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ARTICLE · 27 SEPTEMBER 2024

The Ministry Of Finance Revises Rules On Compounding Proceedings

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Pursuant to announcements made during the Union Budget 2024-25 speech to simplify rules and regulations for foreign investments, the Department of Economic Affairs...

IndiaStrategy
Moin Ladha
Moin Ladha
Charu Singh
Charu Singh
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Pursuant to announcements made during the Union Budget 2024-25 speech to simplify rules and regulations for foreign investments, the Department of Economic Affairs, on 12 September 2024, notified the Foreign Exchange (Compounding Proceedings) Rules 2024 (Rules) superseding the Foreign Exchange (Compounding Proceedings) Rules 2000 (Erstwhile Rules). 

The Rules have, inter alia, raised the monetary threshold for determining the authority that will be compounding the contraventions, eased the compounding process, and provided a sunset period for applications currently pending before the authorities.

We have summarised the key changes introduced in the Rules below.

Revised thresholds for determining the compounding authority

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