{"id":330828,"date":"2024-09-16T09:00:19","date_gmt":"2024-09-16T03:30:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=330828"},"modified":"2024-09-15T12:38:21","modified_gmt":"2024-09-15T07:08:21","slug":"mof-notifies-foreign-exchange-compounding-proceedings-rules-2024-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/16\/mof-notifies-foreign-exchange-compounding-proceedings-rules-2024-legal-news\/","title":{"rendered":"MoF notifies new rules for compounding under FEMA"},"content":{"rendered":"
\n

On 12-9-2024, the Ministry of Finance notified the Foreign Exchange (Compounding Proceedings) Rules, 2024<\/span>. The provisions came into effect on 12-9-2024.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    The following can form the Compounding Authority<\/span> under these rules:<\/p>\n

      \n
    • \n

      Director of Enforcement;<\/p>\n<\/li>\n

    • \n

      an officer of the Directorate of Enforcement not below the rank of Deputy Director or Deputy Legal Adviser;<\/p>\n<\/li>\n

    • \n

      an officer of the Reserve Bank not below the rank of the Assistant General Manager.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      Compounding authorities of Reserve Bank to compound various contraventions:<\/span> where the sum involved:<\/p>\n

        \n
      • \n

        Does not exceed Rupees 60 lakh<\/span>– officer not below the rank of Assistant General Manager.<\/p>\n<\/li>\n

      • \n

        Does not exceed Rupees 2 and a half crore<\/span>– officer not below the rank of Deputy General Manager.<\/p>\n<\/li>\n

      • \n

        Does not exceed Rupees 5 crore-<\/span> officer not below the rank of General Manager.<\/p>\n<\/li>\n

      • \n

        Above Rupees 5 crore-<\/span> officer not below the rank of Chief General Manager.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        Compounding authorities of Directorate of Enforcement to compound various contraventions:<\/span> where the sum involved:<\/p>\n

          \n
        • \n

          Is Rupees 5 lakh or below<\/span>– Deputy Director;<\/p>\n<\/li>\n

        • \n

          Is more than Rupees 5 lakh<\/span> but less than Rupees 10 lakh<\/span>– Additional Director;<\/p>\n<\/li>\n

        • \n

          Is Rupees 10 lakh or more but less than Rupees 1 crore<\/span>– Special Director;<\/p>\n<\/li>\n

        • \n

          Is Rupees 50 lakh or more but less than Rupees 1 crore-<\/span> Special Director along with Deputy Legal Adviser;<\/p>\n<\/li>\n

        • \n

          Is Rupees 1 crore or more<\/span>– Director of Enforcement along with Special Director.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

        • \n

          In case any contravention is compounded before the adjudication of such contravention, no inquiry will be initiated or continued.<\/p>\n<\/li>\n

        • \n

          When the compounding of any contravention is made after making a complaint, the compounding authority will, in writing, give notice to the Adjudicating Authority, and the person in relation to whom contravention is compounded will be discharged.<\/p>\n<\/li>\n

        • \n

          Exceptions to compounding:<\/p>\n

            \n
          • \n

            where the amount involved is not quantifiable;<\/p>\n<\/li>\n

          • \n

            where the Directorate of Enforcement is of the view that the proceeding relates to a serious contravention suspected of money-laundering, terror financing or affecting the sovereignty and integrity of the nation;<\/p>\n<\/li>\n

          • \n

            where the Adjudicating Authority has already passed an order imposing penalty;<\/p>\n<\/li>\n

          • \n

            Where the compounding authority believes the contravention involved requires further investigation by the Directorate of Enforcement to ascertain the amount of contravention.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

          • \n

            Payment of the amount compounded will be done electronically or through online mode payment within 15 days from the date of compounding order of such contravention.<\/p>\n<\/li>\n

          • \n

            Every Compounding Order should contain the provisions of the Act\/ Rules\/ Regulations\/ Directions\/ Requisitions\/ Orders under which contravention has taken place.<\/p>\n<\/li>\n

          • \n

            Any compounding application pending, on 12-9-2024, will be governed by the provisions of Foreign Exchange (Compounding Proceedings) Rules, 2000.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

            Payment of the amount compounded will be done electronically and within 15 days from the date of compounding order.<\/p>\n","protected":false},"author":67515,"featured_media":327921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[73131,73132,33491,30085,2824,58098],"class_list":["post-330828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-compoundig-proceedings-rules","tag-compounding-authority","tag-fema","tag-foreign-exchange","tag-Ministry_of_Finance","tag-mof"],"yoast_head":"\nForeign Exchange (Compounding Proceedings) Rules, 2024<\/title>\n<meta name=\"description\" content=\"Ministry of Finance notified Foreign Exchange (Compounding Proceedings) Rules, 2024 listing the compounding authorities and other provisions relating 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allows compounding of specific offences under Drugs and Cosmetics Act","author":"Kriti","date":"April 29, 2025","format":false,"excerpt":"Once the compounding amount has been paid, it cannot be refunded in cases where the Court rejects the grant of immunity from prosecution.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Ministry of Health and Family Welfare","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/04\/Ministry-of-Health-and-Family-Welfare.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/04\/Ministry-of-Health-and-Family-Welfare.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/04\/Ministry-of-Health-and-Family-Welfare.webp?resize=525%2C300&ssl=1 1.5x, 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Crediting of Penalty) Rules, 2021","author":"Prachi Bhardwaj","date":"December 9, 2021","format":false,"excerpt":"The Ministry of Consumer Affairs, Food and Public Distribution has notified the Consumer Protection (Search and Seizure and Compounding of offences by the Central Authority and Crediting of Penalty) Rules, 2021 vide notification dated December 6, 2021. \u00a0 Key provisions notified under the Rules are as follows: Procedure of taking\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/11\/MicrosoftTeams-image-121.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/11\/MicrosoftTeams-image-121.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/11\/MicrosoftTeams-image-121.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/11\/MicrosoftTeams-image-121.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/11\/MicrosoftTeams-image-121.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":346897,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/05\/01\/legislation-roundup-april-2025-legal-update\/","url_meta":{"origin":330828,"position":3},"title":"LEGISLATION ROUNDUP APRIL 2025: Waqf (Amendment) Bill, 2025; Custom clearance of imports; Increased excise duty on petrol; and more","author":"Kriti","date":"May 1, 2025","format":false,"excerpt":"Waqf (Amendment) Bill, 2025 receives assent of President on 5th April 2025.","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup April 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/Legislation-Roundup-April-2025.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/Legislation-Roundup-April-2025.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/Legislation-Roundup-April-2025.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/Legislation-Roundup-April-2025.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":216003,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/06\/21\/revised-guidelines-for-compounding-of-offences-under-direct-tax-laws-2019-notified\/","url_meta":{"origin":330828,"position":4},"title":"Revised Guidelines for Compounding of Offences under Direct Tax Laws, 2019 — Notified","author":"Bhumika Indulia","date":"June 21, 2019","format":false,"excerpt":"Central Board of Direct Taxes (CBDT) has issued the revised guidelines for compounding of offences under the Direct Tax Laws, 2019. The said guidelines came into effect from 17-06-2019. The applications received before 17-06-2019 shall continue to be dealt with in accordance with the Guidelines dated 23-12-2014. Compounding is not\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":292496,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/18\/use-of-international-credit-card-will-be-governed-by-schedule-iii-of-foreign-exchange-management-current-account-transactions-rules-2000-legal-news\/","url_meta":{"origin":330828,"position":5},"title":"MoF tightens rules on International Credit Card transactions vide FEMA (Current Account Transactions) (Amendment) Rules, 2023","author":"Kriti","date":"May 18, 2023","format":false,"excerpt":"On 16-5-2023, the Ministry of Finance notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 to amend the Foreign Exchange Management (Current Account Transactions) Rules, 2000. The provisions came into force on 16-5-2023. Rule 7 relating to Use of International Credit Card while outside India has been omitted.\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Ministry of Finance\u00a0","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-510.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-510.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-510.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-510.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/330828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=330828"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/330828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/327921"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=330828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=330828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=330828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}