5.1. An Application
for compounding of a contravention under FEMA may be submitted to the
Compounding Authority (CA) either on being advised of a contravention under
FEMA either through a memorandum or suo moto on being made or becoming aware of
the contravention. The format of the application is appended to the Foreign
Exchange (Compounding Proceedings)
Rules.
5.2. Application for
compounding any contravention in prescribed form together with a copy of the
memorandum, wherever applicable, with the prescribed fee [(as given in the
Foreign Exchange (Compounding Proceedings) Rules, 2000]) has to be submitted
with relevant facts and supporting documents to : The Compounding Authority,
[Cell for Effective implementation of FEMA (CEFA)], Foreign Exchange Department,
110th Floor, Central Office
BuildingOffice Building, S. B. Singh Road, Fort, Mumbai- 400001.
5.3. On receipt of
the application for compounding, the proceedings would be concluded and order
issued by the Compounding Authority within 180 days from the date of the
receipt of the application for compounding.
5.4. The sum for
which the contravention has been compounded shall be paid within fifteen days
from the date of the order of compounding.
5.5. The payment
towards Application fee and the sum for which contravention has been
compounded shall be paid by demand draft in favour of the Compounding Authority
i.ei.e. “ Reserve Bank of India” and payable at Mumbai.
