Gujarat High Court Orders RBI to Reconsider FEMA Compounding Plea

FFR Software Pvt. Ltd. Vs Union of India (Gujarat High Court) In a recent development, the Gujarat High Court has set aside an order by the Reserve Bank of India (RBI) that declined to entertain a compounding application filed by FFR Software Pvt. Ltd. The court has directed the RBI to take a fresh decision on the application in accordance with the law, specifically emphasizing the requirement to follow the procedure outlined in Rule 8(2) of the Foreign Exchange (Compounding Proceedings) Rules. The case, identified as FFR Software Pvt. Ltd. Vs Union of India, came before the High Court followi...