Foreign Exchange (Compounding Proceedings) Rules, 2000 amended to enhance monetary limits
As per Rule 4 of the Foreign Exchange (Compounding Proceedings) Rules, 2000, certain contraventions can be compounded by
(a) in case where the sum involved in such contravention is five lakhs rupees or below, by the Assistant General Manager of the Reserve Bank of India ;
(b) in case where the sum involved in such contravention is more than rupees five lakhs but less than rupees twenty lakhs, by the Deputy General Manager of Reserve Bank of India ;
(c) in case where the sum involved in the contravention is rupees twenty lakhs or more but less than rupees fifty lakhs by the General Manager of Reserve Bank of India :
(d) in case the sum involved in such contravention is rupees fifty lakhs or more, by the Chief General Manager of the Reserve Bank of India:
Now all these figures are doubled – that is for five lakhs read ten lakhs, for twenty lakhs read forty lakhs and so on.
NOTIFICATION NO. G. S. R. 613(E) DATED 27-8-2008