Wait...

Online Export Import Data Search

Complete Training Video : Click Here

Date: 02-02-2017
Notification No: RBI/2016-17/220 A.P. (DIR Series) Circular No. 29
Issuing Authority: RBI  
Type: A.P.D.(Series) Circulars
File No: RBI/2016-17/220
Subject: Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999

RBI/2016-17/220
A.P. (DIR Series) Circular No. 29

February 02nd, 2017

To
All Category- I Authorised Dealer Banks
Madam / Sir,

Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999

Attention of all the Authorised Dealer Category - I (AD Category - I) banks and their constituents is invited to A.P. (DIR Series) Circular No. 117 and 36 dated April 4th, 2014 and October 16th, 2014 respectively, and the Foreign Exchange (Compounding Proceedings) Rules, 2000 notified by the Government of India vide G.S.R.No.383 (E) dated 3rd May 2000, as amended from time to time, regarding delegation of powers to the Regional Offices of the Reserve Bank of India to compound the contraventions of FEMA.

2. In partial modification thereof, it has been decided to delegate further powers to Regional Offices as under:

FEMA Regulation Brief Description of Contravention
Regulation 9(2) of Schedule I to FEMA 20/2000-RB dated May 3, 2000 Delay in filing the Annual Return on Foreign Liabilities and Assets (FLA return), by all Indian companies which have received Foreign Direct Investment in the previous year(s) including the current year

3. The powers to compound the contraventions at Paragraph 2 above have also been delegated to all Regional Offices (except Kochi and Panaji) without any limit on the amount of contravention.

4. Kochi and Panaji Regional offices can compound the above contraventions for amount of contravention below Rupees One hundred lakh (Rs.1,00,00,000/-) only. The contraventions of Rupees One hundred lakh (Rs.1,00,00,000/) or more under the jurisdiction of Kochi and Panaji Regional Offices will continue to be compounded at Central Office as hitherto.

5. Accordingly, applications for compounding the above contraventions as at Paragraph 2, up to the amount of contravention stated in paragraph 3 and 4 may be submitted by the concerned entities to the respective Regional Offices under whose jurisdiction they fall. For all other contraventions, applications may continue to be submitted to Foreign Exchange Department, 5th floor, Amar Building, Sir P.M. Road, Fort, Mumbai - 400001.

6. The above modifications will come into force with immediate effect. All other instructions on compounding shall remain unchanged. This provision is being clarified in Para 3 and 7.4 of the Master Direction on Compounding of Contraventions under FEMA, 1999.

7. Authorised Dealers may bring the contents of this circular to the notice of their constituents and customers concerned.

8. The directions contained in this circular have been issued under Sections 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999).

Yours faithfully,
(Shekhar Bhatnagar)
Chief General Manager-in-Charge

       

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 05-01-2018
Notification No. 02/2018-Customs
Seeks to amend notification 50/2017-Customs dated 30.06.2017 so as to exclude petroleum coke from the purview of concessional 5% Basic Customs Duty (BCD).

Date: 05-01-2018
Notification No. 01/2018-Customs
Seeks to amend notification No. 82/2017-Customs dated 27.10.2018 to amend the effective rate of customs duty of tariff item 6001 9200.

Date: 05-01-2018
Notification No. 02/2018-Customs (N.T.)
Amendment to notification no. 12/97-Customs (NT) dated 2nd April, 1997

Date: 04-01-2018
Notification No. 01 /2018-Customs (N.T.)
Exchange Rates Notification No.1/2018-Custom(NT) dated 4.1.2018

Date: 29-12-2017
Notification No. 97/2017-Customs
seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2018 ..

Date: 29-12-2017
Notification No. 21/2017-Customs (N.T./CAA/DRI)
Tariff Notification in respect of Appointment of Common Adjudicating Authority by DGRI

Date: 29-12-2017
Notification No. 20/2017-Customs (N.T./CAA/DRI)
Tariff Notification in respect of Appointment of Common Adjudicating Authority by DGRI

Date: 29-12-2017
Notification No. 120 /2017-Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut,Gold and Silver

Date: 28-12-2017
Notification No. 119 /2017-Customs (N.T.)
Notification under sub-section (1) of section 4 of the Customs Act, 1962

Date: 22-12-2017
Notification No. 95/2017-Customs
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2018 .



Exim Guru Copyright © 1999-2018 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001