Master Circular No.8 /2011-12
(Updated as on January 20, 2012)
July 01, 2011
All Authorised Dealer Category – I banks and Authorised Banks
Madam / Sir,
Master Circular on Compounding of Contraventions under FEMA, 1999
The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999.
2. This Master Circular consolidates the existing instructions on the subject of “Compounding of Contraventions under FEMA, 1999” at one place. The list of underlying circulars / notifications, consolidated in this Master Circular, is furnished in the Appendix.
3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2012 and be replaced by an updated Master Circular on the subject.
(Dr. Sujatha Elizabeth Prasad)
Chief General Manager