Foreign Exchange (Compounding Proceedings) Rules, 2000 — THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

Foreign Exchange (Compounding Proceedings) Rules, 2000 Notification No. G.S.R. 383(E) dated 3rd May 2000 In exercise of the powers conferred by section 46 read with sub-section (1) of section 15 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Central Government hereby makes the following rules relating to compounding contraventions under chapter IV of the said Act, namely: - 1. Short title and commencement_ These rules may be called the Foreign Exchange (Compounding Proceedings) Rules 2000. 2) They shall come into force on the Ist day of June, 2000. 2. Definitions In these rules, unless the context otherwise requires a) 'Act' means the Foreign Exchange Management Act; 1999 (42 of 1999); (b) 'authorised officer' means an officer authorised under sub-rule (1) of rule 3; (c) 'applicant' means a person who makes an application under section 15 (1) of the Act to the compounding authority; 'Compounding Order' means an order issued under sub-section (1) of Section 15 of the Act; 'Form' means a form appended to these rules; 'section' means a section of the Act; g all other words and expressions used in these rules and not defined but defined in the Act, shall have the meaning respectively assigned to them in the Act: 3. (1) 'Compounding Authority' means the persons authorised by the Central Government under sub-section (1) of section 15 of the Act, namely; (a) an officer of the Enforcement Directorate not below the rank of Deputy Director or Deputy Legal Adviser (DLA) (b) An officer of the Reserve Bank of India not below the rank of the Assistant General Manager. 4. Power of Reserve Bank to compound contravention '[(1) If any Person contravenes any provisions of Foreign Exchange Management Act, 1999 (42 of 1999) except clause (a) of Section 3 of the Act:] (a) in c