RBI delegates Compounding Powers under FEMA to its Regional Offices
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:
++ delay in reporting of inward remittance,
++ delay in filing of form FC-GPR after allotment of shares and
++ 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)
Contraventions | Regional Offices | Amount of Contravention |
|---|---|---|
Delay in reporting of inward remittance and delay in filing of form FC-GPR after allotment of shares | Bhopal, Bhubaneshwar, Chandigarh, Guwahati, Jaipur, Jammu, Kanpur, Kochi, Patna and Panaji | Below Rupees One Crore only |
Delay in reporting of inward remittance, delay in filing of form FC-GPR after allotment of shares and delay in issue of shares beyond 180 days | Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi | Without any limit |
A P (DIR Series) CIRCULAR No. 57/RBI., Dated: December 13, 2011