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ARTICLE · 11 DECEMBER 2024

Overview Of The Foreign Exchange (Compounding Proceedings) Rules, 2024

Naik Naik & Company
Naik Naik & Company
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Under Foreign Exchange (Compounding Proceedings) Rules, 2000 (Erstwhile Rules), a person who contravenes any provision under the Foreign Exchange Management Act (FEMA), 1999, except for contravention.

IndiaGovernment, Public Sector
Manish Parmar
Manish Parmar
Niyati Shroff
Niyati Shroff
Shikha Modi
Shikha Modi

Under Foreign Exchange (Compounding Proceedings) Rules, 2000 (Erstwhile Rules), a person who contravenes any provision under the Foreign Exchange Management Act (FEMA), 1999, except for contravention of dealing in or transferring any foreign exchange or foreign security to any unauthorized person, can seek redressal for the same by making a compounding application to the Foreign Exchange Department of the Reserve Bank of India or the Directorate of Enforcement, as applicable.

To enhance the regulatory framework governing foreign investments, the Ministry of Finance on 12 September 2024, introduced the Foreign Exchange (Compounding Proceedings) Rules, 2024 (New Rules) under the authority of Section 46, in conjunction with Section 15 of the Act, to replace the Erstwhile Rules.

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