RBI delegates Compounding Powers under FEMA to its Regional OfficesBy RBI
Tuesday, December 13, 2011
As a customer service measure and for operational convenience, it has been decided to delegate powers to the Regional Offices of the Reserve Bank of India to compound certain contraventions of FEMA 1999. The contraventions include: (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. (i.e. paragraphs 9(1)(A), 9(1)(B) and 8, respectively, of 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 May 3, 2000 and as amended from time to time).
The powers delegated are:
Detailed instructions in this regard are given in A.P. (DIR Series) Circular No. 57 dated December 13, 2011.
Press Release : 2011-2012/927