporting of inward remittance, (ii) delay in filing of form FC-GPR after allotment of shares and  (iii) delay in issue of shares beyond 180 days (viz. paragraphs 9(1)(A), 9(1)(B) and 8, respectively, of the Schedule I to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000-RB dated 3rd May 2000 and as amended from time to time:


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